Michael Novogratz, ex-manager of Hedge Fund, has said that he believes EOS could process 50,000 TPS (Transactions Per Second) in a few months. This comment appears to be very bullish for EOS even as it has been making moves to operate efficiently after the launch of its MainNet.
Considering the fact that a bank owned by Novogratz, Galaxy Digital, had invested millions of dollars into EOS protocol maker Block.one, his particular interest is quite understandable.
Galaxy Digital is a full service, virtual assets merchant bank which features asset management, specific trading, and principal investment. According to Novogratz, It looks like EOS will be able to process 50,000 TPS in the near future.
Although the processing power on which EOS runs has great potential, Novogratz feels that its network is too centralized. And as such, he noted that the EOS blockchain would be relatively more powerful than other networks including those that are more decentralized. Novogratz explained that:
“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 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 Overtakes BTC, ETH, and XRP in TPS
Recently, EOS surpassed other cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) after it recorded a groundbreaking 2822 transactions per second just a few days after crossing 2000 TPS benchmark.
According to CoinMarketCap, EOS is currently ranked as the fifth cryptocurrency by market capitalization at about 7.16 billion USD. Of which each token can be purchased for about 7.98 USD. During the ICO of EOS, over 4 billion dollars was gathered, and it is often regarded as the most controversial ICO in the history of the crypto world because of many controversies that surrounded it ranging from the postponement of the launch date to the high amount made during the initial coin offering. Novogratz added that:
“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 see 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.”
Interestingly, EOS features the first known blockchain that can be used for building commercial apps. Novogratz said that “EOS is the first blockchain where commercial applications can be built and experimented with. Lots of people find that very appealing.”