Back

Block.one's Dan Larimer Reveals Actual Throughput of EOS.IO. And It Isn't 34 TPS

News
Thu, 06/11/2020 - 13:51
article image
Vladislav Sopov
Recently, a group of scientists published some jaw-dropping research revealing the actual bandwidth of popular blockchains is heavily overestimated. Here's a response
Block.one's Dan Larimer Reveals Actual Throughput of EOS.IO. And It Isn't 34 TPS
Cover image via www.youtube.com
Contents

On June 3rd, 2020, a London-based team of blockchain scientists published the thesis 'Revisiting Transactional Statistics of High-scalability Blockchain'. They claim that the current throughput is only 34TPS (transactions per second) for EOS.IO, 0.43 TPS for Tezos and 15 TPS for XRPL. Daniel Larimer, CTO of Block.one, the development studio behind EOS.IO open-source software has something to say about it.

Dismissing the erroneous claims

Today, on June 11th, 2020, Mr. Larimer came out with a blog-post to respond to the assumptions that EOS.IO-based software can handle only 34 transactions per second. According to him, the authors heavily abused the very definition of throughput.

Daneiel Larimer dismisses the calculations of EOS.IO throughput
Image via Twitter

He criticizes the approach to blockchain throughput as the number of transactions 'that have value' per second. This manner of interpretation can mislead readers in the same way that three different methods of estimating water consumption can:

how much water can flow through a pipe, actual water flowing through the pipe, and only counting water flowing to the houses you value.

Also, this approach favors blockchains with poor scalability and high transactional fees. It's natural for these types of blockchains to filter out low-value transactions. But this leads to misinterpretation of 'scalability' itself.

According to Mr. Larimer, scalability shouldn't be evaluated in terms of 'valuable' and 'not valuable' transactions. He emphasizes that scalability refers only to the ability to scale with no regard to the way this ability is utilized.

Larimer: EOS.IO throughput is 100x higher

Mr. Larimer supposed that the report in question wasn't unbiased. According to him, its authors received funding from Ethereum Foundation while studying the Ethereum (ETH) gas model.

So, they might have been less critical of 'valuable' or 'valueless' Ethereum (ETH) transactions. As a result, Ethereum (ETH) wasn't investigated in their report.

All in all, even if we assume that Ethereum (ETH) transactions are 100% free of spam, gambling, airdrops, etc., Mr. Larimer believes that EOS.IO is twice as capable as Ethereum (ETH) is.

He outlined that if estimated fairly,

EOSIO has a sustained throughput capability of 3000+ Transfers per Second in a global network.

#EOS
article image
About the author
Vladislav Sopov

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Grayscale Assets Under Management Surge $300,000,000 in One Day. What Does This Mean?

News
Fri, 10/23/2020 - 09:24
article image
Vladislav Sopov
Grayscale, undisputed giant of institutional crypto investments, is celebrating another monstrous milestone, adding a nine-digit sum to AUM in 24 hours
Grayscale Assets Under Management Surge $300,000,000 in One Day. What Does This Mean?
Cover image via stock.adobe.com
Contents

Grayscale is an investment company that provides the clients with an exposure to digital currency markets eliminating the need to buy tokens. The firm does it by selling shares of 'trusts' related to certain digital assets. The recently started FOMO has already brought Grayscale's 'asset under management' (AUM) values to previously unseen levels.

Grayscale assets are on steroids

In its most recent report shared in a tweet, Grayscale Investments stated that its net AUM now surpasses $7,300,000,000. Mostly, this upsurge should be attributed to the spikes of Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) prices.

Grayscale adds $300M to its AUM in 24 hours
Image by Twitter

Its founder, CEO of Digital Currency Group Barry Silbert, unveiled that Grayscale’s holdings added a whopping amount of value in the last 24 hours.

Added a cool $300 million in AUM in one day

In terms of separate ‘trusts’, the most impressive increase is associated with Litecoin (LTC). Its value added almost 10% bringing its total to over $34 mln. 

Bitcoin (BTC) allocation surged above $6 bln with a 5% increase. Notorious Grayscale Ethereum Trust (ETHE) added 6% and now is valued at $942 mln.

PayPal assists Grayscale

By contrast, Stellar Lumens (XLM) and Bitcoin Cash (BCH) trusts witnessed mediocre increases of 2-3%. The only integral product of Grayscale, Large Cap Trust that unites the most valuable coins under its umbrella, therefore, added less than 4%.

The numbers of Grayscale Investments positions rocketed due to the rapid spike of crypto prices associated with PayPal’s decision to add major digital assets to its instrument toolkit.

As covered by U.Today previously, PayPal announced that Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) will be added as payment methods by the end of this year.

  

Following this surprising news, Bitcoin (BTC) revisited its multi-months high over $13,000. At press time, its price has slightly retraced and flirts with the $12,800 level.

#Bitcoin #Ethereum #Litecoin
article image
About the author
Vladislav Sopov

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)