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Ethereum vs EOS: Which one is the Vanquisher?

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The architectural framework of Ethereum and EOS is very similar. In this Ethereum vs EOS article, let's figure out the differences between the two.

Introduction

Bitcoin was the world’s first cryptocurrency, whose foundations were based on the principles of the Blockchain Technology. Prior to Bitcoin, a number of other cryptocurrencies existed, but many of the users constantly reported on the double spent problem. This vulnerability in the earlier cryptocurrencies was most exploited by the hackers. With its immutable Ledger, Bitcoin effectively solved the double spent problem. Even the year 2009 was somewhat favourable for the initiation of such an era of cryptocurrencies, as in 2008 itself, the world had experienced an economic crisis. Followed by which a number of other cryptocurrencies where developed. Some of the most prominent ones being Ethereum, Ripple, Litecoin, EOS, Cardano, etc. However, the architectural framework of Ethereum and EOS blockchain is very similar to each other. In this Ethereum vs EOS article, let’s figure out the differences between the two.

 

Ethereum vs EOS

The actual working model behind both the Blockchain networks is vested completely with the creation as well as the improvement of the Smart Contract functionality. Although Ethereum is far more superior than EOS with respect to the market dominance, due to the bottlenecks experienced by the Ethereum Blockchain, the goal of EOS is to overcome all the drawbacks of Ethereum for a highly efficient implementation of the smart contracts functionality.

 

Ethereum vs EOS: Scalability

The Ethereum blockchain was mainly developed to provide an environment to run Smart Contracts, but due to the exponential rise in the transactions with the increased popularity of Decentralised Applications, the Ethereum Network experienced a high traffic in its network. This scalability issue is taken into account by the EOS community and they have improved on the attribute.

Ethereum vs EOS: Decentralization

Ethereum incorporates the proof of work mechanism for the mining purpose. The mining activity is becoming Centralised as few mining pools cover more than 50% of the total network. This has been overcome by the EOS, as there are only 21 equal priority nodes and hence effective Decentralization is achieved.

Ethereum vs EOS: Vitalik vs Larimer

Both of the founders are looking to solve a similar problem. The only feature that differentiates the two, is their strategies to implement the same. While Vitalik is famous for his bizarre nerdy characteristics as a child, Dan Larimer has been alleged as a scammer. Also, his project EOS.IO is also rumoured as a scam. Nevertheless, both the Blockchain are on a head to head competition and are highly potent.

 

Ethereum vs EOS: ICO

It estimated that the EOS community managed to raise a whopping $4 billion in its ICO, due to which speculations are on a rise, as people are questioning about the use of such huge amount. It is common sense that we don’t require $4 billion to develop and maintain a project. This is a very huge amount when compared to that of the Ethereum.

 

Ethereum vs EOS: Popularity

EOS has experienced a widespread adoption by a number of venture capitalist as well as the public, prior to the launch of the main net itself, this is very rare in the crypto community. The investments pushed the market capitalization of the EOS Blockchain up to $17 billion, prior to the launch of the end product itself. Nevertheless, Ethereum dominants when the popularity is viewed from a broader mindset.

Ethereum vs EOS: transaction fee

The Ethereum Blockchain incorporates something known as gas price with each and every transaction for its faster confirmation. Hence every user needs to pay some gas price for every transaction there undertake on the Ethereum network. On the contrary, the EOS blockchain community claims for, the confirmation of all the transactions, completely free of cost. Although Ethereum might be the second most valued cryptocurrency EOS, with its amazing features, if implemented in a proper way, might overtake it.

Ethereum vs EOS: Future

The Ethereum network was launched in the year 2015, but EOS has been launched very recently in 2018. EOS could surpass Ethereum, if it could serve thousands of EOS transactional confirmations per second, instantly with free of cost. The Ethereum network is still stuck with 15 transactions per second. However, even Ethereum is also future ready with its four proposed models to tackle scalability, with Plasma and Sharding being the two prominent one.

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Adoption: Courts in France adopt blockchain technology

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The NCC or National Council of Clerks of France have finally tested a blockchain technology-based solution for the courts of the country.

The NCC or National Council of Clerks of France recently made an announcement that they have finally tested a blockchain technology-based solution for the courts and are now prepared to launch it throughout France. The National Council of Clerks is a representation of the clerks of the corporate and commercial registry in around a hundred thirty-hour workplaces in France. The workplaces depend upon one another for sharing important data.

 

The goal of NCC France

The NCC is determined to streamline and position the latest information technology that capitulates something that is known as ‘the single version of the truth’. The data tracks an organization’s growth, dissolution, change of location etc. The sharing of data amongst each other was earlier a big challenge for the NCC.

 

The project based on blockchain technology had an aim of rapid cycle times and precision of information. In the pilot phase of the project, the National Council of Clerks in France was able to lessen the timing of registry operation involving a lot of days to just one day.

 

According to the president of France National Council of Clerks, Sophie Jonval, the project based on blockchain technology is an outcome of the partnership with IBM. IBM who is already an expert in blockchain technology and cryptography has been serving as a technological partner.

 

According to the NCC, the project shall be rolled out in the 1st half of 2019 and the project shall ensure a transparent and improved dynamics of the interactions between the clerks.

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HSBC Bank Looking to Expand Blockchain Platform Voltron in South Korea

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HSBC, the largest bank in Europe is searching for banks in South Korea for launching Voltron, it's blockchain platform as reported by the Korean Times.

HSBC, the largest bank in Europe is searching for banks in South Korea for launching Voltron, it’s blockchain platform as reported by the Korean Times.

 

HSBC Voltron:

The Voltron platform delivers a more quick method to process and settle invoices using by using permissioned blockchain technology. The permissioned blockchain stops the transactional data from being shared with everyone but instead, the data is shared with only consented users. The platform decreases the time that is usually required for the total process.

 

According to Joshua Kroeker, the innovation director of HSBC, the platform would mostly impact the process timing. Thus the transparency which comes with blockchain, as well as the rapid flow, would help the banks in managing their working capital as well as their cash flows. Kroeker reached out to the banks in South Korea to partner with their blockchain platform i.e. Voltron for the letters of credit.

 

HSBC’s blockchain platform was initiated in 2018 and is currently partnered with seven banks namely Standard Chartered, Bangkok Bank, BNP Paribas, ING, CTBC Holding, SEB, and NatWest. The platform is still in its pilot stage however, it shall soon be launched commercially.

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World’s biggest Blockchain ETF on London Stock Exchange

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The world's biggest blockchain ETF is scheduled to be launched by Invesco on the London Stock Exchange by Invesco, a large investment management company.

Cryptocurrency enthusiasts around the world have been curiously waiting for a bitcoin ETF to be approved by the SEC or any other potential government in the world. However, before a bitcoin ETF, the world’s biggest blockchain ETF is scheduled to be launched by Invesco on the London Stock Exchange. Invesco is a large investment management company that has more than $800 billion in assets under management.

 

World’s biggest Blockchain ETF

At the launch, the Blockchain ETF will invest in a portfolio of forty-eight companies including the CME Group, a US exchange which had earlier launched bitcoin futures on the exchange and Taiwan Semiconductor Manufacturing, a company that supplies crypto mining machines. Other companies are those that have an exposer to the blockchain technology.

 

The Blockchain ETF will be based on a proprietary scoring system made by Elwwod Asset Management LLP. According to Bin Ren, the chief executive officer at Elwood, the blockchain goes past cryptocurrencies. He mentioned that although blockchain technology is mostly being used by financial companies, it will be implemented in a vast range of industries soon.

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