The concept of rivalry is old and can be found in all aspects of life and business. Despite the fact that cryptocurrencies are still considered to be a new technology, even they already have several rivalries within the market. The biggest one, of course, is the one of NEO vs EOS.
Although the two projects are pretty different from one another when you dig more deeply, these two are locked in a competition with the goal of replacing Ethereum. In time, the goal of killing off ETH has become as important to the coins’ communities as the development of the coins themselves.
EOS made a big step when it managed to surpass Litecoin on CoinMarketCap’s list of biggest coins. This has occurred months ago, and EOS managed to hold on to the fifth place despite the bear market of 2018.
NEO, on the other hand, is pretty similar to ETH itself in a lot of aspects. It came to be as AntShares, but it soon rebranded to a new form, which is NEO that we all know and love today. It became a platform with a focus on creating dApps, and it threatens to replace Ethereum in this regard. While Ethereum still remains the second largest coin, many have criticized its dApps, claiming that they lack in quality, even though their number is far superior to that of NEO or EOS.
Even so, ETH still holds the title and remains the top blockchain in the dApp development. However, this might not always be so, and many believe that it will eventually be surpassed by one of the two rivals.
NEO vs EOS: Who will kill off ETH first?
To see which project has the best chance of replacing ETH, we should first take a look at their performance. Ethereum, for example, performs very poorly, despite the fact that it is officially the second largest coin. Ever since it was launched, it was only ever capable of processing about 15 TPS. While it performs twice as good as Bitcoin, this is still a large scalability problem.
As a consequence, the coin’s fees have skyrocketed ever since.
On the other hand, there is EOS. Despite the fact that it started off as an ERC-20 token on Ethereum’s network, it is still capable of processing around 1000 TPS, courtesy of its MainNet. Then, there is NEO, that can achieve as much as 10,000 TPS, which is something that ETH cannot even dream of. This makes NEO the fastest alternative to ETH.
On the other hand, EOS has no transaction fees, which makes it better than both NEO and ETH in that regard.
Now that we are done with performance, it is time to take a look at their technology. One thing that makes these three platforms the same is their desire to dominate the development of dApps. Ethereum is often considered to be the one responsible for their popularity. Even so, for the longest time, ETH has been using PoW, which is responsible for its scalability issues.
There are plans for ETH to implement new technology, likely Zilliqua’s Sharding tech, and if it does, its scalability will likely improve.
NEO, on the other hand, uses a delegated Byzantine Fault Tolerant mechanism, which is basically an improved version of PoS. This is a much more practical solution, which is responsible for NEO being more scalable than ETH.
Finally, EOS uses the pure PoS, which allows it to be faster than ETH, but is still behind NEO. Once again, NEO wins the comparison.
The market situation
While NEO has proven to be superior in nearly every aspect so far, this is the area where it seriously loses to both ETH and EOS. Ethereum has been the second largest crypto for years now, surpassed only by Bitcoin. Close behind is EOS, at the 5th spot, which is the place it has held for a few months now, ever since it surpassed Litecoin. However, NEO is not even in the top 10 anymore.
Instead, the coin is barely balancing on the 14th spot at the moment. Although, it is nothing unusual to see it sink to the rank of 15 every now and then. Obviously, despite all its flaws, Ethereum still manages to hold on to its title and success. In the meanwhile, the NEO vs EOS rivalry continues, with both coins having their strengths and weaknesses, and both trying to be the one who will finally kill off Ethereum.
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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.
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