The cryptocurrency markets continue to experience a sharp increase in the development of new digital tokens with immeasurable utility and real-life applications.
These digital tokens with multiple use cases have reported shocking price growths as users leap to cryptocurrencies as worthwhile investments with increased potential for life-changing wealth.
Massive adoption and spectacular growth of cryptocurrencies have positively shifted the mindsets of traders, users, and investors who now actively compare the strengths and price growth potential of different cryptocurrencies.
This has created a healthy ecosystem environment for users and projects to gain insights into the strength and shortfalls of individual cryptocurrencies as compared with others.
Comparisons and insights into cryptocurrencies from the growing community of crypto adopters create room for crypto projects to improve and become innovative in development and scalable solutions.
EOS and Ethereum are cryptocurrencies that have garnered attention and continue to be dissected on the comparison table of users, traders and investors.
This article will dwell on insights into EOS and Ethereum, their similarities and differences that set them apart.
EOS Definitions And How It Works
EOS is a cryptocurrency and blockchain platform that is open-source and designed to run and support decentralized applications built on its ecosystem.
The EOS decentralized platform provides scalable solutions for various decentralized applications to operate and run without facing network congestion, long transaction processing times, and expensive transaction fees.
Its scalable blockchain ecosystem aims to be adaptive and future-focused and to provide developers and entrepreneurs the confidence they need to create and deploy decentralized applications seamlessly.
Several existing blockchain networks are limited and faced with the downside and shortfalls of high transaction fees and low computational power.
This restricts the use of these blockchain ecosystems to e fully leveraged by users and developers looking for efficient solutions and technologies on a large scale.
EOS was built and designed to be simple for developers, enterprises, and end users to utilize, and its platform overcomes the challenges encountered on other blockchain networks.
A function of the EOS blockchain ecosystem is that it renders scalable features that distinguish it from other blockchains.
Its blockchain ecosystem is very fluid and customizable, allowing developers and programmers to build decentralized applications using simple yet popular programming languages like Java, C++, and Python.
The EOS blockchain network enables speedy transactions, with 99.9% confidence and settlement times of less than 0.5 seconds.
Its network adequately integrates verification protocols and end-to-end developer and user authentication on its network for maximum security and data privacy.
EOS features a native token on its blockchain platform, which is transferable and utilized as a mode of digital payments and as a store of value when purchased and stored on recognized cryptocurrency exchanges such as Margex.
As a native token or cryptocurrency, EOS is used by developers and builders to pay for computations and for running decentralized applications on its network.
Its utility and native token also serve as a governance token giving users and token holders a platform to vote on improvements to its platform and protocol.
EOS blockchain network leverages a unique delegated Proof of Stake consensus mechanism, which is responsible for its high network efficiencies and throughput.
Unlike Ethereum's previous Proof of Work consensus mechanism, the delegated Proof of Stake consensus mechanism EOS uses is scalable and energy efficient and requires human validators and delegates to secure its network.
Each validator and block producer on the EOS blockchain network is rewarded for validating and securing the network. They earn token rewards and a passive income for their efforts and contributions to the EOS blockchain platform.
EOS utilizes a mechanism that places a cap on validator and block producer token rewards, ensuring that the annual increase in token supply will be at most 5% overall. Block producers and validators who seek more can be ousted by token holders who vote on the issue.
EOS Network Analysis: The Good and Bad
EOS blockchain network protocol is popular for its high efficiencies and scalable solutions it offers to users and developers utilizing its platform.
The most intriguing feature of EOS is that all transactions on its whole EOSIO blockchain platform are more or less feeless with little or no costs.
Its blockchain and smart contracts platform, known as EOS.IO, allows developers and programmers to build and manage decentralized applications on its EOSIO ecosystem at scalable speeds.
EOS blockchain network claims to process and handle 10,000 transactions every second, meaning a new block is created in less than a second.
The EOS network permits developers and programmers to build and develop decentralized applications using the programming languages they are used to.
A typical example of a programming language used by developers and programmers on the EOSIO blockchain is C++, among other languages that can be effectively utilized.
EOSIO is one of the blockchain networks that are most developer-friendly overall. Users can also learn about EOSIO's features, smart contracts, and application development on its blockchains through training and certification programs offered on its website.
The EOS Network Foundation stated in April 2022 that an Ethereum Virtual Machine (EVM) would be available on the EOS network.
Token transfers between EOS and Ethereum will be possible because of the "Trust EVM
According to reports, Trust EVM can complete more than 10,000 transactions per second, making it faster than many other Ethereum virtual machines.
A downside of the EOS network is that cryptocurrency users and developers are not as exposed to its platform compared to the Ethereum blockchain network.
Notwithstanding, the EOS blockchain platform has a huge potential to scale in multiple user interactions in the near future.
EOS Explained
EOS is an alternative to the Ethereum blockchain ecosystem and is often referred to as the Ethereum Killer by many in the blockchain and crypto industry.
Its ecosystem network features and leverages a decentralized, open-source, blockchain platform with smart contract deployment capabilities like Ethereum.
Developers and enterprises leverage and utilize the EOS blockchain platform to run decentralized applications and create a secure, transparent, and deterministic digital infrastructure.
The EOS blockchain ecosystem is actively backed and powered by a community of users and developers dedicated to building and scaling its growth and innovations.
EOS is unique from other blockchains because it provides updatable smart contracts which can be built using developer-friendly programming languages such as C++.
EOS is also designed to allow a high level of configuration, which is especially valuable for building and managing programmable infrastructure.
It is an open-source, decentralized platform that provides industry-leading transaction speeds and sub-second block time delay rates, allowing developers to transact at lower costs through efficient resource management.
The EOS blockchain provides core functionalities and processes that enable individuals and corporations to build decentralized applications similar to the interface of web-based applications.
EOS provides secure access and authentication, permissions, data hosting, usage management, and communication between dApps and the Internet.
The EOS blockchain ecosystem has key usability features, including a web toolkit for interface development, self-describing interfaces, database schemas, and a declarative permission scheme.
All of these features on the EOS blockchain make the job of a developer seamless and easy.
The EOSIO blockchain network protocol and EOS native cryptocurrencies are the two main components of the EOS ecosystem:
EOS.IO is comparable to a computer's operating system. The EOS blockchain network is managed and controlled by it.
EOS.IO protocol boasts of being able to efficiently support commercial-scale decentralized applications without network congestions or performance bottlenecks by using parallel executions and asynchronous communication methods across its network.
Its network protocol and blockchain efficiency are further boosted by separate modules involved in the working of decentralized applications.
EOS Price Prediction
EOS is a utility-packed cryptocurrency and decentralized platform that continues to stay on the radar of many traders and investors in the cryptocurrency industry.
EOS, dubbed the Ethereum Killer, has shown positive price growth potential since it was developed and released.
A number of trade experts and market analysts speculate and make price predictions of EOS in the long and short term.
Market analysts at Price Prediction are bullish on the potential prices of EOS in the short and long term and have published their predictions.
From their price predictions, EOS is expected to trade at an average price of $1.41 and a maximum price of $1.66 in 2023.
Their long-term price predictions of EOS see it trading at an average price of $19.61 and a maximum price of $22.91 in 2030.
At the time of writing, EOS trades at $0.89 and has been impacted negatively due to a bear market and negative sentiment in the cryptocurrency industry.
Price forecasts and predictions of EOS are speculative and may change along with market sentiments in the cryptocurrency industry.
Traders and investors are advised to conduct due diligence and personal research into cryptocurrencies such as EOS before making investment decisions.
What Is Ethereum, And How Does It Work?
Ethereum is a cryptocurrency and blockchain network ecosystem that enables the development and deployment of smart contracts and decentralized applications atop its network.
Ethereum functions as digital software for builders and developers who utilize and leverage its highly secure blockchain network to create fungible and non-fungible tokens and launch decentralized applications.
Ethereum was created and launched by Vitalik Buterin in 2015 and became the second most popular and largest cryptocurrency by market capitalization and trade volume after Bitcoin.
The Ethereum blockchain network and cryptocurrency offer a wide range of utility and service values to a network of cryptocurrency users and developers.
Ethereum native cryptocurrency, Ether, acts as a store of value and is used as a means of exchange and mode of decentralized payments between cryptocurrency users.
Recently, the Ethereum blockchain network merged with a more compatible and scalable model known as the Proof of Stake consensus mechanism.
The Proof of Work consensus mechanism it formerly utilized became inefficient and unsustainable due to high network congestion and transaction fees on its platform.
The recent merge of Ethereum and its new Proof of Stake consensus mechanism aims to deliver increased scalability of its network and low transaction processing fees on its platform.
Unlike the Proof of Work consensus mechanism, Ethereum's new Proof of Stake model requires human validators to secure and validate transactions on its network against supercomputers and complex mathematical computations.
Ethereum Network Analysis: The Pros And Cons
The Ethereum blockchain network has stood the test of time as it has undergone several upgrades and ecosystem developments in recent years.
Ethereum blockchain ecosystem network passed through challenges and issues owing to its previous blockchain protocol and consensus mechanism.
Ethereum users and developers began looking for better alternatives as the Ethereum network became too slow and, more, very expensive in terms of transaction processing fees.
Solutions to the Ethereum network, including layer 2 solutions, were then proposed to the Ethereum community of users and developers to achieve scalability and throughput.
Ethereum merged with the beacon chain and gradually migrated to a Proof of Stake consensus mechanism, which processes transactions faster and at low costs.
There is no doubt that Ethereum as a cryptocurrency and blockchain network will evolve in developments and innovations as it is backed by a strong community of savvy developers and users pushing for its growth in the blockchain industry.
In terms of transaction security and user privacy, Ethereum offers total decentralized services and applications to users and developers.
Users and developers can leverage the Ethereum blockchain network seamlessly from its wide range of decentralized finance products and services it has made available.
Ethereum Explained
Ethereum, as a blockchain network ecosystem, offers developers and users an opportunity and platform to create and deploy decentralized applications and smart contracts on its platform.
Ethereum aims to be highly efficient and scalable as it constantly seeks constant growth and innovation of its platform through research and development.
Cryptocurrency users with no prior developer experience also have a fair share of Ethereum by purchasing its native token, Ether, which serves as a governance token and a store of value with high returns and yield potential.
Ethereum native cryptocurrency is traded on recognized global exchanges and trading platforms such as Margex, where its price growth potential is impacted positively or negatively depending on many trade factors.
Since its development and release as a cryptocurrency in 2015, it has experienced a mind-blowing positive price growth looking back to the prices it traded when it was launched.
As stated earlier in this article, Ethereum recently migrated to a Proof of Stake consensus mechanism, making its blockchain network more efficient, scalable, and attractive to users and developers carrying out multiple interactions on its network.
Ethereum Price Prediction
The native token of Ethereum has experienced significant price growth over the years as users, investors, and developers leverage its solutions and applications.
The prices of Ethereum are a constant feature and debate among traders and investors who go to the lengths of making future price predictions of its native cryptocurrency.
Price prediction trade experts and market analysts have a bullish outlook for Ethereum in the short and long term.
For the year 2023, these trade experts predict the prices of Ethereum to trade at an average price of $1,861 and a maximum price of $2,193.
Their long-term predictions in 2030 see Ethereum trading at an average price of $24,242 and a maximum price of $27,378.
The price predictions metered out by market analysts are speculative and should not be used as a reference to purchasing cryptocurrencies such as Ethereum, as market sentiments that are bound to change may affect price predictions.
EOS vs. Ethereum Similarities
Similar in architecture and framework to Ethereum, EOS is a blockchain platform that supports decentralized applications and smart contracts on its network.
Although EOS vs ETH is different when it comes to scalability, among other differences, they still share some similarities regardless.
Some notable similarities between EOS vs. ETH blockchain networks can be seen listed and explained below;
Blockchain Technology
Eos and Ethereum are cryptocurrencies and ecosystems developed using the underlying core of blockchain technologies.
EOS vs ETH exists due to the decentralized structure and purpose blockchain technologies aim to accomplish.
All processes and operations on EOS and Ethereum, ranging from decentralized applications and smart contract deployments, are made possible through their underlying core of blockchain technologies.
Comparisons and questions by cryptocurrency users on topics such as EOS vs ETH would not exist in the first place if cryptocurrencies and blockchain ground-breaking technology were non-existent in the 21st century.
Smart Contracts And Dapps Platform
EOS and Ethereum blockchain networks are similar in terms of functionalities in delivering a platform for decentralized applications and smart contracts to run and be deployed.
Developers and builders on the blockchain can successfully integrate and deploy decentralized applications and smart contracts on either ecosystem network successfully.
Both platforms offer developers unique ecosystem features and programming languages for easy operations and development.
It all narrows down to each developer and builder to decide on what blockchain network would suit their needs based on preferences such as scalability and security
or other choice factors.
Native Token Functionalities
EOS vs ETH as separate blockchain networks utilized for the day-to-day running and deployments of smart contracts and decentralized applications, both feature utility native tokens.
The Ethereum blockchain features a native token or cryptocurrency known as Ether, which has embedded in it, cross applications.
On the one hand, the EOS blockchain network also features its native token, EOS, which is used on its network for payments, multiple transaction processing, and as a store of value.
Native tokens of EOS and Ethereum are decentralized and have multiple functionalities and applications in the decentralized finance industry.
The fungible nature of both native tokens makes them transferable between a network of cryptocurrency users and traders.
EOS vs Ethereum: Differences
EOS vs ETH headlines is a major topic of discussion among crypto enthusiasts and traders in the blockchain industry due to the nature of both cryptocurrencies and the distinct functionalities that sets them apart.
EOS was built on the Ethereum blockchain network initially, then migrated to its protocol and blockchain network, and has since then improved in developments that are considered to be a threat to the Ethereum network and community, hence the name "Ethereum Killer
The differences and unique features that set EOS vs ETH blockchain network parts are measurable and can be easily identified.
Some major differences between the EOS and Ethereum blockchain networks can be seen listed and explained below;
Speed And Scalability of Transactions
Ethereum, as a blockchain network ecosystem, is more popular and over-utilized by the crypto and blockchain community when compared to the EOS blockchain network.
The popularity of DeFi projects and applications has increased significantly in recent years as the crypto market broadens to incorporate more new projects.
Many developers and builders massively pitched tents to the Ethereum blockchain ecosystem to deploy smart contracts and create decentralized applications using its software.
The high influx of developers and users leveraging the Ethereum network to perform multiple interactions and transactions has significantly slowed down the Ethereum network leading to congestion issues and high transaction fees.
Moreso, the Ethereum network previously utilized a Proof of Work consensus mechanism, which was no savior for its lag times and network congestions as it became low efficient and not the best in terms of scalability.
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.
The EOS blockchain ecosystem network differs from the Ethereum blockchain due to increased scalability on its platform.
EOS can maintain and process transactions with excellent speeds and high scalability as a result of a few users and developers utilizing its network in Dapps and smart contract deployments compared to Ethereum.
Ethereum, as a blockchain network for the developer and user interactions, processes fifteen transactions per second as compared to the EOS blockchain network, which boasts to process 10,000 transactions per second.
Ethereum aims to be more efficient and scalable through its new consensus mechanism, which is designed for scalability.
Ethereum founder Vitalik Buterin also revealed in recent times that the network would be undergoing modifications that are bound to increase scalability and the number of transactions processed to 100,000 per second.
Transaction Costs
The costs of processing and carrying out multiple transactions on different blockchain networks differ from network to network and are a key decider for users' choices of blockchain networks.
The Ethereum blockchain network slowly became unbearable for users due to high transaction fees in processing and validating transactions on its network.
Ethereum's popularity in the blockchain industry led to a high influx of users and developers, which slowed down its network utilizing a consensus mechanism not built to handle large transaction processing.
Transaction fees skyrocketed in mitigating the congestion of its network by users, leaving users buoyant enough to scale through with transactions by paying high fees.
The EOS blockchain offers cheap transaction fees to users as its network is not burdened by a large number of users carrying out bulky transactions simultaneously.
EOS's feeless transaction offerings may be a win and attractive deal for users leveraging its network. Still, it also shows how under-utilized the EOS blockchain ecosystem is, which may be a good thing or a drawback in ecosystem growth.
The EOS blockchain network, however, continues to build and develop innovations that may fully impact its user growth in the near future.
Consensus Mechanism And Model
The EOS blockchain network leverages a unique consensus mechanism known as the Delegated Proof of Stake model.
Ethereum, on the one hand, recently merged and migrated from a Proof of Work consensus mechanism to a more scalable model known as the Proof of Stake consensus mechanism.
The Ethereum merge will gradually take effect in changes and scalable solutions made to its ecosystem network.
The now Proof of Stake consensus mechanism of Ethereum is more scalable and requires human validators to validate its network.
EOS Delegated Proof of Stake also requires human validators to validate its network but offers a twist where validators can designate their rights to a preferred user and share token rewards with the designated validator.
Smart Contract Programming Language
EOS and Ethereum blockchain networks are different in terms of programming languages that are accepted for writing codes and deploying smart contracts and decentralized applications.
Developers utilizing the EOS blockchain network have access to writing codes using C++, among other known programming languages.
There are no restrictions for developers who choose a particular programming language with which they are familiar on the EOS blockchain network.
Ethereum blockchain network, on the one hand, provides its unique programming language for developers to write and build code with.
This unique programming language available to developers and builders on the Ethereum network is known as Solidity.
Ethereum Solidity programming language is built to be developer friendly, although some developers may need to understand its processes fully before leveraging the platform.
Bottom Line
EOS and Ethereum are blockchain networks and cryptocurrencies that can scale and grow at mind-blowing rates.
Their native tokens are made available to users and investors as a store of value on reliable trading platforms and cryptocurrency exchanges such as Margex. Margex allows traders to trade and stake their ETH assets with the help of Margex's unique staking features that allow traders to earn up to 13% when assets rise and fall, especially in this bear market.
All crypto assets on Margex are protected against pumps, so you don't need to worry. This will boost your confidence to trade easily and avoid the volatility of shilling crypto assets.
Regardless of the price of EOS and Ethereum in bull and bear cycles, investors and traders can profit from their upward and downward price movements accordingly.
Frequently Asked Questions On EOS Vs Ethereum
Is It Better To Buy EOS Or Ethereum?
EOS vs ETH are popular topics on cryptocurrencies traded on globally recognized exchanges and trading platforms such as Margex.
In deciding whether to purchase either EOS or Ethereum, a trader and investor may need to conduct personal research and due diligence into these cryptocurrencies and decide on which to buy.
Building a trading skill around the fundamental and technical analysis of individual cryptocurrencies can help a trader make sound decisions on which crypto to trade.
Is EOS Similar To Ethereum?
EOS and Ethereum are blockchain networks and cryptocurrencies that share similar operations and processes.
Both blockchain networks enable developers to manage and deploy smart contracts and decentralized applications on their platforms. EOS and Ethereum deliver on their operations and processes by utilizing the underlying core of blockchain technologies.
Is Ethereum Worth Investing In?
Ethereum, as a cryptocurrency and blockchain network, has shown positive price growth potential since it was launched. Its native coin, Ether, is the second biggest in the global cryptocurrency markets by trade volume and market cap.
However, trade decisions in purchases of Ethereum cryptocurrency are to be made solely by you as a trader and investor. Due diligence and sound knowledge of the technical analysis of Ethereum can help you as a trader decide if cryptocurrencies such as Ethereum are suitable investments.
Is Ethereum Faster Than EOS?
The Ethereum blockchain network aims to be a scalable ecosystem for users and developers leveraging its platform. Compared with EOS in terms of scalability and speed, Ethereum is slower as its blockchain network has more users interacting and performing multiple transactions.
Ethereum recently migrated to a Proof of Stake consensus mechanism to provide more scalable solutions to its network. Constant developments and innovations on the Ethereum network may result in higher efficiencies and scalability of its ecosystem in the near future.
Does Ethereum Have A Future?
Ethereum is built to scale and succeed and is backed by a robust community of users and developers contributing to its platform growth. Ethereum blockchain network offers decentralized finance services that are becoming the future of financial systems and processes.
The future of its ecosystem and platform looks bright as its utility and use case adoption continue to soar.
Is EOS Built On Ethereum?
EOS was initially built based on the Ethereum blockchain ecosystem network but later switched to its blockchain network. EOS now operates on its EOSIO blockchain protocol and delivers high scalability efficiencies to users and developers.
Its blockchain protocol has low demand usage as to the Ethereum network, which is famous for its high user base. EOS blockchain network is steadily growing in developments and innovations and is popularly referred to as the Ethereum Killer.
Will EOS Be Successful?
EOS, as a cryptocurrency and blockchain network, has developed and improved its offerings and scalability over time. EOS is a blockchain platform that aims to drive the growth of the blockchain industry through effective scalability solutions.
The future of EOS as a blockchain network looks bright as the project team and community develop innovative solutions to secure its future and position in the blockchain industry.
