HOMEWORK 1 FOR @alphafx|| COMPARISON BETWEEN EOS NETWORK AND ETHEREUM NETWORK
I thank Professor @alphafx for the lesson and Home Work Task of Steemit Crypto Academy Season 2 about Blockchain and Platforms. And for the Assigment to give a detailed comparison between two blockchain platforms of my choice:
I decided to give a detailed comparison between EOS and Ethereum blockchain platforms.
EOS and Ethereum are two big project on blockchain and cryptocurrencies. EOS and Ethereum are two blockchain that have the Smart Contract. Now I am going to give a clear information about the difference between EOS and Ethereum.
EOS is one of the many alternatives to BlockchainEthereum. This is a blockchain project that can also handle smart contracts. This blockchain was launched by Block.one for the first time in 2017.
The man behind the EOS project is a great developer named Daniel Larimer. He is also the founder of the BitShares and Steem projects which are well known to many bloggers and crypto traders in the world.
EOS used to made a history when its first one-year Initial Coin Offering (ICO) raised over $ 2.5 billion in funds. This makes it one of the greatest ICOs of all time! has this blockchain crypto currency called EOS which can be used to send and receive funds, wallet to wallet.
The main goal of EOS is to become the fastest, cheapest and most scalable smart contract blockchain in the world. As a result, it wants to win most of the market share from the Ethereum Blockchain.
The EOS blockchain is also decentralized, meaning that it is not controlled by any person or entity. In a similar way to Ethereum, transactions are verified by the community.
Interestingly, EOS tokens were originally built on the Ethereum blockchain, which means they are ERC-20 tokens. However, following the Main-Net launch in June 2018, the team started exchanging these for official EOS coins which are now supported by the EOS blockchain.
Ethereum was launched in 2915 by a young Canadian-Russian programmer named Vitalik Buterin. It is the first blockchain platform that allows people to send and receive money without the need for third parties such as banks.
The Ethereum project became the first blockchain protocol to install something called 'smart contract' technology, which allows foreigners to agree to a trustless environment. This technology is based on predetermined conditions and once met, the smart contract can issue funds automatically without the help of intermediaries.
To give you an idea of how much potential this has. Ethereum also has a cryptocurrency called Ether (ETH), which is traded on most cryptocurrency exchanges. In total, there are more than 100 million coins in circulation. While there is no limit to the number of coins that can be issued, Vitalik Buterin has suggested that it may limit more coins from being created.
The Ethereum blockchain is decentralized, meaning that no one controls it. This prevents any person or authority from modifying or modifying data posted to the blockchain.
In exchange, transactions are confirmed by the Ethereum community, who in return are rewarded for contributing their extra computing power.
The similarities between EOS and Ethereum blockchain are:
Both of them are decentralized and a smart contract platform.: decentralization is an important feature of blockchain), EOS and Ethereum are decentralized blockchain networks that totally eliminate third parties interference. And Both of them are a smart contract platform in the world. EOS and Ethereum had worked very well in cryptocurrency market.
Security: EOS and Ethereum are two biggest smart contract platform in the world and the security become one of the most important features of a smart contract. And EOS and Ethereum has a good security system to guard their users from hackers.
Transactions speed: Cryptocurrency traders can do a fast transaction using EOS and Ethereum, it is the similarities.
What is the difference between EOS and Ethereum Blockchain?
Market value:
EOS is a cryptocurrency with $7,593,392,569 total market capitalization today. When I wrote this post the price of EOS is $8.03. And the rank of EOS now is 20th on crypto market cap and it had been listen 200 cryptocurrency market (exchange) in the world.
Ethereum is the second largest total market cap holder in the cryptocurrency industry, surpassed only by Bitcoin. The current value of 1 Ethereum is $2,387.46. Ethereum's market cap is $274,315,525,990 and it occupies around 10.5 percent of the cryptocurrency industry.
Mechanism:
EOS looks in the area of an easy and efficient way to trade assets. A focus algorithm around delegates (usually is 21). This delegation takes part in the block confirmation.
Ethereum focuses on building decentralized applications (Dapps) and also aims to speed things up with smart contract applications.
Competition:
EOS provides tough competition to Ethereum. It aims to work in the same field as Ethereum. EOS is creating every facility that Ethereum provides at a cheaper and faster price.
Ethereum has been dominating the market for a very long time. However, new coins like EOS and Tron bring new technology to compete with Ethereum. All three have their advantages and disadvantages.
Ethereum has dominated Dapps for a long time and it is certain that Ethereum will always develop their technology. For example, with updates such as Contantinople and Ethereum 2.0.
Conclusions:
EOS and Ethereum are the two blockchains that support of the space of smart contract. Although EOS has emphasized speed by reducing the number of people involved in its consensus and making their system more centralized, Ethereum tries to combine various scalability techniques to make their system faster without sacrificing decentralization. As it stands, these two are very important projects that have attracted developers from all over the world to create DApps on top of them.
Thank you for reading my post and see you in other task of Steemit Crypto Academy.
Cc: @alphafx
Scoring
Thanks for participating.
Thanks you very much for your cocrrections to my task and for your suggestion too, @alphafx. I will correct it.