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EOS Will Process 50,000 Transactions Per Second in a “Few Months”

EOS Will Process 50,000 Transactions Per Second in a “Few Months”

Mike Novogratz, former hedge fund manager and billionaire, made a bold statement that EOS will eventually be able to process 50K transactions per second in just a few months from today. The venture capital division of Novogratz’s merchant bank Galaxy Digital has already backed millions of dollars into Block.one, which is an EOS protocol maker in hopes to provide the necessary funds for development and growing the platform. They also want to invest in companies that are interesting in developing on the new blockchain.

EOS officially launched its blockchain in June after raising $4B capital, which makes it the largest ICO in cryptocurrency history.

In a recent interview, he told TheStreet that there’s some hot discussion going on about whether or not EOS has become too centralized over time and addressed some concerns. He also talked about the powerful processing capabilities of the platform:

“The EOS ecosystem is built on a blockchain that’s called the ‘delegated proof of stake’. And so, instead of having many, many staking agents, they pick 20. And because it’s just 20 and those 20 have big computing power behind them, the EOS blockchain will be much, much, much faster than the other blockchains. It’s already doing 5,000 transactions a second. It should be doing 50,000 transactions per second in a few months.”

EOS is still relatively new with their just-launched blockchain and has a ways to go. But if it can provide the processing power Novogratz states, it’ll be one of the fastest blockchains ever created.

 

Long-time reader of crypto. One of the first graduating classes of Blockchain and Future Trends. Writer, journalist, and newbie technical analysis price speculator. Learning about the development of cryptocurrency and blockchain technology around the world is my job. ICOs, whitepapers, and cryptoculture are my things.

Disclaimer: Our authors may hold active positions in one or multiple cryptocurrencies discussed on this news portal. Opinions expressed at AWSMO are NOT investment advice and any investment in one or more cryptocurrencies may be high-risk and extremely volatile. Please due your due diligence before making any investments in any cryptocurrency. Your investments are your own risk and you assume full responsibility for your actions.

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