Before going into the comparison between EOS and Ethereum, let us understand each of the cryptocurrencies briefly. Ethereum was created in 2013 by Vitalik Buterin, whose mainnet was launched in July 2015. Ethereum is an open-sourced decentralized project, which introduced the concept of smart contracts, which can be maintained without any governance or intrusion by the third parties. EOS was formed by Block.one, which was successful in its crowd sale history. The EOS mainnet was launched on June 14, 2018. EOS uses a unique governance system that is inclusive of a written constitution for the ability for account access or protocol change.
Ethereum handles transactions in around 16 seconds on an average for a transaction to be verified on the public blockchain (including moving the funds and smart contract confirmation). Ethereum faced scalability issues as it can process a maximum of 15 transactions per second.
EOS plans to raise the bar and process millions of transactions per second. Currently, it can process 3000 transactions per second. As per the EOS white paper, there are no transaction fees in the process of sending and receiving EOS.
Ethereum is currently working on the “Proof of Work (PoW)” working mechanism, but eventually planning for its movement to Proof of Stake (PoS) soon, using Casper protocol. This will make the mining process virtual, and the miners will be replaced with the validators. Casper is mainly designed to work in a trustless system and be more Byzantine Fault Tolerant (BFT).
EOS works on a delegated Proof of Stake (DPoS) mechanism, which is an example of a leader-based algorithm. Here, some members of the network are in charge of the network well being and consensus protocol. As fewer people are involved in DPoS protocol, it is much faster. The Ethereum smart contracts are written in "solidity" while the EOS smart contracts are written in C++. (EOS vs Ethereum development)
Ethereum is the world’s second-largest cryptocurrency, which is currently trading at $187.27, with a market capitalization of $20,133,036,178 and a circulating supply of 107,507,303 ETH.
EOS is the 8th largest cryptocurrency in the world, which is currently trading at $3.53, with a market capitalization of $3,276,684,978 and a circulating supply of 929,340,634 EOS. EOS vs Ethereum charts indicates that both of them are performing quite well.
Ethereum is investing most of its resources in building Ethereum 2.0, where now they are involved in the Main Chain (will provide staking), which will be followed by Phase 0: Beacon (will provide random numbers) and Phase 1: Shard (will provide data).
EOS very recently introduced its DEX partner, which will provide them with full support in the consulting and marketing of Unlimited Tower. EOS is working on trying to connect more communities in different countries, such as Asia with language problems, with the rest of the world.
Ethereum is the second-largest cryptocurrency with a wide range of followers and a vast community. However, EOS came late into the picture. You can buy Ethereum from EOS at the best rate here.
Whatever we have discussed so far are the differences between the two.
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2020-04-30 15:11:31.690651 | 2 min