As an important application of blockchain technology, smart contracts aim to automate the execution of contract terms and bring unprecedented convenience and efficiency to the digital economy. Among many blockchain platforms, Ethereum and EOS have attracted much attention. There are obvious differences in the design concepts, performance, security, etc. of their smart contracts. This article will deeply explore the similarities and differences between Ethereum smart contracts and EOS smart contracts, and let us uncover the evolutionary journey of smart contracts together.

Ethereum has dominated the smart contract market for years. Its features and functionality were ahead of its time and no other platform could compete with it. But with the arrival of EOS, even though Ethereum dominates smart contracts today, it seems that EOS is redefining them. EOS is expected to bring major developments while Ethereum is being challenged, with new features that enable a better protocol. Most of Ethereum’s shortcomings come from slow network speeds and scalability issues.

Security, Decentralization and Scalability

This is a different attribute of the two decentralized application platforms (Dapp), EOS and Ethereum. The two’s attitudes toward scalability, decentralization, and security are factors that determine which platform to choose, while also helping to make the two two currencies.

safety

The security of a blockchain refers to its ability to resist cyberattacks. Speaking of security, when the entire EOS mainnet was suddenly frozen just two days after its official launch. This shows that the EOS platform still has many vulnerabilities and can be hacked. However, the EOS project is still under development, while Ethereum has been around for many years. .

Ethereum has made security a priority, and it is one of the few projects that has yet to be plagued by a security scandal. Instead, EOS appears to sacrifice security for speed and scalability.

Dispersion

EOS seems to outperform Ethereum in some aspects. Unlike Bitcoin and Ethereum, EOS takes a different approach where anyone can mine and receive rewards. EOS users will vote on the authenticity of the block, and the top 21 honest nodes will create new nodes. This centralizes the process to 21 participants on the network.

Ethereum is said to be as centralized as EOS, as it is controlled by a few mining pools that control nearly half of the network. However, they are not exactly the same. Ethereum uses a Proof of Work (PoW) model, while EOS uses a new algorithm model called Delegated Proof of Stake (DPoS).

Scalability

This is one of the biggest concerns about Ethereum. Vitalik Buterin, the founder of Ethereum, admitted that this is a network problem and promised to continue to look for ways to improve it.

Scalability revolves around the number of transactions the network can conduct at one time. For Ethereum, this number is too low and too slow. Currently, the Ethereum network is only processing 15 transactions per second (TPS), and since companies like Visa are able to reach 50,000
TPS has been criticized for its capabilities.

For its part, EOS has found a way around scalability issues. EOS claims to be able to handle up to 1,000 transactions per second, and the team behind EOS is still planning to improve this.

Currently, the gap between 1,000TPS and 15TPS is still huge. The scalability of EOS also improves usability efficiency because EOS is cheaper and faster than Ethereum.

However, EOS pays a very high price for this scalability, and EOS is more centralized than Ethereum. Ethereum is decentralized, which touches the hearts of Ethereum fans. EOS, on the other hand, is more centralized, and the network has even frozen user accounts.

Other significant differences

transaction fee:
Although EOS requires you to make a deposit before making a Dapp, it is refunded immediately after execution. Ethereum, on the other hand, requires users to pay a fee when executing smart contracts. In recent years, this has pushed more projects onto the EOS network.

Launched ICO: EOS is already the largest ICO after raising over $4 billion. This part shows that investors are very confident in the project. Back in 2015, Ethereum raised only $18.4 million.

in conclusion

Ethereum is stable and consistent with the fundamental beliefs of blockchain technology, but it needs to improve its scalability, otherwise it will no longer matter whether EOS is centralized or not.

Ethereum may have a larger, more loyal, and more supportive community than EOS, but without some fundamental changes, EOS will undoubtedly surpass these.