Steemit Crypto Academy | Season 2: Blockchain and Platforms ||COMPARISON BETWEEN TRON AND ETHEREUM NETWORK

INTRODUCTION

Hi guys welcome to my homework post for steemit crypto academy. Before i start ,i want to ssy congratulations to @alphafx on his appointment as a professor.I also want to thank the professor for the lecture.
For my assignment this week, I'll be comparing Tron network and Ethereum network.

BLOCKCHAIN

Before i start my comparison, I'll like to explain what blockchain means.Blockchain is a way of storing information that makes it impossible to hack.A blockchain is a head of transactions (digital) that ges duplicated overtime and is then distributed over the entire blockchain system.The basic purpose of blockchain is carrying out transactions through secure networks.

TYPES OF BLOCK CHAIN

There are 2 main types of blockchain;private and public block chain;

1. PRIVATE BLOCKCHAIN;

A private block chain operates in a closed network.Not everyone with access to the internet has access to this blockchain.It is controlled by the heas organization.All permissions and security are under the command of an authorized entity.Due to the fact that one or more controlling entities ,third parties are often used for transactions.Examples of private blockchains are Hyperledger Fabric of Linux Foundation and also Corda etc.

2. PUBLIC BLOCKCHAIN

A public blockchain js totally opposite of the private blockchain in the sense that every user worh access to the internet has access to this block chain.This type of block chain is mostly used to mine and exchange crypto currencies.Examples are the Bitcoin and ethereum blockchains.

*Other types of block chain are the CONSORTIUM and HYBRID blockchain.The consortium blockchain is similar to the private block chain but instead of a single organization controlling the block chain,2 or more organizations control the block chain in consortium e.g Energy web foundation.The hybrid block chain can be both permission less and also permission based.Here,users can control who gets access to data stored in the block chain.e.g Dragon chain. *

BLOCK CHAIN NETWORKS

Source

ETHEREUM NETWORK

Source

The ethereum network was launched in 2015.It is a decentralized block chain platform.It is used mainly for ETHER.The ethereum network is a platform that allows digital access exchange and also allows the use of decentralized applications(Dapps).It was founded by Joe Lubin.
Ethereum network can be used to process financial transactions,
execute smart contracts .It also stores data for third party applications.Projects made or built on this network are often referred to as ERC-20 tokens.

ADVANTAGES	DISADVANTAGES
1. It supports Dapp creations	1. Transactions may often take up to 6 minutes to be completed
2. It allows snart contracts to be stored and encrypted	2. Since other startups are using ethereum network as the flag bearer and building on its mistakes,with time it might not be able to compete in the long run
3. It is more flexible than bitcoin network which makes it possible for other coins to be created on this block chain

**TRON NETWORK **

Source

TRON was founded by Justin Sun in 2017.Tron is a decentralized platform that allows effective and cost effective sharing of digital content.Its aim is for users to control their own data.Data on the tron network is free and not controlled by a particular individual.

ADVANTAGES	DISADVANTAGES
1. Cheap transaction fees.	1. Coin supply is in excess
2. Supports smart contracts.	2. Not suitable for long term investments.
3. Allows users to make large transactions without limits.

COMPARISON BETWEEN THE TRON AND ETHEREUM NETWORK

1. TRANSACTION SPEED

Tron network takes the lead in this department as transactions are carried out within seconds on the tron network while transactions on the ethereum network often take up to a few minutes.

2. TRANSACTION FEES

Contrary to the ethereum network,tron network fees are significantly lower than its counter part this makes users abd traders often want to perform transactions on the trin network overvthe ethereum network.

3. COMMUNITY SUPPORT

The ethereum network has the greater community support and is the best network to consider over its counterpart if you want to consider long term investment because the block chain users of the ethereum network are way more than the tron block chain users.

4. SECURITY

Even though there isn't much difference in the security between both networks , ethereum takes the edge as its ine of the most if not the most secure network due to continuous improvements on making it hack proof.Tron also has great security ( there have been no hacks reported till date) but the ethereum trumps it due to its constant improvement on its security.

5. DECENTRALIZATION

The ethereum network is aimed at providing a decentralized network mainly for exchanging assets while the tron networks aim is to eradicate third parties totally. Currently more projects have been launched on the ethereum network than the tron network so ethereum network has the edge here too.

CONCLUSION

Both networks are great for transactions and their individual features make them different from one another.We cant pick a better Network between both because both are secure ,both allows transactions and the pros often outweigh the cons in each network.

Thank you for reading my assignment post.I really hope yiu learnt something about both the tron and ethereum network.

CC: @alphafx
CC: @steemalive

#blockchain #alphafx-s2week1 #cryptoacademy #steemexclusive #nigeria