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.
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.
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 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.
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.
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.
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.
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.
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.