When it comes to blockchain technology, there are a few household names that tend to come to mind. Of course, Bitcoin is usually the first one that people think of.
But close behind Bitcoin in terms of popularity and public awareness is Ethereum. And for good reason – Ethereum has been one of the most popular and successful cryptocurrency projects since its launch in 2015.
But there’s a new blockchain project on the rise that is quickly gaining buzz and attention – EOS. So what is EOS, and how does it compare to Ethereum? Let’s take a closer look.
What is EOS?
EOS is a blockchain project that bills itself as the “most powerful infrastructure for decentralized applications.” Like Ethereum, EOS aims to provide a decentralized platform on which developers can build and deploy decentralized applications (dapps).
In this sense, EOS and Ethereum share a lot in common.
There are, however, some key differences between the two projects. For one, EOS uses a different consensus algorithm than Ethereum.
While Ethereum uses proof-of-work (PoW), EOS uses delegated proof-of-stake (DPoS). DPoS is generally considered to be more energy efficient than PoW, which could make EOS more attractive for large-scale dapp development than Ethereum (although this remains to be seen).
Another key difference has to do with how transactions are processed on each platform. Ethereum processes transactions through smart contracts, which can sometimes lead to slow transaction speeds and high fees (depending on network congestion).
EOS, on the other hand, uses something called an “account recovery system” which apparently doesn’t require smart contracts – meaning that transactions could theoretically be processed faster and at lower costs on EOS than on Ethereum.
EOS also has plans to eventually offer scalability solutions that would allow for potentially millions of transactions per second on its platform (compared to the ~15 transactions per second that Ethereum can currently handle). Whether or not EOS will be able to deliver on these ambitious plans remains to be seen.
So Which is Better – EOS or Ethereum?
It’s still early days for both projects, so it’s tough to say definitively which one is better. They both have their strong points as well as their weak points.
In the end, it will likely come down to which project is able to execute better on its vision and goals. Only time will tell which project comes out ahead.