I will write a series of posts regarding some false security assumptions, which many people don’t understand the real risks behind. Trust without enough warnings will lead to very dangerous consequences.
EOS is always promoted by people that its transactions are faster than any other blockchains. Yes, it’s true that EOS’s block time is only half second, and there are almost no competitors in this factor.
However one block will never mark an EOS transaction irreversible, the fact is that a transaction should wait for about 330 blocks until it could be considered irreversible. That’s almost 3 minutes, which is the typical time for an Ethereum transaction considered confirmed by most people.
And if you look for any official EOS documentation on transaction finalization, you will find these on the white paper. And they are the only official documentation one could easily find on the Internet.
Typical DPOS blockchains have 100% block producer participation. A transaction can be considered confirmed with 99.9% certainty after an average of 0.25 seconds from time of broadcast.
In addition to DPOS, EOS.IO adds asynchronous Byzantine Fault Tolerance (aBFT) for faster achievement of irreversibility. The aBFT algorithm provides 100% confirmation of irreversibility within 1 second.
Not only they make false claims in the white paper, the CEO of block.one, EOS.IO’s creator, also proudly adverts EOS transactions complete in one second.
The result is EOS has the most hacks related to reversed transactions. Because most developers don’t have enough knowledge to understand everything, but trust the white paper, trust the CEO of block.one.
I’m not criticizing EOS, and saying Ethereum is better than EOS neither. EOS.IO is a remarkable milestone in blockchain history, and I truly wanna it gets the market deserved.
However continuously marketing the incorrect transaction speed helps nothing but hurts the community, makes developers lose money, and drives away believers.