This is an incredible number when you stop to consider that the EOS mainnet has only been live for less than 3 months and it’s chief competitor, Ethereum, is processing only 14% in the same 24hr period. To be fair, it’s important to keep in mind that ETH does not have many of the features present in (D)PoS blockchain protocol such as a BP/Witness Voting system, account name creations, etc. So, much of the activity occurring on the EOS blockchain is not related purely to transactions.
According to Blocktivity.info, EOS now holds the record for most interactions within a 24hr period with 10,111,725 actions.
A particularly striking aspect of the data provided by Blocktivity is that each of the top three blockchains topping the list are ALL Dan Larimer projects!
What do they have in common? Well they’re Graphene Blockchains that are based on DPoS – (Delegated) Proof-of-Stake rather than PoW (Proof-of-Work) aka mining found in both ETH and BTC.
Delegated Proof-of Stake
The Graphene toolkit utilizes a Delegated Proof of Stake consensus mechanism. This means that the difficulty of producing a block should be proportional to the stake (percent ownership) in the network.
Instead of mining (like Bitcoin and other Proof-of-Work systems) delegates are chosen by the stakeholders of the crypto tokens. Those delegates proceed to run the network with less competition and energy than a Proof-of-Work system. DPOS systems are more efficient and allow for extremely high transaction volumes, as demonstrated by BitShares and Steem.
(Source: https://followmyvote.com/understanding-the-graphene-blockchain-ecosystem/)
Perhaps it’s of little surprise then that Graphene Blockchains are far and away more efficient and less energy consumptive allowing for such high volumes of operations. This is critical in terms of scalability, as we see that the ETH PoW system is running near full capacity while the DPOS projects have no problem processing tens of thousands and even hundreds of thousands of transactions per second.
I for one would be interested to see what kind of volume these blockchains can really handle. It seems that to date, we haven’t even scratched the surface.
Tracking blockchain activity is perhaps another indicator to help investors gauge blockchain valuation beyond simply market capitalization. Projects that can easily handle millions of interactions a day suggest, at the very least, that the underpinning technology is sound and functioning the way their architects had envisioned they would. Both Bitshares and Steem are now ‘battle tested’ and are a testament to the viability of DPOS systems going forward.
