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Due to the way its consensus protocol works, EOS is considered to be much more centralized than Ethereum.
On the surface, Ethereum and EOS.IO look similar – both serve the purpose of executing smart contracts, in the form of transaction protocols and dApps. However, this is where their similarities end, as the two platforms are very different in how they work.
Accessibility
Smart contracts on EOS are usually programmed in C ++, though any other language compiling into WebAssembly would work. Ethereum, meanwhile, is solely dependent on Solidity, its specially designed language that programmers should learn to use the platform. From the perspective of a developer with no dedicated blockchain experience, creating smart contracts would be easier on EOS.
In terms of the platforms’ native cryptocurrencies, ETH is much more accessible – as the second most popular cryptocurrency, it is supported by the vast majority of crypto wallets and exchanges.
EOS, meanwhile, is relatively new and is quite difficult to integrate into an existing application, so most multi-asset hot wallets don’t support it. However, there are exceptions: OWNR wallet recently managed to add EOS to the list of supported coins, bringing the total number to eleven. You can also buy EOS with fiat directly via the OWNR app or website, using Visa, MasterCard, UnionPay or SEPA.
Efficiency and scalability
Currently, Ethereum can handle 15 to 30 transactions per second (TPS), with an average transaction confirmation time of around 20 seconds. As for transaction processing speed in general, it’s quite slow – for comparison, Visa averages 1,700 TPS.
Meanwhile, EOS promises a whopping 10,000 TPS. Although in reality, this number is actually closer to 4,000, this is still a major advantage over Ethereum. Well aware of its scalability issues, Ethereum recently announced a major update: Ethereum 2.0, due out in November – intended to improve the efficiency of the platform.
The main reason for such a significant TPS difference between Ethereum and EOS is that the two platforms use different consensus protocols.
Safety and costs
Ethereum uses a Proof-of-Work (PoW) consensus protocol, where each of several thousand nodes must confirm a transaction. Although slow and difficult to scale, this consensus model is considered to be completely decentralized and completely secure. The large amount of processing power required to complete validation in this model is responsible for the high fees on the platform, something that Update 2.0 aims to address.
EOS has chosen a different path, opting for the Delegated Proof-of-Stake (DPoS) protocol. DPoS involves only 21 validation nodes, of which only 15 need to reach consensus to process a transaction. This grants EOS the ability to process thousands of transactions per second, technically commission-free: users stake their tokens and regain possession once they stop using the platform’s resources.
However. favorably EOS seems to compare with Ethereum, the superior scalability of the former comes at the cost of less security. Because of the way your consent protocol works, EOS is considered to be much more centralized than Ethereum, and therefore less secure and somewhat at odds with the concept of decentralization and anonymity that underlies the blockchain as a whole.
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