Mike Novogratz Says EOS Will Soon Reach 50,000 Transactions Per Second

Mike Novogratz Says EOS Will Soon Reach 50,000 Transactions Per Second

Billionaire and former hedge fund manager Mike Novogratz says EOS will be able to process 50,000 transactions per second in just a few short months from now.

The venture capital arm of Novogratz’s merchant bank Galaxy Digital has invested hundreds of millions of dollars into EOS protocol maker Block.one to grow the platform and invest in companies that want to develop on the new blockchain.

In a new interview, Novogratz told TheStreet there’s a fair debate to be had on whether EOS is too centralized, but says there’s no question about the processing power behind it.

“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 the other blockchains. It’s already doing 5,000 transactions a second. It should be doing 50,000 transactions per second in a few months.

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

EOS officially launched its blockchain last month after reportedly raising more than $4 billion in the largest ICO in history.

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