Hey Everyone! Meet again with me @zhzikrii on the other Steemit Crypto Academy homework.

For the homework this week, I will be working on homework given by one of our professor @alphafx.

Source

In this post, I want to write on Ethereum and EOS as the main topic in my article.

Ethereum

Source

Ethereum was launched in 2015 by Vitalik Buterin. Ethereum is the first blockchain platform that allows everyone to send and receive money without the intervention of third parties such as banks. Ethereum became the first blockchain protocol project to install a technology called "Smart Contract".

Ethereum has a cryptocurrency called Ether (ETH) that is traded on some cryptocurrency exchanges. In total, there are more than 100 million coins that have been widely circulated.

Just like Bitcoin, the Ethereum blockchain is also decentralized which means no one controls it, this will prevent everyone who will change the data to be posted on the blockchain.

EOS

Source

EOS is many of ethereum alternatives, eos is a new blockchain project and can also win smart contracts. Block.One is the parent company of EOS which first launched the project on June 26, 2017. The developer working on EOS is Daniel Larimer who is also the co-founder of BitShares and Steem.

EOS wants to be the fastest and cheapest smart contract blockchain in the world, therefore EOS is eager to take over and win most of the market share of Ethereum. In fact EOS has another goal of being able to process millions of transactions per second, this is considered to solve a big problem because other blockchains can recognize smart contracts no one has performance this fast, even Ethereum known as the most popular blockchain is only able to handle 15 transactions per second.

Just like Ethereum, the EOS blockchain is also decentralized where no one controls it. For your information, interestingly eos tokens were originally built on the Ethereum blockchain which means EOS and Ethereum are ERC-20 tokens. However, after the launch of Main-Net in June 2018 the team exchanged this for an official EOS coin backed by the EOS blockchain.

Ethereum vs EOS

Source

Scalability

In this case there are many challenges faced by both. Until now Ethereum has only been able to process 15 transactions per second, which makes Ethereum very difficult and not efficient to compete with payment systems such as visas. This is a major problem that can hinder the adoption of Ethereum on a global scale. Visa can process thousands of transactions per second during peak hours whereas Ethereum cannot do so. While EOS has been able to process up to 10,000 transactions per second due to EOS having a feature known as inter-blockchain communication, it can create another EOS blockchain that handles even more transactions.

Transaction fees

This is another challenge for implementing blockchain. Every transaction on the blockchain network will incur a transaction fee to be paid using Ether coins. These costs are likened to fuel to complete the transaction process and ensure safety. The EOS network does not incur any transaction fees to complete the transaction process.

Consensus mechanism

Aside from scalability and transaction costs, EOS and Ethereum differ in their consensus mechanisms. Ehthereum uses a Proof of Work (PoW) concentricity, every transaction in order to be confirmed on the Ethereum Blockchain must solve a very difficult puzzle that no human being can solve, therefore it requires a computer node to solve it. Not only is it slow and cost-effective, it also uses a lot of computing power in every transaction. On EOS using the consensus Delegated Proof of Skate (DPoS) mechanism, in the ownership system anyone with a certain number of coins can assist in the verification of transactions on the EOS network. But in DPoS a person holding a coin cannot validate the transaction, but can determine who can verify the transaction. The chosen person is called the block manufacturer, in total there are 21 block manufacturers responsible for the security of the EOS network.

Price and rating

ETH ranking is currently included in the Top 5 Cryptocurrencies that are ranked 2nd, making ETH ranked above EOS which only ranks 20th.

The price of each coin as of April 17, 2021 at 03:07 PM, ETH still excels at $2,472.06 while EOS at $8.69.

Source: CoinMarketCap

Source: CoinMarketCap

Comparison Table

	Ethereum	EOS
Coin	Ether (ETH)	EOS (EOS)
Consensus mechanism	PoW	DPoS
Transactions Per Second (TPS)	15	10,000
Launch Date	July 2015	June 2017
Tim	Ethereum Foundation	Block.One
Transaction fees	Yes	No

Conclusion

Those are some of the comparisons I get from both cryptocurrencies. From my explanation above, we can conclude that EOS has several advantages compared to ETH in terms of transactions per second, ETH is only able to process 15 transactions per second while EOS is able to process 10 thousand transactions per second, in terms of transaction costs that ETH has a cost on each transaction compared to EOS which has no cost on each transaction, in terms of its consensus mechanism ETH has a difficult process because it is required to solve puzzles that can not be solved by humans to confirm transactions. However, at the current price ETH is superior to EOS.

---

So many explanations from me about Ethereum and EOS. I apologize if there are still many mistakes that you can get when reading my explanation earlier, I would be very grateful if there are any inputs and suggestions, can tell me in the comments field.

Thank you for reading my article, hopefully useful to all readers.

CC:
@alphafx
@steemitblog
@steemcurator01
@steemcurator02