EOS to take on Ethereum

When Does EOS Launch? – And Will it Really Displace Ethereum?

  • The EOS main net will launch on 3rd of June 2018
  • Often touted as an Ethereum killer, EOS already has a larger market capitalization than Litecoin
  • Over 110,000 people check the EOS countdown timer daily in anticipation of the cryptocurrencies move to its own main net

EOS officially launches on June 3rd, 2018. If the cryptocurrency can live up to the hype surrounding its ICO momentum, EOS may then become an ‘Ethereum killer.’

EOS Vs. ETH – Is There Really a Case to be Made?

Over the past six to nine months, several ICOs have hyped themselves up as so-called ‘Ethereum killers.’

Cardano. Tron. Lisk. – All have promised to bring second-generation smart contract capabilities to market. This and more robust, easily scalable blockchain technology. Sadly, no coins have so far managed to live up to such hype after moving from ERC-20 status to their own main nets.

Why is EOS Pegged to Overtake Ethereum?

In order to understand why EOS believes it can take on ETH, it is important to understand what key features EOS brings to the table.

  • Free decentralized app creation and user fees. – When an ICO or new decentralized app is released on the Ethereum network, all app users and ICO investors, are required to pay for ‘Gas’ to cover the cost of ETH network traffic. EOS, conversely, promises to make app creation and user fees free for all. Specifically, by covering the cost of network traffic and maintenance with funds raised from inflation of the currency
  • Dan Larimer is involved. – Dan Larimer, co-creator of Bitshares, Steemit, and several other successful cryptocurrency projects, is Chief Technology Officer at EOS. This is imbuing investors with added confidence that EOS will succeed where (so far) coins like Cardano and Tron have failed to live up to expectations
  • EOS can process 6,000 transactions per second. – At present, Ethereum struggles to handle 10 – 30 transactions per second. EOS is subsequently promising to bring an ETH-like platform to market, which can process in excess of 6,000. Being almost as many as payment merchants like SWIFT, this would be a significant technological achievement if EOS can deliver on those numbers

Digging Deeper Into the EOS Vs. ETH Debate

Needless to say, with EOS professing to be capable of much more from a technological perspective than ETH, the cryptocurrency could well be an ETH killer. What is more, EOS is launching on the eve of a pivotal point in Ethereum history.

At present 90% of transactions executed on the Ethereum blockchain are ICO based. This means that ETH revenue is generated predominantly by ‘Gas’ payments used to power popular ERC-20 token apps like EOS and Golem. Later this year, however, the majority of these ‘Gas’ powered apps plan to also move over to their own main net. ETH revenues could subsequently plummet by 90%, especially if EOS proves to be able to tempt away the majority of new ERC-20 token creators.    

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