EOS, the sixth largest cryptocurrency on CoinMarketCap, reported significant growth over the past few days, proving to be a strong competitor for Binance Coin [BNB], Litecoin [LTC], and Bitcoin Cash [BCH]. Apart from the performance in the market, EOS also set a new record for the most cryptocurrency actions processed in one single day.
According to eoswriter.io, an action is an instruction given from one account to perform on another special account running a smart contract.
Daniel Larimer, the CTO of Block.one, who developed the EOS protocol, tweeted about the development:
“#eos recently set a record of over 70m actions processed in one day. An average of over 810 actions per second. Our team is making great strides in further optimization and scaling. #B1JUNE”
According to data available on Block activity, the record of operation amounts to 83,797,783 and the data made available by EOS Titan indicated that over the past 24 hours, the most actions came from pornhashbaby contract, which was over 6.7k, and from the eosio.token transfer, which was calculated to be almost 3k.
According to another analysis conducted on the unique user accounts per hours for the past day, it was noted that pornhashbaby was the most used contract and was followed by eosio.token. This statistic and the performance of EOS might help drive more adoption for the cryptocurrency.
At press time, EOS was valued at $5.25 with a market cap of $4.76 billion. It noted a 24-hour trading volume of $2.22 billion and a seven-day rise of 23.69%. EOS observed a fall of 0.20% over the past day and dipped by 0.34% within an hour, at press time. EOS was highly traded on Bibox via the EOS/ETH pair, with a recorded volume of $190 million. ZBG followed Bibox noting a trading volume of $179 million with EOS/USDT pair. IDAX took the third place via the EOS/ETH pair and noted a volume of $124 million.
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Zcash’s revolutionary blockchain hits first fork in the road; Adamant Capital Founder questions move
Zcash, the privacy-centric cryptocurrency project, swiftly stole the Libra’s limelight and switched the debate from payments and fiat-backing to blockchain technology and scalability. Lofty ambitions of Zcash aside, the Electric Coin Company’s [ECC] new blockchain has not convinced everyone in the community just yet.
Tuur Demeester, Founding Partner at Adamant Capital, shared his opinion on Zcash’s new crypto-adventure, much to the dismay of the larger ZEC community. He detailed a list of points surrounding the new project which, in his opinion, “sound horrible.”
Citing a report by Decrypt Media, Demeester highlighted flaws with respect to scalability, similarities in the crypto’s roadmap with other projects and the issue of “sharding.”
Nathan Wilcox, in the aforementioned report, had stated that the new blockchain was developed to make ZEC available to 10 billion customers by 2050; hence, the noted infrastructural improvements to the network. Coupled with the prospects of introducing sharding to “speed up transactions,” a switch was necessary.
Demeester’s primary issue with Zcash’s new blockchain is the introduction of a new coin, following the “implicit admission” that the coin they had, ZEC, was “never scalable” and a jibe at the privacy aspect of it, which the coin’s backers tout often. The lack of privacy transactions usage was described by many as one of the “biggest problems” for Zcash. This was because by default, transactions on Zcash are not set to “private,” unlike Monero [XMR]. In fact, less than 2 percent of all transactions are “fully anonymous.”
The Adamant Capital Founder highlighted its roadmap similarities with Ethereum, especially on the subject of sharding in the blockchain.
Finally, the report, citing Wilcox’s words, said that the ECC and the Zcash Foundation will stop receiving funding from mining rewards in 2020, while not mentioning how the development funding for the new project will come about. Demeester, in his final point of criticism, mentioned this as a “subsidy for ZEC Foundation.”
His full reply stated,
This sounds horrible to me:
– entirely new blockchain (new coin)
– implicit admission that $ZEC was never scalable, and that opt-in privacy doesn’t work
– roadmap has “a lot of similarities with ETH”
– “sharding” panacea
– subsidy for ZEC foundation https://t.co/R5vLXtKOCP
— Tuur Demeester (@TuurDemeester) June 23, 2019
Josh Swihart, VP of Marketing and Business Development at ECC, hit back at Demeester, calling the criticism “wrong and biased.” He said,
“Wrong and biased take. It’s a recognition that bitcoin doesn’t scale and that scalability and privacy are complimentary. Did you watch the session?”
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