EOS transaction speed: Transaction time is important. It has been a point of concern for many on the Bitcoin network for one, where congestion on the network has created a problem and transaction processing currently takes an average of 8-9 minutes.
In fact, transactions on Bitcoins network have ranged anywhere from 10 minutes to 30 minutes to even 7 days, 23 hours and 53 minutes at its peak in 2017.
But then there is EOS.
Average Transaction times at the beginning of 2018
EOS Transaction Speed Breaks Record
EOS is blowing transaction times out the window with its near instant processing time, and officially, today, it has broken records as it nears 3,000 transactions in 1 second. Days ago, it crossed 2,000 TPS (transactions per second) and its all-time high is now 2822 TPS, though it is heading towards 3,000.
The network has surpassed Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) by a long shot. Ethereum currently boasts 15 TPS, and Ripple — 1500 TPS. EOS still stands way ahead.
The latest speed was confirmed via Monitor.io, a data-speed checking website.
EOS and Scalability
Block.one, the team behind EOS, has always had a focus on scalability – an issue other networks don’t seem to be as concerned with and it is clear it is making substantial progress (however, it has been criticized for sacrificing its infrastructural decentralization in order to improve this scalability factor of the network, though this remains debatable).
The network has such speedy processing times because it supports inter-chain communications and because EOS use’s a DPOS (aka the distributed proof-of-stake) consensus mechanism, it can easily compute millions of transactions per second by allowing multiple blockchains to work in tandem as a single system, reaching hundreds, thousands and even millions of transactions per second a possibility.
EOS Price Analysis
Source: CoinMarketCap, EOS Price Chart
Currently, the coin has dropped to $8.32 after gaining over $2 in the last two days. This represents a drop of 7.25%.
Will EOS hit 3,000 TPS soon? The road-runner of the crypto world surely can!
Featured Image: Deposit Photos/ Liufuyu