Ex-Hedge Fund Manager and Billionaire Mike Novogratz Claims EOS Will Process 50K Transactions Every Second
Chief Executive Officer and founder of Galaxy Digital, Mike Novogratz, expects EOS to begin processing fifty thousand transactions per second within months. The company’s VC arm has already poured hundreds of millions into the EOS project creator, Block.one as funding for the development of its blockchain and to invest in businesses looking to operate on the newly launched platform.
Speaking to TheStreet, Michael spoke about a debate regarding the level of centralization on EOS, although there are no doubts whatsoever surrounding its efficiency in processing. Novogratz continued, explaining how the blockchain supporting EOS and its community is called delegated proof of stake. As opposed to bringing several staking agents on board, only twenty are picked due to the massive advantages of their computer systems. Through the 20 stake agents, EOS will process transactions at unprecedented speeds and while currently conducting five thousand transactions in one second, its expected to climb to 50000 later on.
EOS is also the first of its kind to provide profitable apps with development opportunities and put them to use through trials and eventually throughout the chain. Novogratz says this draws a lot of attention to the blockchain platform. Critics argue constantly about the lack of decentralization on the platform and he admits that it is an understood debate and anyone is free to join.
He also mentioned his belief that several blockchains will eventually exist within their markets and while the process may take up to 5 years, observation of what projects are waiting to be created and launch as well as providing a platform completely instilling trust in its users.