EOS is a blockchain protocol by the cryptocurrency EOS. This protocol emulates most of the attributes of a real computer including hardware as well for processing, local/RAM memory, hard-disk storage) with the computing resources distributed equally among EOS cryptocurrency holders. It operates as a smart contract platform similar to Ethereum and decentralized operating system intended for the deployment of industrial-scale decentralized applications through a decentralized autonomous corporation model.
The aim of this EOS platform is to provide decentralized application hosting, smart contract capabilities and decentralized storage of enterprise solutions that will resolve the scalability issues of blockchain like Bitcoin and Ethereum, are also eliminating all fees for users.
EOS token provides users both bandwidth and storage on the blockchain, the proportion to the total stake [owning 1% of EOS tokens allows for use of up to 1% of the total available bandwidth]. EOS also allows the owner to cast votes and participate in the on-chain governance of the blockchain, again in proportion to the owner’s stake.
The EOS community will be launching it when the clock hits 6 pm EST on Saturday, June 2nd. EOS is an intriguing point in time for the blockchain community, during which Ethereum will be faced with its first legitimate competitor in the space. After the announcement of launching EOS, the smart contract war has begun. This war is sounding similar in early days of the internet where Mac and Windows ultimately won- it was unlikely there will be a defined winner in the end, and it’s likely that there will be a few dominant platforms that offer fundamentally different themselves from one another.
While comparing EOS vs Ethereum it is found that, Ethereum uses a proof of work called PW, consensus model and has first mover advantage in the smart contract and decentralized app(Dapp) platform space. This projected value the second highest valued blockchain project right now and it criticized for its high transaction costs. As the blockchain industry facing a huge problem because Ethereum has not yet allowed their developers to build consumer grade applications at that scale. The biggest actors in the public blockchain space right now are speculators, miners, and crooks which are zero or negative sum activities.
Ethereum main use case is supposed to be supporting applications, but only less than 10% of the total transactions on the network are coming from the 100 applications built on Ethereum and the other 90% of transactions are coming from ICOs and payments.
In comparison of EOS vs Ethereum you can see that, EOS is launching high profile dApps that are building on their platforms, like Everipedia. It is expected that mainnet will be able to handle between 1000-6,000 transactions per second shortly after launch, and the software has made economic performance tradeoffs that acknowledge the actual fact about every single transaction in a global scale dApp is being validated by a large network of computers at around the globe is unnecessary and this is unrealistic- for your average consumer cares to more about performance than they do sovereign censorship resistance.
Block one, the company who launches EOS is not going to launch mainnet, but only the open source software system. There is a minimum adoption threshold to release this built-in software in the protocol level, and Dan Larimer, Block one’s CTO, has silently announced that they will use their voting shares (which is 10% of the total of EOS tokens) to ensure the launch goes as intended if needed.
Though Ethereum has plans to innovate further to become more scalable, including plasma, sharding and switching to a proof of stake protocol, which is all intriguing options. If, however, Ethereum is unable to accomplish their goals, I can conclude on the basis of shared facts that EOS will become the dominant smart contract platform because of following reasons; scalability, Fee-less economic model, Team, User experience, Governance, Token Model, and storage.
EOS = 600 transaction per second
Ethereum = 15 transactions per second.
Dapps mean decentralized application protocol which is run by many users on a decentralized network with trustless protocols. Ethereum DApps designed to avoid any failure. They typically have tokens to reward users for providing computing power. Ethereum is the king of smart contracts and Dapps.
Ethlance- like Upwork, a marketplace for jobs.
Cryptokitties – a new game app that gives its users access to digital cats which they can buy, sell or breed.
EOS is also have DApps which are given below
Cards & Token
Emanates and others.
According to a professor of stern school and well-known economist –Nouriel Roubini, the drastic decline in the price of Ethereum (ETH) is due to the fact that the blockchain project lacks active Dapps (Decentralized applications)
Professor Roubini also mentions that Ethereum is collapsing because its 75% of decentralized applications are scammy Ponzi schemes, Cryptokitties, and Casino games. The rest 25% are decentralized exchanges that no one uses as 99 percent of transactions are carried out on centralized exchanges. So, by adding that 99% of digital currencies have lost 99% of their values.