In the year 2021, there will be a slew of fascinating ventures vying for people’s attention. Engineers are experimenting with platforms such as NEO and EOS to host smart contracts and decentralised applications (dApps). They presented the basics of dApps and upgraded smart contracts, making them powerful competitors to Ethereum, the blockchain giant.
Blockchain platforms like NEO and EOS are gaining traction as a result of the market’s record-breaking increase in Bitcoin and other cryptocurrencies. Take a closer look at the foundation of NEO and EOS technology, as well as their strengths and shortcomings, to see which platform can actually compete with Ethereum.
EOS blockchain technology
EOS is a decentralised blockchain innovation project that aims to allow dApps and blockchains a lot of flexibility when it comes to sending them. It bills itself as the most amazing blockchain-based decentralised platform for creating, facilitating, and executing decentralised applications and smart contracts.
EOS uses the Delegated Proof-of-Stake (DPoS) consensus algorithm, which Ethereum does not support. This architecture allows EOS to eliminate the need for transaction fees and increase the number of transactions per second (TPS). EOS has the highest recorded TPS of 3,996 compared to Ethereum’s 15 TPS. As a result, EOS outperforms Ethereum in terms of TPS.
NEO blockchain technology
China’s first public blockchain initiative is NEO. It’s also known as China’s Ethereum, and it’s driven by the goal of creating a smart economy. The NEO dApps ecosystem is the platform’s most compelling feature.
NEO aims to provide all of Ethereum’s features, but in a better way. NEO, for example, uses a Delegated Byzantine Fault Tolerance (dBFT) agreement system rather than Ethereum’s PoS protocol. For increased dependability, NEO upgraded to dBFT 2.0. As a result, NEO is capable of handling 10,000 TPS. This demonstrates that NEO is superior to Ethereum in terms of transaction processing.
Native currency
NEO is the native coin that governs the NEO platform, which is used to develop dApps. The genesis block produced 100 million coins at the start. Early financial donors were given fifty million coins, with the remaining fifty million being safeguarded in a smart contract. 15 million coins are supplied on a regular basis to support the achievement of future goals.
EOS is the native token that runs EOS.IO, a computer operating system that oversees and administers the EOS blockchain. To use the organization’s assets to create and run dApps, an engineer must hold EOS coins rather than spend them.
Transaction speed and fees
One of the most prominent advantages of NEO has always been transaction speed. For the most part, NEO is recognised for its high transaction throughput, which can reach 10,000 per second. For agreement accounting, hubs are picked at random to handle transactions in a network that relies on trust covering networks. Currently, the NEO project does not charge users any fees for using the network.
EOS, on the other hand, has filled in ubiquity in part due to the massive number of transactions it can process in a second. Because of its adaptability, the blockchain project can handle more than 1,000,000 transactions per second using flat scalability. Notwithstanding, the current recorded most noteworthy TPS is 3,996.
The key difference between blockchain protocols
For tasks, EOS.IO relies on DPoS and a role-based permission concept. The blockchain protocol takes adaptability into account while making quick decisions like rollbacks, freezes, and bug fixes for apps that have been tainted by defects.
While NEO is focused on the brilliant economy, EOS is mainly focused on developing decentralised applications (dApps) for a digital world. The comprehensive EOS dApps scene report suggests that they are on the way, but that they will require considerable investment.
Finally, in the era of blockchain technology, both NEO and EOS have a lot of room to grow. However, EOS appears to have had a stronger year than NEO when it comes to competing with Ethereum as a favoured platform for smart contracts and dApps.
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