Smart contracts have allowed businesses to create a decentralized ecosystem for businessmen to put across business deals without having any hindrance of third-parties.
What constitutes a Smart Contract?
A smart contract is also known as a crypto contract. It facilitates and controls the digital currency transfer among different parties that too under any situations.
These contracts are stored within the Blockchain to initiate the action. There is a number of smart contracts that are major players in existence today, for example, Ethereum, EOS, Cardano, NEO, Stellar, Tron, Hyperledger Fabric and some more.
One will be embedded with more clarifications in the coming paragraphs.
In this blog, we will compare one of the widely used head-ons; Ethereum and the newest and efficient platform EOS.
Ethereum is a decentralized platform which is autonomous and not controlled by anyone. It enables developers to create as well as execute smart contracts on the Blockchain network. Ethereum has developed its own coding language called solidity, specifically for creating smart contracts. This platform uses proof-of-work consensus. However, ethereum is planning to upgrade its protocol to Proof of stake. Ethereum has its own digital currency known as Ether.
For more details read our blog what is ethereum?
EOS was invented by Daniel Larimer, the man behind Steem and BitShares and the guy who implemented the POS consensus before any other developer could put into effect. EOS can execute more contracts than Ethereum. The prime aim of EOS was to create the fastest, cheapest and scalable smart contracts in the world.
It is assumed that EOS will have a better possibility to expand in future and it also comes with the unique benefit of Delegated-proof-of-Stake consensus mechanism. EOS is named after the platform, EOS cryptocurrency.
For more info, browse our blog titled What is EOS Blockchain?
It’s time for us to get back to our topic of discussion. You might be amused what made the Blockchain enthusiasts come up with an alternative solution like; EOS vs. Ethereum:
And will dominate or rule the status of being the best t smart contract platform?
EOS vs. Ethereum
> Design credo
Ethereum is an easy platform which isn't bundled with any complex and unpredictable features. This enables users to make the feature that they think advantageous for their particular smart contracts...
EOS is equipped with features, for example, cryptography usage and tools for app or Blockchain communication. It additionally has a range of alternatives such as self-describing database plans and web toolkit that help in developing the interface.
Currently, Ethereum works on a Proof-of-Work consensus mechanism. But It is slowly planning to move its consensus protocol to Proof-of-Stake. It a necessity for ethereum developers to follow the code and solve issues through forks.
EOS makes use of the Graphene Technology which uses the Delegated Proof of Stake consensus (DPoS) and TaPoS (Transaction as Proof-of-Stake consensus). If issues do arise, EOS will set a typical locale, which will help settle them.
Scalability feature revolves around the capacity of a network to handle the numerous amount of transaction or in other words the transactions per sec in the Ethereum network. Ethereum has only achieved approximately 25-50 transactions per second to date there are chances in the future, that it can rise to about 50 to 100 transactions per second,
EOS allow millions of transactions to be executed per second. EOS has the ability to achieve more than 10,000 to 1,00,000 transaction per second.EOS is the most scalable blockchain platform and it can handle any real-world application.
> Structural cost
Ethereum charges high fees with respect to Ether for transferring a small number of transactions. The transactions cost varies relying on the size of the fees. So, there is a steady variance in network fees.
EOS will take up the ownership form which will allow EOS token holders to get a share in network bandwidth, processing power, and storage proportionately. The option to upgrade will be based on buying more EOS.
Once the user has purchased the EOS token in the initial phase, they will not be required to pay any transaction fee or network development fees.
> Disclaim of amenities
Miners pick up the transactions that have high fees for them to be added to the Blockchain. Further, because of the restricted computing power and bandwidth, the chances of transactions that have low fees being blocked are to a great degree high.
Users can possess a proportional stake in network bandwidth, computing power, and storage. In EOS, even the startups that have contributed very little stake are ensured of reliable bandwidth and computational power.