Billionaire Blockchain Bull Mike Novogratz Says EOS to Achieve 50,000 Transactions a Second

Billionaire and Former Hedge Fund Manager Mike Novogratz Believes EOS Will Soon Reach 50,000 Transactions Per Second

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

When asked about EOS, he said:

“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.”

He added:

“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 one's consumers value and place their trust in.”

Notably, in his keynote speech at Blockchain Week Korea, Novogratz said that a “herd of institutional investors” is moving towards cryptocurrencies. When he was asked the reason behind why institutional investors will take part in ICOs and the current thinking among institutional investors. He explained that the institutional investors are gradually realizing that blockchain will be Internet or Web 3.0 and they'll want to participate just like they want to participate in the Web.

He added:

“Their first way of participating is going to be through venture-capital funds. Many of them are already participating because they've invested in Sequoia or Polychain or Benchmark or many of the other VC funds that invest in this area. The second step for them will be buying the coins and/or the ICOs themselves, but many of them are participating in the ICOs already through their venture investments.”

EOS is the fifth virtual currency by market capitalization ($7.36 billion dollars). At the same time, each token can be bought for $8.21 dollars. The ICO behind EOS was able to gather $4 billion dollars in the larges Initial Coin Offering in the history of the cryptocurrency world.

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