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

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Thu, 06/11/2020 - 13:51
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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
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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
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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.

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About the author

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.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

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.)