In 2014 Ethereum (ETH) was created as an alternative to Bitcoin (BTC) blockchain and, to some degree, this result was achieved. The Ethereum (ETH) network solves the problem of smart contracts and also acts as a decentralized platform for the development of decentralized apps without the interference of third parties. Now, four short years later, EOS is looking to dethrone Ethereum (ETH).
EOS is a consensus blockchain operating system that provides internet-application communication to app developers, scheduling, account permissions, authentication, database and account permissions.
Some of the reasons why EOS will be the next alternative to the Ethereum (ETH) blockchain network include:
i) Method of Cryptography
ii) Design Philosophy
iv) Network Fees
Method of Cryptography
Blockchain technology requires adequate skills, therefore a novice that dives into app development without proper training, will not be successful. EOS blockchain does not require app developers to have any prior knowledge of cryptography (the art of writing and solving codes). Also, developers do not need to communicate with the blockchain. Whereas with the Ethereum (ETH) network, app developers are required to communicate with the blockchain, and also possess knowledge of cryptography, in order to use their decentralized platform.
The EOS platform provides users with the necessary tools and web interface to create apps and manage accounting procedures. Unlike Ethereum’s platform, where users develop their own features and sub-protocols which will be used in the network. EOS allows all app developers to use the same protocol, without any concerns for new and inexperienced users, to develop a neutral sub-protocol.
Scalability is the ability of a computing process to be used or produced in a range of capabilities. EOS uses Graphene, which has the capacity to process up to 10,000 transactions in one second. Once the parallelization technique is introduced, it will be able to complete up to one million transactions in a second. Ethereum (ETH) blockchain is yet to reach such capacity, though it is planning an upgrade which will increase its transaction rate. However, currently, it could only process between 50-100 transactions per second.
Token holders of EOS do not earn any profits from transaction fees but receive a portion of the fees generated in power use, storage, and bandwidth use. This is unlike the Ethereum (ETH) Network, where a gas fee is paid to the miners before a transaction is complete, and miners can reject or ignore a transaction due to its low transaction fee. It should be noted that the future upgrade of Ethereum (ETH) Network will deny miners with such power.
Taking all this into consideration, you can see the high potential for EOS to overtake Ethereum (ETH) as an app development platform, even though Ethereum’s present market cap that is more than 15 times that of EOS.
I have received no additional compensation other than the Ethereum that Hade Technologies pays to produce Exclusive Content.