TOP two smart contracts platforms!
I was always wondering where do these both platforms differ the most. It took me some time to research, reading and after I got more familiar with both of them, I got to think that EOS is better than Ethereum and will prevail in the battle as both platforms seem to be a direct competitors! EOS is being advertised as the OS (Operating System) for dApps and its ultimate goal is to be the most users friendly and easy to adopt, fastest, most competitive and scalable smart contract blockchain.
I am been following with the two platforms for a while, of course I started researching ETH earlier as the platform is live since 2014 and EOS is much newer. There are tons of information in Internet about the inevitable war between the two platforms, some can say that the competition is already in the full swing, but I want to concentrate on the THREE major differences between the two platforms.
But before I start let me just make clear that I am neither EOS nor Ethereum IT Engineer/ Developer, but a person highly interested in both platforms and trying to become an expert very soon.
Kindly be informed that the following post is just my pure opinion, based on my current understanding of both projects.
So this review is my subjective opinion and analysis, not investment advice.
To make things easier, my article is not meant to be a technical explanation of both projects, but instead it will give you an overview of the differences!
Top three most fundamental differences between EOS and ETH
Consensus Algorithm (DPoS vs PoW vs PoS)
Overall Philosophy of the platforms
Scalability
Lets me start with the Consensus Algorithm.
In my opinion this is the most striking difference between the two projects that sets them apart. We talk about two clearly different approaches towards blockchain and Decentralization.
1. DPoS vs PoW or PoS.
For the both platforms the Decentralization is top priority. Anybody who has a laptop and Internet connection should be able to participate in it. But how exactly it works in both cases?
- EOS uses DPoS (Delegated Proof of Stake).
That means that we all are Token holders and at the same time Stakeholders! Stakeholder votes for Witnesses/ Block producers, who validates each transaction. So all of us can participate in the elections and choose the Block Producers, altogether 21.
Another advantage is that we constantly, everyday can vote for the Block Producers, as the elections is a non stop process, that is ongoing all time.
So if we are not satisfied with the performance of a witness, or if the witness misbehaves and tries to do something that is illegal in EOS ecosystem, the witness can be replaced pretty much easy thanks to the ongoing elections. DPoS enhances the competition between witnesses, as witnesses are being paid for their work.
Only the top twenty witnesses get the regular payment, that means that there will be a huge competition, which minimizes the option of misbehaving. Nobody wants to lose this position! There is no incentive to cheat, no incentive to behave badly!
So if someone is a Malicious Attacker in ETH can start right away, joining the PoW consensus without waiting for any permission, but in EOS first he has to be selected by the Tokenholders.
- ETH uses PoW(Proof of Work) but is going to switch to PoS (Proof of Stake) very soon.
In ETH in theory should be more decentralized, but only in theory and on paper. As it says that everybody who has a laptop can participate in mining, but in practice it is not like that because there are Mining Pools!
And everyone has to join one of the mining pools that control the hashing power.
Just take a look at the chart below, and I guess everyone can make the maths. How come there are three Mining pools having the majority, the market centralize all mining in the hands of few actors!
2. Overall Philosophy of the platforms
- Toolkit for interface development(EOS) vs Application agnostic(ETH)
With ETH app developers face the challenge in the need to actually build an entire new blockchain application from scratch.
We have no features: as a corollary to generalization....if people really want it they can always create sub-protocol.
source
I think here is the big chance of EOS to disturb ETH as it can provide with:
Provides all of the cryptography and app/ blockchain communication functions to allow developers to focus on their business-specific logic functions!
The above mentioned inevitably will lead developers to quickly create blockchain applications with which end users will easily interact with. An elegant simplicity I would like to say!
- ETH's challenge with the broken applications.
ETH faces the difficulty in fixing broken applications. So an example given: if there is a need to fix up a broken application it requires a disruptive hard fork, therefor the entire ETH network will come to standstill. EOS can fix up such problems independetly without poising any disturbance on the entire network. First it freezes the application, then fixes it up and subsequently conducts an update without disrupting any other applications!
- Different programming languages.
EOS allows developers to use C++ and various other compiling languages Web Assembly, shortly WASM languages. Here is the list of the huge variety of EOS programming languages.
On the other hand in ETH many developers face the hard choice of using only Solidity, which is ETH native language.
3. Scalability
- 1000 tps and (yet to be seen) can scale to millions(EOS) vs 15 tps(ETH)
EOS is Graphene technology based. In July 2018 the EOS successfully executed 1000 transactions per second.The test trials have proved that the number of tps can reach 10,000-100,000. In contrast for now ETH can achieve max 50 tps with optimization. ETH is developing the concept Sharding in order to attain "unlimited scalability", but it will be more complex method and more malicious attackers prone, which automatically lowers the security on the network.
- Block confirmation half sec(EOS) vs Block confirmation minutes (ETH).
I read in EOS white paper that it takes about 0.25-0.5 seconds, to confirm a transaction and 100% validity just in one sec!!!
Comparing to that ETH looks like way lagging behind.
- NO FEES (EOS) vs Gas priced Pay per Transaction(ETH)
Imagine if you have to pay for any message, memo etc. That is how ETH works. You pay for Gas. And here comes the huge difference with EOS. Each transaction is free of charge. because the Block producers/ witnesses are being paid to produce blocks via inflation and the computing power, that is much cheaper than ETH POW.
- Human readable address(EOS) vs automatically generated code (ETH)
Of big importance is the easiness of using EOS readable addresses! Its hard to even do a transaction with ETH. You have to sign on to your wallet make sure the long address is right, the erc20 token is the right one and then make sure your gas costs are right before you send out your crypto currency to whatever address. That is not taking on mass adoption. People want it to be like a credit card. Swipe and your done.
In EOS you can just remember the name of the address, that can be personally chosen, and not automatically generated!
So in the end let me just wrap up the things with one sentence:
I am bullish that EOS has the potential to beat ETH.
Any suggestions and ideas will be highly appreciated by @yanika!
Disclaimer: This review is my subjective opinion and analysis, not investment advice.
Stay tuned, more Beginners' reviews are coming soon....
CLICK HERE for the previous reviews: Top EOS projects/ GET PAID TO SEARCH/ 11 Signs of Scam ICO/ EOS for Beginners/ EOS Constitution explained / The story of EOS
Sources:
https://github.com/EOSIO/eos
https://github.com/ethereum/go-ethereum
https://www.eos.io/
https://bloks.io/
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