EOS has garnered its glory ribbon as the 5 largest currency in the official rankings over several months ago when the crypt managed to push Litecoin (LTC) towards the list from its long-standing ranking position, showing its dominance in the volume of trade among the top 10 list
Known as another self-proclaimed "Ethereum Killer", NEO was originally launched as AntShares, soon rebranding in its current form, proposing itself as a project focused on creating a blockchain-based platform for decentralized applications.
Given the fact that Ethereum compensates for the best platforms for intelligent contract operations and the creation of decentralized applications, bringing even the second best currency title on the official market ranking, it is considered that both, EOS and NEO are after reaching the same glory in the area of the creation of Dapp that still holds Ethereum.
With the ETH price touching a minimum of nine months going under $ 300, it may be the case that some developers working on Dapps on this platform are looking for an alternative to Ethereum. Since NEO and EOS are represented as direct competition for ETH, which of the two Dapp platforms represents a better alternative and why?
EOS, NEO and Ethereum Comparison: Performance and Transactions
When Regarding performance, Ethereum could be known as the second largest currency in accordance with the official ranking, keeping its place ever since it was launched in 2015, however, Ethereum can for now process only about 15 transactions per second, having an obvious problem with scalability.
Although many people use ETH for their transactions, at some point when ETH has just begun to be adopted, transactions could be made with commissions of 1 cent, while in 2017 the amount given in the fees increased by making the currency not suitable for micropayments.
On the other hand, EOS, although a young project previously hosted as an ERC-20 token on the Ethereum layer, just as it once was TRON (TRX), is said to be able to process 1000 transactions starting from July when the team got its own mainnet, even planning to increase the number of transactions in the period of one second.
NEO beats both currencies when it comes to transaction speed, as the blockchain is able to process around 10,000 transactions per second, obviously far from having problems with scalability, which means NEO could be the fastest alternative when it comes to transactions.
Regarding transaction fees, EOS does not require fees for sending and receiving payments within the network, making transactions with ETH more expensive than payments with NEO or ETH.
However, when you send NEO, which is an indivisible currency, you can only send integer numbers, while you can send any amount of ETH you like.
Comparison between EOS, NEO and Ethereum: technology and operations
What makes these platforms highly comparable though all three have different technologies in the core is the fact that all three projects are aimed at to take the place of the best platform for decentralized application development.
While Ethereum introduced the revolutionary term of smart contract technology to the crypto community and the team planned to change the consensus mechanism to solve scalability problems and allow the processing of thousands of transactions in a second.
The technology reflected in the consensus mechanism is different in all three projects. In this way, Ethereum uses the "notorious" Job Test, which is said to be the main reason why the ETH network has no scalability, but the team behind Ethereum is also planning to move to Proof of Commitment while implementing Zilliqa's Sharding technology. (ZIL), as well as the plasma technology that Vitalik Buterin announced earlier.
Ethereum will therefore seek greater scalability, possibly hoping for thousands of transactions.
Meanwhile, NEO has a delegated Byzantine fault tolerance mechanism, which represents a modification of Proof of Stake, which is the precise thing that makes NEO more scalable than Ethereum at this point.
EOS also supports scalability with Proof of Stake delegated by EOS founder and Bit Shares, Dan Larimer, making it faster than ETH, also having 21 block producers instead of miners dealing with network security.
However, once again, NEO is the most performing in this oup when it comes to comparing the three mechanisms of consent.
EOS, NEO and Ethereum in the market
At the moment, ETH is still in possession of the 2 nd spot on the official ranking, followed by EOS which showed an incredible pace of growth in the last two months while it has climbed on the spot number 5.
NEO, with a market capitalization of about 1.4 billion dollars is currently taking the 15 th spot. This case shows that Ethereum is still, despite the fact that the network still has a lot of work to do in terms of scalability, the most used Dapp platform.
However, EOS and NEO are posing a "threat" to the status of the largest Dapp platform with low or zero bids, as well as enabling faster transactions and highly scalable blockchain environments, which makes the race tighter despite the current market rankings.