So I admit I know very very little about EOS...I just heard about them 2 days ago...but I've been looking into how they claim to be able to scale to "millions of transactions per second" and I have a few concerns.
It seems to me like their 20 delegated block producers (DPOS) make it much more centralized than other currencies.
I know that these 20 block producers are voted in with stake, but still...Is there anything I'm missing?
The EOS.io whitepaper says the following:
While a number of blockchain platforms have struggled to support functional decentralized applications, application specific blockchains such as the BitShares decentralized exchange (2014) and Steem social media platform (2016) have become heavily used blockchains with tens of thousands of daily active users. They have achieved this by increasing performance to thousands of transactions per second, reducing latency to 1.5 seconds, eliminating fees, and providing a user experience similar to those currently provided by existing centralized services.
HOW did they increase performance?
HOW did they reduce latency?
With eliminated fees, how do they stop spamming?
(I heard there was rate limiting...but wouldn't that mean that there really are fees since it will be unfeasible to get a legitimate free transaction approved?)