How does EOS compare to the prolonged champion of smart contract platforms: Ethereum?
As of 2018, Ethereum has kept its spot as the reigning smart contract platform for 4 years. Throughout these 4 dynamic years, Ethereum has deeply influenced the growth and development in the blockchain and cryptocurrency industries by allowing almost anybody to produce decentralized applications in a simple way.
Ethereum’s practicality, ease of use, and influence on the crypto space has helped it surpass incoming competitors like Lisk, NEM, and Waves. While all these projects aim to help companies and individuals create decentralized applications, Ethereum has amassed the largest community of both developers and project enthusiasts. With blockchain incubators like Consensys using the Ethereum platform to push out a new era of blockchain applications, Ethereum has established a wide base of supporters and partners that will help it lead the pack of smart contract platforms.
But Wait…There’s More!
It is not over yet. Some believe that Ethereum will continue to be the preferred method of creating cryptocurrency or smart contracts, but this may easily change!
Meet block.one. The blockchain company that raised a whopping 4 billion dollars in their token’s (EOS) ICO. This absurd amount of funding goes to show the promise and potential this team and project has to display in the growing blockchain world.
Basically, EOS strives to improve upon Ethereum’s now outdated network speeds and make applications that are less centralized compared to those running on the Ethereum network. Unlike Ethereum, EOS allows developers to build applications with C++ and Web Assembly, as they are two universal languages that many developers know. Ethereum only allows developers to use Solidity, Ethereum’s own native programming language, to build applications.
Another advantage that EOS may use against Ethereum is its load of cash. If used productively, this 4 billion dollars can be used in hiring developers, making substantial partnerships, and investing in other blockchain projects through the EOS VC program. Only time will tell if block.one’s talented team can lift EOS above Ethereum and lead the future of decentralized application platforms.
In the end, who comes out on top? Even with the potential and hype associated with EOS, Ethereum is still the king. Although their network may have transaction speeds that are up to 100 times slower than EOS, Ethereum has grown a solid community of developers that have improved and diversified the cryptocurrency and blockchain industries.
In the future, EOS may draw in a talented community due to its promising speeds and advantages, but they will have trouble convincing the thousands who prefer Ethereum’s easy to use platform to build decentralized applications.
(This article avoids specific details and terms like Proof-of-Work or Proof-of-Stake to deeply simplify the differences between these two platforms)