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- EOS is given to be more efficient than the Ethereum network in the same applications and it is dubbed as ‘Ethereum Killer’.
- Ethereum and EOS platforms share the same or similar working in terms of providing DApp platforms.
- EOS has similar interests and plans to execute projects and applications as Ethereum but is distinctive of its framework and delivery of service.
Ethereum and EOS have always been the most debated set of smart contract platforms in the Cryptocurrency and Blockchain network, holding the top positions in the network. Both are at the competition ever since their creation and continue to strive forward to give the best of their projects.
Both the platforms have an equal share of enthusiasts and investors who believe in these platforms’ true value. Ethereum platform and network came into existence earlier and had been providing decentralized smart contract applications to developers.
However, the EOS is given to be more efficient than the Ethereum network in the same applications and it is dubbed as ‘Ethereum Killer’, it is highly recognized for making up the flaws Ethereum holds currently and features to provide more efficient platform than Ethereum Network. Below are the key features and comparisons that will effectively point out the best platform among the two.
Ethereum
Ethereum and EOS platforms share the same or similar working in terms of providing DApp platforms. However, the individual goals of each project are very distinctive to each other. Ethereum, since its launch in 2015, has been able to hold the global rank at spot #2 over time and is in constant service of providing and sharing its platform for Decentralized Applications.
Looking at the weaker spots, Ethereum is comparatively not good in scalability factor with providing only 15 transactions per second while EOS does 10,000 transactions per second as per the company figures.
However, both are not at expectation as compared to the transactions Visa carries out in a second globally, which shows the need for improvement for both the platforms.
According to the inside knowledge, First layer and Second Layer optimizations named Sharding and Plasma respectively could effectively increase the transaction rates on the Ethereum Network says Vitalik Buterin, the founder.
Ethereum’s transaction cost is also higher compared to the EOS network, which holds as a drawback to the businesses, which will incur losses.
Ethereum is designed on the consensus mechanism named proof of work (PoW) model, although plans have been devised to change the consensus mechanism to proof of stake (PoS) model in the coming years. Ethereum supports smart contracts for larger applications and intermediate or advanced level projects using the DApps.
EOS
EOS was introduced in the year 2017 as a Blockchain project by Block.One which soon rose to fame over its simplified usage and its friendly application to the beginner Blockchain project developers.
EOS has similar interests and plans to execute projects and applications as Ethereum but is distinctive of its framework and delivery of service. EOS has a superior hand in scalability doing about 10,000 transactions per second with the new inter-Blockchain communication which in the process creates another EOS Blockchain network to the previous overloaded one to provide efficient functioning of the IoT services.
EOS network offers lesser transaction costs as the network design leases users’ tokens as collateral to cover the transaction area. EOS uses delegated proof of stake (DPoS) model in its consensus mechanism. EOS has most importantly bagged the largest ICOs in history bagging over $4 Billion while Ethereum did only $14.8 Million during its launch.
Final Review
Both Ethereum and EOS have their drawbacks and advantages. However, EOS holds more advantages than the Ethereum network because of its low transaction costs, higher scalability, beginner-friendly applications, faster transaction rates etc.. due to these reasons, it is safe to say that EOS has outperformed Ethereum network making up all the drawback issues.
It can be finally concluded that EOS is better in every feature, although it has weaker links of having a more centralized network in the Blockchain which fails to meet the definition of the decentralized Blockchain network. The battle hasn’t ended yet and is going to take further place, which will have future effects on the ecosystem.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
