Hello, my Dear Crypto Reader! If you interested in Mythology, please, skip this article and read my favorite stories: is a novel written by Neil Gaiman. For the television adaptation of the novel, see American Gods American Gods (TV series) by Homer The Iliad But if you are a technical person interested in EOS, you can continue with the current article. Some numbers before Myths EOS vs. Ethereum Market Cap: 700 000 BTC vs. 3 000 000 BTC Transaction per day: vs. 600 000 400 000 -600 000 But a lot of EOS transactions have not transfer type ( etc.) promote, buy resources, new account, Accounts with non zero balance: (?) vs. (as all EOS accounts are not free) ~ 15 400 000 310 000 Nodes: 18 000 vs. 21(total 400 for standby) We can see that Ethereum still the king for DApp world but EOS is going ahead. Myths list We will follow five simple myths about EOS: M1. Real Decentralization M2. The Fastest blockchain M3. User-friendly M4. free transaction M5. Command lines for geeks tool If you want to see favorite Myth just note it in the comments M1. Decentralization The main core of the myth that EOS is more decentralized than Ethereum. Adepts of Myth provide diagrams from Etherscan: To control Ethereum Network, you require an alliance with 4–5 main mining pools compare to 21 (or active 14) producers for EOS. Is it true? No, because you can’t compare Producers with Miners. Ethereum Miners is just slaves of the Network. Miner pool is a temporary structure which can TRY to do only limited things: transaction double spending ignore transaction queue create a new fork But as the pool is a temporary alliance: people start a migration to another pool, after any leeks informing manipulations.But if we are talking about the community of Ethereum, it is nobody (including Vitalik Buterin or Gavin Wood) cannot provide any fast changes. For example, Bitman is controlling near half or Bitcoin market, but nobody worries as Bitmain just miner and can only create a new fork or destroy network reputation but can’t take control of the blockchain itself. Or look at the situation at Decentralized Exchange Order Tracker But for EOS situation is dramatically differ: Developing changes is the authority and curator of the EOS network. Within the DPoS system, Block Producers run the underlying network layer to process all transactions on EOS. There will be a total of 21 block producers along with another 400 Backup nodes overlooking the activities of the 21 Block Producer EOS producer can: write block (mining role) validate transactions (mining role) EOS awards producers every time they produce a block suggest and vote for Proposals is the most significant player and controlling 10% of tokens. Block.one Actually, top100 accounts including exchanges are controlling near 75% of tokens. Another 25% of users are inactive and delegate mostly formally. As we have Delegated-proof-of-Stake model, I can imagine that it is enough to stake near 30% of tokens with media support for full control of the network. As another 70% of users can be inactive or understand the real situation. Controlling cash After ICO Daniel Larimer has obtained a tremendous amount of money.But do you know any information about using this cash or ICO Ethereum? For example, do you remember the decision to attack the Ethereum Network? Do you think Network holders or Producers approved it? Exactly, No. If a small group of people controls more than 1 billion dollars without any reporting can we say that it is a decentralized community? If Daniel will require 5–10% of tokens to change the balance? He can spend cash to buy it. Compare this with Ethereum. The funds from ethereum’s initial $18m crowdsale and project development are now managed by the Ethereum Foundation, a non-profit entity based in Switzerland. DPoS: Risk of attack or shut down by governments The number of full nodes in EOS is going to be smaller. So Dan Larimer has this concept called DPOS where he says that in DPOS you only need about 100 nodes in the network and consensus happens among these full nodes and everyone else is a thin client. The other reason it (EOS) claims it can process more transactions is because the requirements (bandwidth, computing) for each of these full nodes is much higher. This is one way to achieve scalability. The problem is that if you have 100 nodes the system is much more centralized. You can denial of service them. Because you have to vote for them, the nodes that win are going to be the nodes that everyone knows. So it is much easier to attack the people running the nodes. ISPs can shut them down, companies can shut them down, governments can shut it down fairly easily. Vitalik’s basic argument is that there are fewer full nodes and that they are easily identified and can be shut down by governments. But try to simulate a situation when hat any structure will close Ethereum? Exactly no, because it is more decentralized. Summary And it looks like that EOS a toy for picture Daniel Larimer and his friends. But now it’s favorite toy and developing extra intensive. But if I can image Ethereum without Vitalik, but can you EOS future without Daniel? M2. Fastest blockchain EOS is abnormally quicker than Ethereum. Just now expected real speed near ~4000 transactions per second. And it can be increased after fixes of code and adding more powerful producers hardware. But Why EOS is faster than Ethereum? The main reason that EOS has another consensus, security and logic model. Not better, just another! Main speed key factors: Consensus: Delegated-Proof-of-Stake, or dPoS, is a consortium blockchain that is validated by a set of master nodes known as ranked delegates. And to confirm transaction you need 14 nodes only. EOS is designed to allow nodes that validate partial state. This means that not all nodes need to run every contract. This in turn means it is possible to know the state of the applications and contracts you care about without having a highly resource demanding full node. Ethereum is still on PoW and requires colossal calculation and for all network with 18 000 nodes. For example, Ethereum with PoA consensus can support 80 or more transactions per second versus 15 for PoW. Security: EOS is public blockchain with users registration. Private blockchain expects to minimize security validations. For example, private Hyperledger Fabric can support up to 7500 transactions per second. As EOS trust own users and Producers development team cut two critical things: s are the main calculation bottleneck of Ethereum and were kicked from EOS. Merkle tree The reason why EOS says that they can process more transactions comes from two sources. One of them is there are a lot of protocol features that Ethereum has EOS doesn’t have. One of them, for example, was Merkle trees. So this if you want to prove anything about a transaction then anyone in the network can prove it. And you actually don’t need that much computing power to prove that the state of that account is some number and that the transaction was included. EOS does not have this. (с) Vitalik Buterin _At 8:20 minutes into the above video Vitalik Buteran says: The reason why EOS says that they can process more…_steemit.com Response to Vitalik Buterin on EOS - Steemit In order to support the efficient generation of merkle proofs and validation thereof, it is useful to have a merkle tree comprising all blocks. This tree can be calculated on an incremental basis by tracking the leading edge of the tree. _In order to support the efficient generation of merkle proofs and validation thereof, it is useful to have a merkle…_github.com Continuous Growing Merkel of All Block IDs · Issue #8 · EOSIO/eos Blockchain platform EOS found containing critical security vulnerabilities See Life Cycle of an Ethereum Transaction EOS is not fastest blockchain, but for DApp environment speed 4000 tx per second is enough for the actual requirements. M3. User-friendly blockchain Correct. It is a true myth. EOS is a user friendly-blockchain. Username EOS supports username which is more flexible than the public address detonator212 vs. EOS7epiMwQShVAYS6py3SrrJJbuCnbmhN9C6USYnMKBxJPYkydBcZ Messages inside transaction EOS support readable messages inside of the transaction. You can send details like in bank transaction! In Ethereum you have you convert it from HEX before reading. Read next article to compare it with Ethereum _Blockchain becomes more and more commodity and usable not only by geeks. You may try it just now!Today we will spend…_hackernoon.com Blockchain Art. Images including Kitties in Blockchain. Step by step instruction. Plugins and UX tools EOS has own MetaMask — Scatter and all basic tools _EOSToolkit is the premier free, open source interface for managing EOS accounts. Create, transfer, stake, vote and more…_eostoolkit.io EOSToolkit.io | All in one EOS web wallet M4. free transaction fee We cannot honestly say that a transaction fee is really free. Users need to stake (lock to be non-transferable for a certain period of time) their tokens in order to use the blockchain. More details on by Daniel Larimer. How to build a Decentralized Application without Fees But for most of operations users don't need to pay (micropayments hold included in basic account creation). Usually, expected that the owner of DAapp create Smart Contract and pay for operations. It’s principal difference between EOS and Ethereum because in Ethereum payment is provided by the user who runs the function in the Smart Contract. As the owner of application you have to provide the primary resources: requires the stake. Unstake at any time to reclaim your EOS tokens CPU CPU Bandwidth is measured as your average consumption in microseconds over the last 3 days. CPU bandwidth is temporarily consumed when you send an action or transaction but decreases over time returning to 0. The longer your transaction runs, the more CPU bandwidth it will consume. has to be purchased RAM RAM is required to store data on the blockchain and must be purchased. You get a set number of bytes of storage based on the current RAM market price. The price automatically adjusts up and down with buying and selling action. When you release storage you can sell RAM back to recover EOS at the current ram market price. requires the stake. Unstake at any time to reclaim your EOS tokens NET Network Bandwidth is measured as your average consumption in bytes over the last 3 days. Net bandwidth is temporarily consumed every time you send an action or transaction but decreases over time returning to 0 Check the current price for EOS.IO network storage and bandwidth resources with online EOS Resource Planner: _ERP is a free and open-source tool to display the current price for EOSIO network storage and bandwidth resources._www.eosrp.io EOS Resource Planner M5. Only Command lines tool for geeks It’s not truth myth! Actually, you can provide all necessary actions from GUI: creation of account creation key pare transferring EOS or tokens simple payment from a website page If you want to click for the test network, kindly link: _OS is young, and most of the environments are just developing, but some necessary things are available and … work!_hackernoon.com EOS first baby steps: account, wallet, keypair, testnet, transfer tokens, validate transactions. For mainnet link: _EOSToolkit is the premier free, open source interface for managing EOS accounts. Create, transfer, stake, vote and more…_eostoolkit.io EOSToolkit.io | All in one EOS web wallet Summary EOS is an innovative blockchain with impressive differentiators: fast performance near free transactions developing environment and tools strong community But my private opinion that Ethereum is still a King of the DApps blockchains.

Dapp

Ethereum Foundation

fees

Geeks

Lead Generation Agency

Read My Stories

Too Long; Didn't Read

Discover Saakuru: Web3 Mass-Adoption with 0-FEES

Five key Myths about EOS — next Ethereum killer?

Too Long; Didn't Read

People Mentioned

Companies Mentioned

Coins Mentioned

Andrii.ryzhenko

About Author

TOPICS

THIS ARTICLE WAS FEATURED IN...

Five key Myths about EOS — next Ethereum killer?

Too Long; Didn't Read

People Mentioned

Companies Mentioned

Coins Mentioned

Andrii.ryzhenko

About Author

TOPICS

THIS ARTICLE WAS FEATURED IN...

RELATED STORIES