There’s No Reason For BitShares to be Worried About EOS, But Ethereum On the Other Hand…

With EOS Gaining More Attention in the Cryptosphere, There’s Only One Platform That Should be Worried About It (And It’s Not BitShares).

Often referred to as the “Ethereum Killer,” EOS has been the recipient of a lot of attention recently, and for good reason. As the EOS mainnet goes live, the cryptosphere has to start evaluating where the future of blockchain development and cryptocurrencies is headed.

The Ethereum network has gained wide scale popularity over the past year, but that doesn’t last forever. Now that EOS is done with it’s 250 day long coin sale, the crypto community is gearing up for an interesting head to head between the two competitors.

BitShares Concern

Some in the cryptosphere have voiced concerns about the BitShares network now that EOS is going live, but that’s not who should be worried. After all, not only was BitShares designed by the same folks who played crucial roles in building EOS, the two are sibling platforms focusing on different outcomes.

If anything, the two platforms are going to be running parallel to the each other in a complementary way. The way things are shaping up, there’s really only one big platform who should be keeping an eye on the growth of EOS and that’s Ethereum.

EOS vs Ethereum: Smart Contract War

Besides the name associated with EOS (i.e. “The Ethereum Killer,”), there are multiple reasons for why the two platforms are going to be facing off head to head. Both of the platforms are working on similar outcomes and only the future will tell which achieves the best results. Ethereum came out as an improved alternative to the old school Bitcoin network and focused on issues regarding efficiency and scaling. Now, EOS is looking to do the exact same thing to Ethereum.

One of the biggest differences many in the community will notice is the difference between the projects’ consensus mechanisms. EOS is coming onto the scene with a Delegated Proof of Stake (DPoS) model, where the Ethereum network is still operating on a Proof of Work (PoW) model, though that is soon to shift to a Proof of Stake (PoS)/hybrid model in the future.

EOS is looking to adapt to the needs of the blockchain community not only right now, but for the future as well. Though there are fair criticisms and debates around each consensus mechanism, one of the top selling points for EOS is the ability to handle more transactions per second than Ethereum and to be the solution to scaling, not “a” solution.

Since both of the two well-known projects are focused on smart contracts and supporting decentralized applications (dApps), it’s going to be interesting to see what eventually comes of the full implementation of the EOS mainnet. Once we start seeing an increased use of EOS and development teams using the platform to star launching dApps, the industry is going to see a great comparison of how each performs.

For now, there’s no doubt that Ethereum is the king of dApps and initial coin offerings (ICOs), but that has a lot to do with not having any realistic competitors. Certainly, Ethereum has its merit (let’s not forget that the original EOS tokens were ERC-20 tokens), but the Bitcoin network had merit as well before a newer, more agile platform starting stealing attention and developers. For right now, the best course of action is likely to watch and see what happens. Watch out, Ethereum, looks like you’ve finally got some serious competition.

The author is not an attorney or financial advisor. None of the content presented should be construed as investment advice or as legal advice.