Crypto Academy Week 9 - Homework Post for Professor @alphafx on Comparison between EOS and RIPPLE by @nikoyana
Good day steemians and thanks to professor @alphafx for this wonderful lectures and congratulations once again on your appointment as a professor on steemit.
Blockchain technology was introduced in 2008 with the launch of the bitcoin currency block chain platforms which support millions of users.
Blockchain is made up of blocks of data which are stored on devices called nodes,these nodes can be computer or any server.
Blockchain enables transactions between peer to peer that is decentralised and verified by machines called nodes,without nodes a blockchain network cannot operate that is blockchain exists because of nodes.
Nodes record all transaction or activities made on the blockchain,before a transaction is termed valid on a blockchain it has to be confirmed by nodes.
Blockchain enables smart contracts to be performed and achieved without thirdparties.blocchain platforms includes Eos,Ethereum,Tron,Stellar,Ripple,Iota,Quorum, and among others.
Ripple was initially released in 2012,makes it easier for human around the globe to send and receive funds in a matter of seconds which includes financial institutions like banks.
Ripple was launched by private organisation called Ripple lab,people misuse both ripple and xrp, ripple is the networking company while xrp is the cryptocurrency and transaction fees are actually lower when using the blockchain.
Ripple is focus on increasing banking activities among their users and eliminating third parties. Current circulation of xrp is over 50billion.
example
If Mr john in gambia wants to send 100euros to Ben in Ghana, Mr john can convert the 100 euros to xrp tokens and transfer it to Ben over the ripple network,Ben can now covert the xrp tokens too if he wants using the ripple network.
Xrp token release are controlled by smart contracts.
Eos was developed by blockone in 2018 with Daniel Larimer as the leading developer.
Actually,In eos io blocks are produced every 0.5seconds.
Eos aims to be the fastest and cheapest smart contracts blockchain. Eos has no reserved bank.Eos is in its developing stage that means it is not a finished product yet it is under processing.eos raised over 4 billion us dollars in its initial coin offering.
It has managed millions of transactions per second and no fees are being charged.
Eos is found online like twitter,github,facebook etc..
The algorithm that supports Eos io is delegated proof of stake,holders of tokens on eos ioblockchain select block producers under voting approval,here the more Eos io coins you stake thus increasing the power of your vote.
Block producers has to convince token holders to vote for them and block producers in eos io can be anybody.
| . | EOS | XRP |
|---|---|---|
| Token rank. | 22. | 4 |
| Ledgertype. | Permissioned | Permissioned |
| Consensus alg | Delegated Proof of Stake | Proof of Stake |
| Launch. | 2018. | 2012 |
| Block confirmationspeed | 0.5 second | 1.5 |
| Marketcap | 7,030,502,038 | 78,448,694,082 |
| Written in. | c++ | c++ |
| Developer | Ripple labs | Blockone |
| Initial release. | 2012. | 2018 |
Both eliminate transaction fees or chargeback,that is transaction performed on these blockchain are almost free.
Both transactions are enabled by smart contracts that is a self executing contractswith terms and conditions that binds only two parties(buyer and seller),the contract is said to be executed when the terms and conditions are met,these terms and condition are written in a code contained in the blockchain of the platform.
Both are decentralized that is contracts bind between only the two parties and no third-party should be involved or soever.
Conlusion
In the near future cryptocurrency will come to stay that is will become norms and medium of exchange for all whether a crypto enthusuast or not.
Scoring
Thanks for participating