Ethereum vs EOS: An Overview
The world is moving at jet speed. The tides and times are fast changing, changing in all spheres, from a before-now hard-paper documenting to soft-copy digital documenting. Technology has changed the face of almost everything in this century. Little wonder it is called the computer age. The world of finance is not in any way left behind in all these winds of change sweeping across the face of the globe. The financial market has also had a great gust of wind blow into its sails as far as technology is concerned. This has given rise to digital finance with all its attendant benefits. Digital finance is centred primarily and almost exclusively on cryptocurrency. Cryptocurrency is the new face of the world’s financial market. Overtime, many players have come on board the financial markets as digital financial operators. Operating finances on a whole new plain of technology, digital finance has two major streams. These are Coins and tokens. While coins seem to be taking centre stage and enjoying greater patronage, the tokens are also thriving competitively behind the scenes, away from the eyes of many onlookers.
Digital finance introduced the blockchain technology which champions a decentralized currency control, a great leap outside the box when put side by side with our before-now traditional and conventional style of financial operations.
Ethereum is one of the world’s most patronized cryptocurrency networks today. Being the first to arrive on stage, Ethereum enjoyed a competition-free period that was akin to a financial market monopoly. Cryptocurrencies have been around us for about two decades now. In this span of time, other networks have surfaced on the plain and have begun to put the Ethereum through a new phase; a phase of competition and market variety. One of the networks that have come on board is the Enterprise Operating System, fondly referred to as the EOS.
Comparing the EOS with Ethereum
Apart from the fact that they are both networks built upon the blockchain, the Ethereum and the Enterprise Operating System – EOS, have so much in common. The EOS came about as an upgrade for the Ethereum. It was intended to be an advancement of the Ethereum. Both of these networks provide developers a great enabling environment to build their series of decentralized apps (popularly referred to as Dapps) in line with the target decentralization of the world’s currency markets.
Difference between Ethereum and EOS
Despite the tens of similarities that exist between these two networks, they are still worlds apart, when we consider the bulk of features that differentiate them. Some of the major points of divergence between these two networks are in their structure, and compatibility with different platforms.
Let us now consider a number of areas in which these networks differ and are set apart for one another.
Ethereum came up in 2015 as a popular platform for the blockchain. Ethereum has as its goal, since inception, decentralization. This decentralization envisaged by Ethereum makes it possible to run smart contracts on the platform and on the network. Smart contracts have the ability to function without any form of human interference or control needed. Taking advantage of the blockchain upon which these smart contracts are built, a high level of security is guaranteed because the blockchain in itself operates its transactions over a very secure interface.
The EOS, coming as a modification, or better still as an update of the Ethereum, operates on the same blockchain technology. EOS is due to hit the market in about a month away – precisely on June 2nd. The newness of the EOS gives it the advantage of capitalizing on current lapses in the cryptocurrency market and aiming to fill those lapses and close the gaps. It is expected that the EOS will have the ability to run a higher quantity of contracts and transactions at a go, when compared with the Ethereum. It is also expected that the sort of smart contracts that will be developed by builders using the EOS platform will surpass those built with the Ethereum, bearing in mind the innovation and additions that usually come with upgrades.
Most persons did not appreciate the Ethereum at its inception because it sounded all strange to them. But when Ethereum published its whitepapers, the cryptocurrency world and her players were able to understand where Ethereum was coming from and where Ethereum aspired to take the world to. This immediately resulted in millions of people getting interested in Ethereum. The concept of decentralization was enough to catch the attention of the teeming crowd. Today Ethereum boasts of large volumes of funding from a great number of investors around the world.
The EOS is around the corner and a lot of people are already anxious over what it will offer. Amidst large speculations, there is the overwhelming belief that the EOS, which is supposed to operate a Proof-of-Stake consensus protocol, will improve on the decentralization and go a step further than the Ethereum. There is therefore the expectation that if the EOS comes into the market meeting these high expectations, many Dapps will jump off the Ethereum platform and will begin to scamper and clamour for space on the EOS.
The Ethereum, as one would expect, had suffered a number of technicality issues in the course of its years of operation. The EOS on the other hand, coming as an upgrade of the EOS, it is hoped that the technical deficiencies of the Ethereum will be averted and corrected in the EOS. Some of these technical issues include the famous functionality issues that marked the Ethereum for a while.
Every platform uses a consensus protocol. While some platforms and some networks use or share similar Consensus Protocol, some others come with and use unique protocols. The Ethereum makes use of a Proof-of-Word (PoW) Consensus Protocol. This protocol allows a processing speed of about 15 transactions per second. One of the major setbacks with the PoW Protocol is the fact that it makes it impossible to fix a Dapps while still on the network. To fix a broken application, one would have to be outside the network and use a fork to fix it.
EOS promises to come on board with a different Consensus Protocol, the Delegated Proof-of-Stake (DPoS) Protocol. Unlike the PoW, the DPoS provides the developers with the option of and ability to freeze the network in the event of a broken application; and from that frozen state, the network can be fixed without necessarily having to jump out of it. It is expected, according to the developers of the EOS, that the DPoS will reach a processing speed of 1000 transactions per second, and will be improving upon that speed in the first few months after it hits the markets. This will be a great leap if achieved.
Using the PoW Protocol, miners have a constant duty to verify their speed on transaction in a bid to earn rewards. DPoS comes with a new perspective. Miners only have to create Masternodes by earmarking the quantity of tokens to earn the same rewards.
With PoW miners need to showcase their transaction verification speed. This is one of the basis upon which they are rewarded. The PoS Protocol, on the other hand, involves selecting a definite volume of tokens in order to create a masternode. Masternodes are, simply put, computers that facilitate various functions and operations across the network, such as instant transactions. Programmers using the DPoS are typically to be rewarded with tokens for achieving the tasks.
Be that as it may, Ethereum is not throwing in the towel yet on the issue of Consensus Protocol. Ethereum very recently announced plans to introduce an upgraded Consensus Protocol known as Casper. Casper will be an upgrade of the Ethereum that will come with the ability to run both the PoW and PoS protocols. It is speculated that, in the long run, Casper will become a hybrid that will put together the good features of both protocols.
Ethereum operates a unique programming language. All applications build upon the Ethereum network have to be written in Solidity, using the negative language. This has been a major source of complaints by developers over time, as many of them find the Solidity programming language a bit cumbersome.
The EOS is set to bring positive improvements in this perspective. The EOS allows developers the use of any preferred language, the only condition being that the language of choice must be one that can be compiled in Web Assembly (WASM). This is very attractive to many builders and developers, especially as a lot of them are far more comfortable and proficient in the C++ programming language.
EOS comes with more innovations and additions to the table. EOS in its whitepaper has announced horizontal scalability. This will mean that the EOS blockchain will have capacity and ability to multi-task between processing transactions on the blockchain and at the same time having smart contracts executed. This is a great time-saving technology, the first of its kind.
Technology has come to rule our world, and one major feature of technology is regular upgrade and constant technological advancements. The Ethereum has served and is still serving a great purpose on the blockchain. Be that as it may, the EOS is coming with a number of great innovations and improvements. From all we have gathered from their whitepaper, the EOS is set to take the centre stage. It is ready to hit the ground running. It is bringing a whole lot of improvements to the blockchain network technology. If all these aspirations, speculations and promises contained in the whitepaper are met, and if they come alive, EOS might come on board and in no distant time, knock Ethereum off the market and take the centre stage. If and where this happens, Ethereum will be relegated to the background, pending when it will bounce back, if at all it will, with new features and exciting upgrades.
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