In the blockchain world, EOSIO and Ethereum are currently two of the biggest smart contract platforms. Each of them always has advantages and disadvantages that we discuss in the next section.
The history of EOS and Ethereum
1. What is Ethereum
Ethereum is the second blockchain generation that was launched in 2015 by Vitalik Buterin. It’s a community-built technology behind the cryptocurrency ether (ETH). And it is the first blockchain platform featuring smart contract functionality. According to the definition of Ethereum: "This also means Ethereum is for more than payments. It’s a marketplace of financial services, games, and apps that can’t steal your data or censor you".
2. What is EOSIO
EOSIO is the next-generation that was launched in 2017 by Daniel Larimer and EOS is the currency of it. It not only performs smart contracts but also creates fully decentralized applications that are indistinguishable from normal solutions. EOSIO has made design choices meant to confirm more transactions per second while eliminating fees charged to users making transactions.
The consensus mechanism of EOS and Ethereum
1. Ethereum
Ethereum uses Proof-of-Work which is the same as Bitcoin. This is a great way for keeping the network decentralized but it required the power of computing from computers over the world to validate a transaction. Due to this issue, Ethereum is moving to use Proof-of-Stake and install it to new protocols "Sharding" and "Plasma" to improve current issues in Ethereum.
2. EOSIO
Unlike Ethereum, EOSIO uses Delegated Proof of Stake which was developed by Dan Larimer. This consensus mechanism helped EOSIO quickly gain the attention of dApp developers on the blockchain platform. If someone/company wants to join to EOSIO network, they only need to do some requirements of security, stability, and stake EOS token. Then they will become a block producer who can validate a transaction on EOSIO.
Compare the transaction fee and speed between them
| Platform | Transaction fee | Speed |
|---|---|---|
| Ethereum | From $1 – $3 per transaction | 15 transactions per second |
| EOSIO | $0 but you have to stake CPU/Network fee and charge for RAM in case your transaction needs to save data on the blockchain | ~ 4000 transactions per second |
Conclusion
There is some basic information I can give you. Choosing EOS or Ethereum for your platform depends on many things such as the fee for developing a dApp on them (deploy smart contract, your team technical, so on). From my perspective, there is no one is better than, although EOSIO says that they do not charge any fee for your transaction but in fact, you have to charge for RAM, stake CPU/NET, etc.
