Dan Larimer is at it again. In his latest Tweet, EOS co-founder and Block.one CTO, Daniel Larimer took a jibe at Ethereum’s weak spot that is scalability.
Larimer said even after sharding, Ethereum won’t be able able to compete with EOS as it is 4 times faster than the second largest blockchain. He says by the time, Sharding will be rolled out with 1000 times increment in processing, EOS will be “many more times” scalable.
“After 1000x increase eth would still be processing fewer than 4x what eosio can now. – “Buterin added that with sharding, he anticipates a 1,000 factor increase in scalability to the network. However, sharding will only come in the later two phases of ethereum 2.0 roll-out.” By the time eth has sharding eosio will be many times more scalable than today,” Tweeted Larimer.
After 1000x increase #eth would still be processing fewer than 4x what #eosio can now. – “Buterin added that with sharding, he anticipates a 1,000 factor increase in scalability to the network. However, sharding will only come in the later two phases of ethereum 2.0 roll-out.”
— Daniel Larimer (@bytemaster7) May 2, 2019
When it comes to Ethereum, a full node stores the entire state of the blockchain including contract code, storage, and account balances. As network increases in size at a fast pace, the limitation comes in the form of consensus increasing linearly. It further creates the issues of high gas costs and longer transaction confirmation times.
Sharding is the solution to these problems. It involves grouping of subsets of nodes into shards where each shard is part of Ethereum network but processes transactions specific to their shard. This allows for the processing of many transactions parallely thereby increasing the throughput.
Back in December last year, in a tweetstorm, Ethereum co-founder Vitalik Buterin had shared how sharding will make blockchain 1000x efficient.
“Blockchains of the future with proof of stake and sharding will be thousands of times more efficient, and so the efficiency sacrifices of putting things on a chain will become more and more acceptable.”
9. Blockchains of the future with proof of stake and sharding will be thousands of times more efficient, and so the efficiency sacrifices of putting things on a chain will become more and more acceptable.
— Vitalik Non-giver of Ether (@VitalikButerin) December 10, 2018
But this multi-phase process will take time to be fully implemented on Ethereum.
Surpassing Ethereum in Dapp Space
It is a well-known fact that due to these scalability issues, Ethereum that was the leader in decentralized applications (Dapp) in 2018 has been losing its market share to its competitors Tron and EOS at a fast pace.
According to a new report by Hard Fork, in Q1 of 2019, out of top 50 decentralized applications on Dapp radar, only three projects belong to Ethereum while 26 are built on EOS and rest on Tron.
On the price front, the 6th largest cryptocurrency by market cap has been trading at $5.10 with 24-hours gains of 7.56 percent, as per Coinmarketcap data. The interesting development price wise is more than 100 percent surge seen by EOS/USD till date in 2019.