EOS cryptocurrency coins

Mike Novogratz Believes EOS Is Going to Reach 50,000 Transactions Per Second

ยท 22 Jul 2018 in Crypto News, Home
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

The famous hedge fund manager and investor, Mike Novogratz, said that EOS will be processing 50,000 transactions per second in just some months. This is very bullish for EOS which has been trying to operate smoothly after its mainnet launch.

EOS Will process 50,000 TPS

It seems that EOS will be processing 50,000 transactions per second (TPS) in the near future, according to Michael Novogratz. It is important to mention that the venture capital arm of the bank owned by Novogratz, Galaxy Digital, invested millions of dollars into EOS protocol maker 

For Novogratz, the EOS network is too centralized, even when the processing power behind it has a lot of potential. Indeed, he explained that the EOS blockchain will have more power than other, and more decentralized, networks. He commented on the matter:

“The EOS ecosystem is build 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 other blockchains. It’s already doing 5,000 transactions a second. It should be doing 50,000 transactions per second in a few months.”

At the moment of writing this article, EOS is the fifth virtual currency by market capitalization ($7.36 billion dollars). At the same time, each token can be bought for $8.21 dollars. The ICO behind EOS was able to gather $4 billion dollars in the larges Initial Coin Offering in the history of the cryptocurrency world.

Furthermore, EOS is the first blockchain that can be used to build commercial apps.

“EOS is the first blockchain where commercial applications can be built and experimented with. Lots of people find that very appealing,” explains Novogratz.

“EOS’s critics say it’s not decentralized enough and that’s a very fair debate back and forth, that you can participate in. I believe that there will be markets for many different blockchains. We’ll se over the next three, perhaps four to five years which blockchains that other projects want to build on and which ones consumers value and place their trust in.”

The Bear Market Report
Our Bear Market guide not only helps you survive this crypto winter, but also guides you through the foundation you'll need to thrive in the next bull run.