Eos vs Ethereum: Which is The Best Smart Contract Platform?

Ethereum recently switched gears from Proof of Work (PoW) to Proof of Stake (PoS), aiming for a greener, more energy-efficient ride. With its Ethereum 2.0 upgrade, a move aimed at reducing energy consumption and improving scalability. In PoS, validators stake their ETH as collateral to validate transactions and maintain network security. By discontinuing support for EOS and Algorand, Tether is reallocating resources to blockchains that align more closely with their strategic goals.

Programming Language and Smart Contract Capabilities

Ethereum launched years before EOS, and is currently the second ranked cryptocurrency overall behind only Bitcoin in terms of market cap. But unlike Bitcoin, Ethereum might not have the same staying power, and several competitors exist in the market that all want to beat the altcoin. Investing in cryptocurrencies can be extremely risky due to their highly speculative nature. Over time, Bitcoin (BTC) has become less risky and volatile due to ongoing adoption from large institutions and corporations. As the clear market leader and first-mover, Bitcoin benefits from regulatory support, brand recognition, and much more. The EOS vs Ethereum debate is sure to continue in the future and it is difficult to predict the ultimate result.

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In today’s context, EOS and Ethereum are the two biggest smart contract platforms in the world. Though they have their own differences, EOS and Ethereum are, undoubtedly, the most popular blockchains which enjoy dedicated fan bases in the entire crypto space. The EOS network uses the ERC-20 token standard from Ethereum and offers several improvements over Ethereum.

Key Features of the Ethereum Smart Contract Platform

However as in any industry, competition comes along after some time to challenge a players market share. When competitors arrive, they aim to improve on the failings of the first players in the space. You can buy Waves or read more about https://www.tokenexus.com/ the project in our Bitcoin vs Waves article. Crypto commodities are a specific class of crypto assets because they do not just offer their own cryptocurrency. They also offer up their platforms for other projects to be built upon them.

Ethereum vs EOS: Which One is Better Investment?

Additionally, EOS aims for interoperability between different blockchains, though this is still an area under development. Such flexibility makes it a compelling choice for a wide range of applications. EOS is acclaimed for its exceptional scalability, boasting the ability to handle thousands of transactions per second. This is achieved through technologies like multi-threading and parallel execution, which are pivotal in enhancing throughput.

• Crypto advocates are always talking about the benefits of decentralisation.
• The EOS blockchain is also decentralized, meaning that it isn’t controlled by any single person or entity.
• All in all, if EOS can achieve its goals of near-instant and free transactions with the ability to scale to the millions, there is no other blockchain in the industry that will be able to compete.
• The real value in both cryptocurrencies is in the blockchain protocol that developers can build upon.
• The account of the EOS members who do not use their tokens for three years will be terminated.
• This is crucial because most people do not have the technical knowledge to use Ethereum.

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.

• However, if Ethereum can implement ‘Proof of Stake’, ‘Sharding’ and ‘Plasma’ successfully, I think it will be tough for Ethereum alternatives to pass Ethereum.
• The second phase, known as the “merge,” will bring together the Beacon Chain with the Ethereum main net during the 3Q-4Q of 2022.
• No matter the consensus mechanism, it’s clear that Ethereum is, and will be, decentralized for the foreseeable future.
• Believe it or not, users went crazy about Ethereum’s virtual cats and the blockchain got clogged.
• At the end of the day, blockchain started off as a reaction to fraudulent governments and central banks.
• Nonetheless, Ethereum, the second-largest cryptocurrency per its market cap, remains a competitive altcoin, posing a big hurdle for EOS to overcome.
• If you compare this to Etheruem, which on average, takes 15 seconds, then yes, EOS is faster than Ethereum.

Decentralized Applications (dApps)

They created the first crypto commodity that became the industry standard. However some smart contracts for some services will always need to have some human input. It is true that crypto commodities have more centralisation than cryptocurrencies. Between each crypto commodity there can be more or less centralisation. Apart from the platform itself, it would also depend on the way the Dapps on top of it are being built.