I think it's based on a 24 hour time period, and my guess is that it means if it did 1 million transactions at 0.3% capacity it could do 300 million at 100%. STEEM works in a different way to BTC, ETH and the vast majority of other projects and that's what allows it to be faster. It's a smoother and less wasteful system. That's why I'm very exited about Eos because it's built by the same guy who built STEEM and he's going to take everything he's learnt from this project into that one, but with an enormous budget and team behind him too.
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I am going to have to give EOS and Tron a try. They might both serve different purposes so they don't cannibalize each other.