Golden Observation丨BM: EOSIO throughput and transaction statistics of highly scalable blockchain

Golden Finance Blockchain News, June 12   On June 11, EOS founder Daniel Larimer published a blog post in response to a paper titled "Revisiting Transaction Statistics of Highly Scalable Blockchains" For the points raised, Jinse Finance translates this blog post as follows:

I am writing this blog in response to Revisiting Transactions on Highly Scalable Blockchains Statistics" paper, because the author of this paper incorrectly stated that "EOSIO's current throughput is only 34 TPS".

Golden Morning News | May 11 Overnight Important Updates: 21:00-7:00 Keywords: central bank, "virtual currency" scam, supervision, CME

1. The central bank has established a new public institution financial basic data center and may push new policies in the near future.

2. People's Daily: Beware of "virtual currency" scams.

3. Croatian financial regulator approves Bitcoin fund.

4. Gibraltar treats token sales as securities offerings by default.

5. This week, CME Bitcoin futures held 66 large open positions, a historical record.

6. Xiamen Branch of China Construction Bank launched blockchain shipping fee payment.

7. Tencent Yunaomeng: Blockchain needs to be combined with other businesses to solve problems.

8. Analyst: Old miners should seek cheap electricity to keep mining machines profitable

9. The lowest price of Bitcoin in the day was 8260 US dollars, and the highest price was 8836.43 US dollars. [2020/5/11]

This "special" paper collects a lot of data, but I have to question the integrity of this paper as they try to redefine the concept of throughput and make it "the only transaction of value". The methodology used by the authors of the paper intends to redefine the concept of throughput from "what a system can do" to "what I think a valuable system is doing". For example, throughput has three potential definitions:

Golden Finance Exclusive Analysis Blockchain may have become an important part of the reform and opening up and innovative application of financial technology in Guangdong Province: Today, the State Council issued a notice on further deepening the reform and opening up of Fujian, Tianjin, and Guangdong Free Trade Pilot Zones. Among them, Guangdong’s notice mentions that a regional equity market in Guangdong will be built, and Hong Kong, Macao and international investment institutions will be introduced to participate in transactions in due course according to the opening-up process of the capital market. Vigorously develop financial technology, and accelerate the research and application of blockchain and big data technology under the premise of compliance with laws and regulations. Before the "Notice of the State Council on Printing and Distributing the Plan for Further Deepening the Reform and Opening-up of the China (Guangdong) Pilot Free Trade Zone", Guangzhou and Shenzhen were already important places in my country's blockchain industry. At the same time, last week, Nanhai District of Foshan City issued the "Implementation Opinions of Foshan Nanhai District People's Government on Promoting the Development of "Blockchain +" Financial Technology Industry". The district's "block chain +" financial technology industry gathers and innovates. It can be seen that the blockchain has become an important part of the reform, opening up and innovative application of financial technology in Guangdong Province. [2018/5/24]

1. How much "water" can flow through the "pipe";

Golden Finance News: The Russian Duma is launching a blockchain project, and the Financial Market Committee will study how to regulate blockchain applications in the Russian financial market. [2017/11/1]

2. How much "water" actually flows through the "pipe";

3. Only count the "water flow" you need to assess (such as how much water flows past your door).

The data extracted in that paper can be used to analyze blockchain capacity requirements and demonstrate what happens when resources with relatively low demands are overloaded. Blockchains with high fees (due to poor scalability) will naturally filter out low-value transactions. Extensibility is literally "the ability to extend", regardless of whether or how that ability is actually used. What we can conclude is that EOSIO has the ability to scale, and that ability is independent of how users use it.

It is worth mentioning that this paper does not investigate an "interesting" question: "What percentage of Ethereum transactions are spam, gambling, or other low-value transactions?" Several authors of the paper have previously obtained Funded by the Ethereum Foundation, their main research work is to improve the Ethereum gas model and ensure that Ethereum will not be affected by unavoidable security vulnerabilities. Considering the experience of these authors using Ethereum, it seems that the "interesting" issues mentioned above were intentionally excluded from the analysis.

One conclusion we can draw is that scarcity leads to high transaction fees, which in turn improves the quality of remaining transactions. Scalable blockchain technologies such as EOSIO can adjust any transaction quality desired by setting price floors and adjusting resource allocation models.

How the media chooses to cover this article will reveal whether they have full technical differentiation capabilities, and it will also give people a sense of whether these media really recognize the most obvious scalability of EOSIO. Or, are the authors of this paper deliberately "destroying" the use of the concept of throughput, and trying to provide readers with a wrong view, they concluded that "the current throughput of EOS is 34TPS", but have they conducted Real benchmarks? If so, perhaps what should have been truthfully written in their paper should be: EOSIO has a sustained throughput of 3000+ transfers per second in the global network.

In summary, even with the author's ambiguous definition of throughput, if we assume that no Ethereum transactions are spam or otherwise "worthless" transactions, the throughput processed by the EOS blockchain is Ethereum's double.

Note: This article also summarizes EOS and EOSIO by using data from an EOSIO instance (EOS Network) to draw conclusions about software EOSIO throughput. There are many EOSIO blockchains used for transactions with real value, and with different resource models and fee systems.

Part of this article is compiled from Medium

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