The reason Ethereum killers such as EOS exist is due to natural competition, and because Ethereum does have weaknesses that make it difficult to scale. Current solutions for ETH network congestion include stablecoin and DeFi apps moving to other blockchain protocols, or Ethereum developers scrambling to address issues in the near future. Dan Larimer and his team at Block.one achieve this level of scalability by introducing several important innovations. Perhaps the most significant is Delegated Proof of Stake, a high-performant consensus algorithm that can confirm transactions in 0.25 seconds.
- Several people compare EOS to Ethereum, as they both aim to decentralize organizations and currencies and create a more transparent financial world.
- This guide talks about the best exchanges to buy EOS from and also mentions the wallets to store the tokens.
- Ethereum’s other founders have also gone on to work on other major blockchains, like Gavin Wood, who founded Polkadot, and Charles Hoskinson, the founder of Cardano.
- However, several programmers have stated that Solidity isn’t difficult to pick up.
- Ethereum, EOS, and TRON are all blockchain platforms designed to support smart contracts and Dapps.
Several other tokens are being positioned as an Ethereum killer much like EOS, such as Polkadot, Cardano, Solana, and others. However, it is EOS that stands the best chance to succeed, and that’s why it is among the coins supported by PrimeXBT alongside Bitcoin and Litecoin. The tepid inflation report increased hopes that Fed policymakers will cut rates more quickly than they would have otherwise, a development that could prove beneficial to risk assets. The analyst also spoke to the impact that today’s inflation figures had on investor sentiment. Earlier today, the Bureau of Economic Analysis revealed that personal consumption expenditures, the so-called favorite of Federal Reserve policymakers, rose 2.4% year-over-year.
Key Features of the EOS Smart Contract Platform
EOS’s lead in daily active users is further confirmed by other sources in which it dominates the top 5 most popular dapps measured by 24-hour usage. An address or account is a blockchain network’s closest element to a user. Bitcoin is excruciatingly slow at only 7 transactions per second, but is still worth more than 50% of the entire crypto asset market and has survived for over a decade as the top crypto asset.
- At the time of writing, one EOS token priced at $1, has a total market cap of $1B, and a circulating supply of 1,090,639,845 EOS.
- In the Wild West world of blockchain where reliable and unbiased facts and figures are hard to come by, this is no easy feat.
- However, there are rumblings in the market that EOS will soon be making some announcements that could make a significant difference in the asset’s future.
- I have experience across journalism segments including finance, fashion and entertainment.
- Looking at the data from Etherchain, we can see that three such mining pools control over 50% of the networks hashing power.
- Since leaving his business, he has devoted himself fulltime to blockchain technology in general and Ethereum in particular.
Ethereum’s new Proof-of-Stake mechanism, also known as Casper, will work differently compared to other PoS consensus mechanisms. The EOS blockchain ecosystem network differs from the Ethereum blockchain due to increased scalability on its platform. Although Ethereum migrated recently to a Proof of Stake consensus mechanism to tackle scalability issues on its platform, the changes and scalability effects will be gradual.
Ethereum vs. EOS – Final Thoughts
Buterin is promising 100,000 TPS after the PoS upgrade, which is great but pales in comparison to Hydra’s 1 million TPS promised by Cardano. Currently, the speed of the EOS.IO network is comparable to Ethereum and Cardano while being completely free to use. This makes EOS the most economical option out of the three, but it’s also the least decentralized. The EOSIO version 1.0 was released in 2018, and the mainnet officially went live in the same year, with token holders playing a key role in its launch. In April 2023, the EOS Network Foundation launched its EOS EVM on the mainnet, facilitating interoperability between EOS and Ethereum. In August 2016, the Block.one team — led by key figures Dan Larimer and Brendan Blumer — kickstarted the EOS project.
Many investors look to altcoin for higher risk-reward assets while considering BTC and ETH as blue-chip cryptocurrencies. Given the high risk of altcoins, investors should consider restricting them to a mini portion of their portfolio. So, investors still have the potential for fair gains without over-granting and exposing them to excessive downside. Stellar (XL,-USD) is a decentralized, https://www.tokenexus.com/is-eos-better-than-ethereum-or-not/ public blockchain that presents developers with tools to create experiences that are more likely cash than crypto. It can be a great altcoin to add to your investment portfolio in this bull run, it is accountable for peer-to-peer connecting the world’s financial system. However, ETH is here to stay with the thousands of apps and other altcoins powered by its blockchain.
Is XRP a Good Investment?
EOS.IO and Cardano are two proof of stake competitors to Ethereum, which is still working on its long-overdue upgrade to proof of stake. Cardano and EOS.IO beat Ethereum to the punch in this regard as they’re already functional PoS blockchains. ETH is still the second-largest cryptocurrency by market cap, but ADA is catching up at seventh place while EOS is dead last out of the three. When you stake your coins, you not only support the network’s security and operations but also incentivize its growth and development. Both platforms are designed to facilitate decentralized applications (dApps) and smart contract execution, but they approach these tasks in distinct ways. Kickstart your NFT marketplace journey by leveraging the wisdom in our guide on smart contract platforms, ensuring a solid foundation for your project.