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Comparison between the EOS and Cardano platforms

Comparison between the EOS and Cardano platforms

Comparison between the EOS and Cardano platforms

As of April 2018 platform market cap EOS and dreadlocks According to data from CryptoCompare, their value fell significantly from $4.6 billion and $4 billion to around $2.8 billion and $1 billion.

Despite the sharp drop in the price of EOS and ADA Cardano tokens due to the overall decline in the market capitalization of all crypto assets, neither project lived up to the expectations of many.

Both EOS and ADA are open source and aim to provide a decentralized and scalable network – for deployment decentralized application (DApp) and support functions smart contract. Cardano was created by IOHK – founded by Charles Hoskinsonpreviously involved in development ether.

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Second/third generation blockchain

Meanwhile, the EOS platform was created by a company called Block.one, which develops proprietary software for businesses. CTO Block. one is Dan Larimer, one of the most prominent members of the crypto community. Prior to helping launch EOS, Larimer played a key role in design and implementation BitSharesdecentralized crypto asset exchange.

Larimer also participated in the build and launch Steemitbased social media networks and blogs Blockchains (though still in beta). Currently, Larimer and Hoskinson are focused on solving the same problem, namely blockchain scalability.

First-generation blockchains like Ethereum currently only process 15 transactions per second, and their developers are also working hard to find ways to expand their network. To be truly usable and provide a foundation for building enterprise applications, a platform was built Distributed Ledger Technology (DLT) must be measurable.

PoS versus DPoS

While scalability is something both EOS and Cardano aim to achieve, each blockchain uses a different type of consensus algorithm. Cardano uses a kind of consensus algorithm Proof of Stake (PoS) called Ouroboros – which, according to its creator, has been “proven mathematically very safe”.

EOS uses a consensus algorithm Proof of Delegated Share (DPoS). One of the main differences between DPoS and Ourboros is that DPoS has a predetermined number of miners (called delegates). In the case of EOS, 21 delegates were appointed – to protect its network.

These delegates are selected through a voting process. However, only EOS token holders can vote for delegates. Moreover, DPoS is a permissionless consensus algorithm – because anyone can become a delegate (block producer) as long as they meet the basic requirements.

Compare ADA and EOS tokens

One difference between EOS and Cardano is that they use different types of private tokens for transaction fees on their network. The cost of sending and receiving ADA tokens is calculated using a simple formula:

a + bx (transaction size)

Here a is a constant = 0.155381 ADA,

and b is also constant = 0.000043946 ADA,

The transaction size is specified in bytes.

The minimum transaction fee a user can pay remains at 0.155381 ADA, and the transaction fee increases a fraction of a times as the number of bytes processed in a transaction increases.

EOS uses a different payment mechanism than Cardano. Transactions on EOS are free and one of the few requirements for using EOS tokens is to create an account on the platform and deposit tokens there.

Focus on “compatibility” and “durability”

In addition to solving scalability problems associated with current blockchains, Cardano developers are focused on creating “interoperable” and “interoperable” decentralized software systems. long term”. There are currently over 2000 different cryptocurrencies/tokens and the Cardano development team believes it is necessary for these tokens to have a platform where they can be “compatible”.

For a blockchain to be sustainable and long-term, it needs a viable funding and support model. This is one of the key areas of interest for those working for Cardano’s continued growth.

Some of the key ingredients of the EOS development team are “flexibility”, “friendliness” and “governance”. When the Ethereum network was hit by a DAO attack, the entire system suddenly shut down. According to the EOS developers, Ethereum’s vulnerability to attacks means that its blockchain is “inflexible” – as it leads to hard forks (and the Ethereum network cannot withstand attacks). Consequence).

EOS is not vulnerable to DAO attacks?

The EOS developers claim that their network will not be vulnerable to this type of attack because it uses the DPoS consensus protocol. If a DApp on the EOS network becomes vulnerable or is capable of breaking other applications on its blockchain, certain blockers have the option to freeze the affected DApp until it returns to normal.

As noted above, another focus of EOS is “ease of use” – something developers aim to achieve by creating a suite of tools for interface design and development. “self-describing interface”, “self-describing database schema”, and “declarative schema”.

In addition, each EOS account must sign its terms and the signed contract will remain valid while actually using the EOS platform.

Current events

As previously reported in late October, block producer EOS has been accused of “collusion”, “accepting bribes” and participating in “collection”. Block.one, the company that launched EOS, recognized the problem. During his co-founding of Ethereum Vitalik Buterin said he expected something like this to happen, but didn’t expect it to happen sooner than expected.

In mid-October, Charles Hoskinson said at the time that Cardano’s (Cardano Foundation) project management team had not fulfilled “many of its key functions and responsibilities”. Overall, the ongoing growth of the Cardano project appears to have slowed down significantly – and has not yet met the promised capacity.

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