Ethereum vs EOS: A Comparison
In the world of blockchain, Ethereum and EOS are two of the biggest hitters. Each claims to offer benefits over the other when it comes to security, scalability, and flexibility, but which one is the best? In this blog post, we'll break down the similarities and differences of the two so you can decide which you think is the stronger technology to suit your needs.
Background
Ethereum, created in 2015 by Vitalik Buterin, is the first smart contract-enabled, decentralized blockchain platform. It supports the creation and execution of smart contracts and decentralized applications (DApps), allowing developers to create their own decentralized applications on top of the Ethereum blockchain.
EOS, created by Dan Larimer, is a newer blockchain introduced in 2018, dedicated to improving the user experience, increasing scalability, and improving transaction speeds. It also allows developers to build decentralized applications and provides an environment where users can quickly and easily interact with smart contracts.
Scalability
Scalability is a critical matter for any blockchain, and both Ethereum and EOS offer solutions to make their networks more scalable.
Ethereum utilizes a consensus mechanism called Proof of Stake, or PoS, to confirm transactions and secure the network, which is expected to increase its throughput when it goes live. In comparison, EOS employs a Delegated Proof of Stake, or DPoS, which requires fewer nodes, making transactions faster and more scalable, but it sacrifices some level of decentralization.
In terms of transaction speeds, EOS beats Ethereum, with the ability to process up to 4,000 transactions per second (TPS), while Ethereum may process only up to 15 TPS.
Smart Contract Development
Ethereum is widely regarded as the most popular platform for developing decentralized applications, with its smart contract capabilities, rich ecosystem, and variety of languages supported. It allows developers to create smart contracts with programming languages such as Solidity, Vyper, and even Rust.
At the same time, EOS provides the option of smart contract development with the C++ language, offering a more natural learning curve for developers who are transitioning from centralized to decentralized applications.
Token Economics
Both Ethereum and EOS have their unique token economics, which can impact a variety of factors, including how new tokens are introduced into circulation and network upgrades.
The primary token for Ethereum is Ether (ETH), which serves as a currency for settling transactions on the Ethereum network. Ethereum also has other utility tokens such as ERC-20, which powers a vast number of dApps running on the network.
In contrast, EOS runs on the EOS token, which has dual functionality. Developers can utilize EOS tokens for computational resources such as processing power and bandwidth, while users can stake EOS tokens for voting rights on network upgrades.
Conclusion
While both Ethereum and EOS have their unique benefits and drawbacks, the decision ultimately depends on your specific network requirements. If you prioritize a larger ecosystem with a higher degree of decentralization, then Ethereum might be the better pick. In comparison, if TPS and processing speed remain at the top of the list, then EOS appears to offer faster scalability.
We hope this comparison has provided you with some insight so that you can make an informed decision when it comes to selecting the best blockchain to suit your needs.