Ethereum vs EOS: Is EOS a Better Alternative to ETH

is eos better than ethereum

Ethereum and EOS are two of the most popular open-source decentralized blockchains with smart contract capabilities in the world. The Ethereum altcoin is the second largest cryptocurrency by market capitalization. The main advantage of Ethereum over EOS is that Ethereum tries to implement a proof-of-stake consensus mechanism.

Now, Ethereum 1.0 has been renamed the “execution layer,” which contains smart contracts and regulations. Meanwhile, Eth2 has become the “consensus layer,” which guarantees that devices on the network act in line with those policy sets. Ethereum’s transactions are becoming more and more popular, with new dApps growing at a rapid pace. Still, Ethereum transactions have been facing controversy as fees skyrocket. Ki Chong first discovered Bitcoin in 2013 and has been hooked on the decentralized dream ever since. Originally from Los Angeles, he spent 4 years in Cambodia as the founder of the first 3D printing business in the country.

Transaction cost

A consensus mechanism, or a consensus algorithm, is a computer science procedure that allows disparate processes or systems to agree on a single data value. Meanwhile, according to EOS engineers, the platform can already handle 10,000 transactions per second. On the surface, this appears to be a superior solution, but what if we want to use EOS in the IoT world, where we may be dealing with hundreds of thousands of transactions per second? In this instance, EOS offers an inter-blockchain communication option, which generates a second EOS blockchain where additional transactions may be processed. These blockchains are interconnected, and with EOS, there is no limit to the number of blockchains that may be created.

  • Along with rising transaction costs, the Ethereum supply has recently come under fire for controversy.
  • The purpose of this article is not to argue which platform is best, but to assess each of the three networks against common criteria.
  • As is to be expected, many more dAPPS have been built on Ethereum rather than EOS.
  • For decentralized apps, it’s the next “operating system.” The Delegated Proof of Stake (DPoS) technique is used by the platform.

A report from 2020 showed that EOS dApps are some of the most attacked blockchain-based programs, enduring over 110 breaches. These attacks are dangerous as they ultimately steal millions of dollars worth of tokens. While efforts are being made to address these security issues, know that it’s always a risk you have to take when investing in blockchain technology. The question of which platform is better for investing in depends largely on your goals. Ethereum is the clear industry leader, and its widespread adoption makes it a safe bet for long-term investments.

EOS vs Ethereum: Similarities

Sharding is a process where the Ethereum blockchain is split into multiple separate chains, which can process transactions in parallel and thus make it more efficient. Staking enables users to stake their coins and receive rewards for helping to secure the network. Ethereum is considered by many to be the dominant smart contract platform in the industry. Its popularity can be attributed to its wide range of applications, including decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming. EOS uses C++ as its programming language, which offers a much faster development process than Solidity.

is eos better than ethereum

Instead of using ETH, we may recuperate the token coverage with EOS by selling our tokens when we decide we no longer wish to offer our transaction. The EOS blockchain stores tokens that cover the transaction’s bandwidth. In the blockchain ecosystem, EOS, the smart contract, is said to be the largest competitor to Ethereum. For decentralized apps, it’s the next “operating system.” The Delegated Proof of Stake (DPoS) technique is used by the platform. If we normally talk about a network that is scalable and speedier, the system appears to be more centralized (has 21 block producers rather than having unlimited miners as proof of work mode). Ethereum is an open-source blockchain framework for decentralized applications, founded by Vitalik Buterin in 2015.

Transactions and Speed

EOS is equipped with features, for example, cryptography usage and tools for app or Blockchain communication. It additionally has a range of alternatives such as self-describing database plans and web toolkit that help in developing the interface. The only reason why EOS is up is because this is one of the best years in the 4-year crypto cycle. If you are curious to know more about the 4 year cycle you can read about it in the Bitcoin halving. Just by looking at the price gains tables there is no comparison between EOS vs Ethereum. Ethereum has outperformed EOS even though Ethereum has had a few down years.

is eos better than ethereum

The EOS development community isn’t as vibrant as Ethereum’s, which has led to DeFi projects primarily being built on other blockchains. What we are measuring here is maximum capacity or maximum recorded transactions per second. This is an important measurement for a blockchain network’s potential.

As mentioned previously, mining pools enjoy almost as much power as EOS’s block producers, meaning Buterin’s point falls a little flat. It’s easy to see why Ethereum might be fighting to diminish the credibility of EOS, as 2019 may well be the year Bitcoin finds a new heir to its throne. These examples show that neither EOS or Ethereum have mastered the governance of their blockchain. Nevertheless, it is fair to say that Ethereum has a done a significantly better job of decentralizing power. EOS on the other hand relies on a relatively small group of people to uphold the integrity of the entire ecosystem. Constantinople was designed to improve the speed, efficiency, and cost of transacting on the Ethereum network, but was also supposed to reduce block rewards for miners.

Changes in the methodology used may have a material impact on the returns presented. This unique programming language available to developers and builders on the Ethereum is eos better than ethereum network is known as Solidity. The now Proof of Stake consensus mechanism of Ethereum is more scalable and requires human validators to validate its network.

Ethereum 2.0 – Solving The Scalability And Other Issues?

Given that cryptos aim to make transactions cheaper and faster, high costs may push users and enthusiasts away. The EOS coin works on the EOS blockchain and uses a delegated proof of stake algorithm. It is open-source and anyone can use it to create high-performance smart contracts. In other words, EOS is designed to be more functional to businesses and users to create blockchain-based applications in a way that is much more user-friendly than Ethereum. Moving down the ranks of the cryptocurrency list of assets, alternatives to Bitcoin show undeniable potential and have also been profitable for early investors. Ethereum (ETH) and EOS (EOS) are two altcoins that provide benefits beyond what Bitcoin provides and among the most popular cryptocurrencies today.

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