Blockchain ecosystem is very competitive, once in a while a project comes up that’s proving to be better than the other. In the same sense, there’s EOS and Ethereum. Ethereum was first launched in 2015 and since then it has gained some dedicated fans. While EOS was launched in 2017 and since it has gained quite a fame. It quickly rose from just another Blockchain project to compete with Blockchain giant, Ethereum. Both EOS and Ethereum are based on Distributed ledger technology and both are the biggest smart contract platform in the world. Both of these platforms are important in crypto space because of the sheer amount of dApps being built on them. Therefore it is important to understand how they are different and the same.
Ethereum was launched in 2015 by a young Canadian-Russian programmer called Vitalik Buterin and was funded by a crowd-sale or token sale in July and August 2014, which generated about $18 million USD. Ethereum’s main net, or official live system, was launched 30 July 2015. It is an open source platform that enables developers to build and deploy decentralised applications with the help of smart contracts. Ethereum became the first Blockchain protocol to install smart contracts and has gained a lot of traction as a platform of choice for a lot of Applications as well as for the creation and launch of ICOs. It is a public blockchain network with it’s own built-in cryptocurrency called Ether. Ethereum has a status of distributed global computer where smart contracts are executed, serving as a generic platform for all kinds of transactions and applications. After Bitcoin it is the most valuable Blockchain project by market capitalisation, it is the second generation of Blockchain and hence sets the benchmark for new platforms.
EOS was developed by a private company called Block.io. It has had the most successful crowd-sale in history raising a total of $4 billion with a yearlong fundraising campaign, on ETH itself as EOS was still in its infancy. The EOS main net launched on June 14, 2018. Since 1000 transactions are possible per sec, some even refer to it as Ethereum on Steroids. They launched their main-net on the 2nd of June this year, swapping the Ethereum-based ERC-20 token for their own coin on the EOS blockchain. EOS is a blockchain based decentralized system that enables development, hosting, and execution of commercial-scale decentralized applications on it’s platform. It allows individuals to build Blockchain based applications in a way similar to the web-based applications, like providing secure access and authentication, permissioning, data hosting, usage management, and communication between the dApps and the Internet.
ETHEREUM TOKENIZATION STANDARDS :-
Regarding utility tokens on Ethereum, the most prevalent standards are ERC-20 for fungible tokens and ERC-721 for non-fungible tokens.
Utility Tokens :-
ERC-20 :- It is a technical standard used for smart contracts on the Ethereum blockchain for implementing tokens. Specifically, it refers to a common set of rules that an Ethereum token needs to implement, in order to allow developers to program exactly how tokens function within the Ethereum ecosystem. Thanks to these rules, it allows for greater predictability in how tokens are moved from one address to another. Before the introduction and the actual adoption of this set of rules by all Ethereum developers, tokens could not be transferred with full predictability, leading to interoperability issues.
ERC-721 :- It refers to an open standard that describes how to construct and deploy non-fungible or unique tokens on the Ethereum blockchain. While most tokens are fungible, ERC-721 tokens are all unique. One of the first popular use-cases of non-fungible tokens were CryptoKitties in late 2017.
Security Tokens :-
ERC-1400 :- It represents a library of standards for security tokens on Ethereum. This set of standards were conceptualised, designed and developed by Ethereum core developers, namely Adam Dossa, Pablo Ruiz, Stephane Gosselin, and Fabian Vogelsteller.
These standards are an umbrella of several other standards, which are all backward compatible with ERC-20 and ERC-777 interfaces.
ERC-1410 :- It refers to both differentiated ownership and transparent restrictions. This interface supports an owner’s tokens to be grouped into partitions, with each of them being represented by an identifying key and a balance.
Some of these partitions can be fungible while others are non-fungible. For instance, a non-fungible token partition may have specific covenants (e.g., vesting period specific to the security-holders).
EOS TOKENIZATION STANDARDS :-
Blockchain developers familiar with Ethereum will tend to compare the popular ERC20 token standard to the eosio.token contract. However, both of them are quite different in their approach. The general rule of thumb in smart contract development is to make them as simple as possible, as complex design leads to potential vulnerabilities, which are to be avoided at any cost considering the decentralized nature of handling of funds. Because of this, eosio.token contract was designed to be very simple and consists of very basic functionalities. Also unlike ERC20 standard, EOS has eosio.token smart contract. Eosio.token smart contract allows you to create your own token by providing maximum supply and token’s literal, issue tokens to an account and transfer tokens between accounts. EOS tokens on EOS blockchain are issued using the same contract. we can define multiple currencies on a single token contract. Persistent information like account balances and currency types are stored in RAM, and accessed via multi-index tables.
dApps are the applications that are built on Blockchain, in this case EOS and Ethereum.
Users: When comparing gambling platforms built on EOS and Ethereum respectively, it was found that those built on EOS far outperformed Ethereum. The casino with the highest number of users in 24 hours was BetDice, with 5,824 users (built on EOS). Contrastingly, the casino with the highest number of users when built on Ethereum, Mobius 2D, peaked at 158 users in 24 hours.
Volume: refers to the number of times a cryptocurrency has changed hands during a certain period of time, usually 24 hours. When examining token exchanges built on Ethereum versus EOS. DEXEOS, an EOS exchange, has a volume of 47,708.82 EOS in a 24 hour period, while IDEX, an Ethereum platform has a volume of 4,008.91 ETH.
Transactions: The number of transactions that took place on IDEX in a 24 hour period amounts to 12,119, while DEXEOS had only 2,688. Transactions over EOS are much faster than over Ethereum, but Ethereum is still a more established platform in terms of exchange transactions.
Overall, Ethereum and EOS are both stalwarts of the smart contract space as of now. These are both highly important projects which have attracted developers from all over the world to create DApps on top of it.
At QuillHash, we understand the Potential of Blockchain and have a good team of developers who can develop any blockchain applications like Smart Contracts, dApps, DeFi, DEX on the any Blockchain Platform like Ethereum, EOS and Hyperledger.
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