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Fighting it out for the Top Spot: EOS against Ethereum

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EOS
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The Cryptocurrency marketplace has been receiving hype, both from the media and the investor community at large. The majority of the industry’s focus is on projects and platforms that highlight the decentralized nature of trading with such cryptocurrencies, with Bitcoin undeniably claiming the top spot. However, over time, newer alternative networks like Ethereum started to emerge, providing more efficiency to capitalize on the untapped capabilities of blockchain technology. While Ethereum had been the “go to” platform for developing decentralized applications, fledgling projects like EOS have now turned into quite a threat to Ethereum’s position. EOS aims to address all the plaguing issues such as scalability on the Ethereum Network and is thus marketed and structured quite differently from Ethereum.

Current market Scenario for Ethereum and EOS

Both Ethereum and EOS are major players in the crypto-space, with Ethereum undoubtedly claiming the higher ranking, ranked 2nd, as of 24/04/2018 in terms of market cap. EOS, a relatively new arrival in the dApp market, has since achieved a ranking of 5th at the time of writing, which is indicative of the success attained by the EOS team over such a short time.  Although Ethereum’s market cap of $67,624,318,227 is considerably greater than EOS’s $11,077,704,597 market cap, EOS has enjoyed significant success this year compared to a rather low performing first quarter for Ethereum. In terms of growth, EOS was trading at a high of $6.76 on March 25th to $11.79 on April 23rd. Comparing this with Ethereum’s value, which rose from $ 535.82 to $ 646.70, EOS has definitely seen more of a growth than its older counterpart.

Major Points of Competition between EOS and Ethereum

Both Ethereum and EOS are platforms for developing decentralized apps on the blockchain network, with Ethereum being the first to introduce the smart contracts functionality to its blockchain. Smart Contracts are the main basis for decentralization and eliminate the risk of fraud or malicious third party interference.  EOS’s platform is based on the Ethereum model with some major improvements including higher transaction processing speeds and lower transaction fees. Below are some points of difference between both networks in terms of usage.

  • Target markets: When it comes to targeting users, Ethereum and EOS have quite a different approach, with Ethereum receiving funding from different investors through crowd sales and private investments. Ethereum currently is the number one choice for bigger organizations for developing their own dApp on a secure blockchain network.
    EOS, on the other hand, focuses mainly on independent developers who are looking to produce a diverse range of dApps efficiently and with a profit. This is because EOS has no transaction fees, which are really helpful for users on a tight budget.
  • Protocols: Ethereum uses the Proof-of-Work protocol, capable of processing an average of 15 transactions /second. The proof-of-Work consensus protocol requires miners to prove their verification speeds on the network to claim a reward or return. It also allows the Ethereum network to automatically address issues with any dApps on its network. On the other hand, EOS uses a delegated Proof-Of-Stake protocol which is designed to eliminate the “bottleneck” experienced by the Ethereum network. It is radically different than the PoW protocol, as developers can easily address issues in a dApp without freezing or affecting other accounts on the network. This is also the prime reason for EOS’s instantaneous transactions.
  • Programming Language: When it comes to programming languages, Ethereum can only use “Solidity” a native programming language designed for Ethereum. EOS, on the other hand, has the ability to use any programming language which is compatible with Web Assembly. This includes C++, which is preferred by an overwhelming majority of developers in the industry.

Closing thoughts

Both EOS and Ethereum currently hold the top spots for dApp development on the blockchain network. Ethereum’s older model may have some lingering scalability issues but is still preferred by industry leaders due to its reputation and longevity in the market. On the other hand, EOS caters towards developers as well as users who prefer faster transaction processing speeds, as well as lower transaction costs. Overall, the success of both projects depends on the future plans of both teams, as well as the degree of adoption these platforms experience among the general populous.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Rogelio A. Galaviz C. via Flickr

Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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