Why EOS is Poised to Overtake Ethereum
If you are a newcomer to the cryptocurrency space, recent events might suggest that EOS is dying on the vine. The nascent altcoin lost nearly 20% of its value last week and corresponding message boards exploded with doomsday prophecies, not to mention all the issues with RAM, constitution, and BPs after mainnet launch.
I’d be lying if I said I could predict the future, but my take on this past tumultuous week is this: stick with it. Why? First of all, all issues have either been resolved or a proposal have been made (which is a very quick turnaround for issues)
In addition, the numbers don’t lie. EOS has already regained nearly all the value it lost in the past seven days. That’s just part of being in crypto; coin prices fluctuate on a regular — frequent — basis. But, beyond being a stable investment, I believe EOS is on the precipice of overtaking its largest competitor, Ethereum by a wide margin.
In a few short months, EOS will be bigger than Ethereum. By a factor of ten.
But don’t take it from me. Take it from the billionaires who are flocking to buy EOS in droves. Venture capitalist Peter Thiel, who has perhaps had the most foresight of anyone in Silicon Valley, recently announced that he has invested heavily in EOS. He joins a billionaire investor list including Bitmain founder Jihan Wu, and hedge fund managers Louis Bacon and Alan Howard. What’s particularly exciting is that these seals of approval are being stamped right now; all four announcements came down today.
While these votes of confidence are telling of a future leap in value (EOS is already up 9% today), it is the technical details and robust business model that make me the most confident in EOS’s coming success, especially relative to Ethereum. Here are a few quick comparisons:
- EOS has the ability to process thousands of transactions per second, and reached over 1200 transactions a second last week on mainnet. Ethereum is only capable of processing up to 15 transactions per second.
- EOS can be accessed and developed on in a number of different languages. Ethereum is open to development in one language and one language only: Solidity, which was created by Ethereum co-founder Gavin Wood.
- Unlike Ethereum, EOS has no transaction fees for users.
- EOS is more grandma-friendly with the ability to freeze accounts that are hacked or recover accounts if private key is lost.
It’s clear to me that EOS is poised to become the dominant smart contract platform on the blockchain. The disparity between EOS and Ethereum will widen because, for EOS, this is just the start of the road; their mainnet launched a month ago and have already become a Top 5 cryptocurrency. The facts speak for themselves — especially in light of today’s announcements. I’ve provided a more detailed version of my views on the technological components of EOS and Ethereum here.
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Disclaimer:
This is not an investment advice. DYOR
