Will EOS Be Bigger Than Ethereum?

in blockchain •  8 months ago

EOS is a new blockchain that was launched by Steemit's founder Dan Larimer (@dantheman) late in 2017. Much like Ethereum, it is a blockchain capable of running smart-contracts and facilitates for decentralized applications and ICO's. Dan created EOS to be a better blockchain than Ethereum with different fundamentals which he believed were Ethereum's weaknesses.

The difference in ideologies

It is without a doubt that EOS is a much better blockchain in terms of transaction speeds and has quite a few fundamental differences to Ethereum. One of them is the delegated witness algorithm EOS uses as opposed to Ethereum's PoW algorithm.

The PoW or Proof of Work algorithm is a decentralized system where everyone who partakes in the network (Ethereum) is capable of making decisions and mining on that network. Which results in a fair system and distribution of power pretty much indiscriminately, there are few exceptions though.

Whereas with EOS's delegated witness algorithm/protocol there is a voting mechanism where users elect a certain number of candidates who will be responsible for decision making and mining on the network. It is also fair in the sense that every user is capable of voting and influencing the network but becomes slightly more decentralized once those few witnesses have been voted for to manage the network.

Well, now that EOS has already launched as a working blockchain how strong of a competitor is it?

Choosing between these two blockchains is like choosing which economic/political system you'd like to live in. Both have their strengths and weaknesses and in the long run, the question is which is more secure and efficient?

Ethereum already has the 'first to launch' advantage meaning EOS still has a lot of catching up to do as the Ethereum network already supports hundreds of projects which run on its blockchain.

EOS will rise in price much faster than Ethereum from this point as there is a bigger upside for it. In a world where blockchains are becoming congested with traffic and plagued by slowing transaction times and high fees, it is the EOS's of the world that will fill the void and quickly gain in market cap.

There is still a long battle to be had between these two projects and the one that is able to evolve quicker I believe will come out on top but as I've already mentioned, Ethereum is a thousand steps ahead and only behind Bitcoin on market capitalization. EOS in the top 6 is no chump though and I've been following it rise the fastest of all the top 10 coins these past 3 weeks.

Short-term vs. Long-term

Ethereum: In the short term (5years) Ethereum will still be the market leader in smart contracts and number of Dapps that run on it, especially as these projects continue to grow as well. I will add that Ethereum is helped massively by the gas price that users have to pay for each and any transaction that takes place but that will also be it's weakness in the long term as cheaper blockchains come out. Its success in the long term will be determined by how quickly it can evolve.

EOS: In the short term (3years) EOS will have to focus on separating itself from the new blockchains that are even faster and cheaper and some of them are capable of doing transactions on multiple chains. Strong marketing and education combined with new innovations will help EOS stay ahead of its competitors. It has to do all this while keeping in touch with its goal - to be the number one smart-contract blockchain on the market. Its long-term success is highly determined by how well it stays ahead of the competition and how it progresses in the short-term. In other words, these next 3 years will be the make or break of EOS but so far it is winning the short-term game and thus already winning in the long-term.

PLEASE NOTE: This is not professional advice but my opinion based on research that I have done as an ordinary individual. I own both assets and thus have no bias to support one or the other.

With that being said I think that EOS is a better asset to own in short-term (3 years) and if it continues to outperform Ethereum year-to-year then it becomes an even more lucrative investment for the long term as well.

Stay educated and learn as much as you can about the future or you risk getting left behind. Kids younger than you will be learning blockchain technology at colleges and you have the opportunity to create a gap between you and them. Learning coupled with actual experience will ensure that you continue to move up in this space and that you'll be in a comfortable place in the new digital world.

Stay safe, stay woke and have a great day!

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The answer is yes. My personal opinion is that EOS will surpass ETH in market this year, all major ETH projects will port to EOS and the ETH ecosystem will die off in 2019. I am very surprised the stampede from ETH to EOS hasn't started yet and suspect the big ETH bagholders have be quietly divesting into EOS all year. What is going to shock people is how quickly the ETH wealth will try to flip into EOS... right now there's lots of chest beating and head-in-the-sand happening with the ETH community. But at some point a major ETH project is going to publicly jump to EOS and then it is game on. I suspect the panic selling of ETH and panic buying of EOS will cause a fomo pump like crypto has never seen.


I suspect so too. Do you think this has anything to do with Vitalik's decision to switch from POW to POS to try and keep the ETH whales from leaving?

To the question in your title, my Magic 8-Ball says:

My sources say no

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