Differences between Edenchain and EOS
Edenchain is an ambitious project which aims to create a blockchain-based platform that allows all assets and services to be tokenized, and traded freely without the need for any middlemen. With such a platform, transaction costs can be lowered, profits shared among the community members, and a new market through the capitalization of foreign and domestic goods can be created.
EOS on the other hand, has an equally ambitious project, often dubbed as an Ethereum killer. Both Edenchain and EOS embrace parallel processing of smart contract transactions.
The table below shows a summary of how Edenchain and EOS key characteristics. Edenchain has a tiny market capitalisation of only $24mil as compared to EOS $17.3bn. With ambition of similar sizes, Edenchain can easily attain similar market cap to EOS, a gain of 720 times!
Consensus Algorithm
Both Edenchain and EOS uses energy-efficient consensus algorithms, which are improvements over the existing Proof-of-Work. PoET has been developed by Intel, and used in Hyperledger with more than 200 members from enterprises, blockchain startups and academia. DPoS was invented by Dan Larimer, and Vitalik Buterin himself had pointed out a huge bribery attack flaw with DPoS, that results in centralisation. In this regard, Edenchain uses a superior consensus algorithm.
Founder
Edenchain’s CEO, James Ahn, is a renowned technology pioneer with over 20 years of experience in high technology. He has proven business experience and had developed trading algorithm, cloud computing solutions, data management solutions, for the Korean Government. He had also written books on blockchain technology.
Dan Larimer founded two successful blockchain projects, Bitshares and Steemit. EOS is his third blockchain project but it remains to be seen if he would be able to see through the development of the project to the end. It was noted that Dan Larimer abandoned the Bitshares project because they ran out of funds, suggesting poor project management. It remains to be seen if Dan Larimer, dubbed by Bitcoin.com as the man with itchy feet, will continue to stick around with EOS to its full development.
Uses of tokens
Edenchain has clear purposes of the tokens, which serves multiple functions such as transaction fees, exchange fees, masternodes, and exchange deposits. These would serve to increase demand for tokens.
EOS tokens are used to determine the amount of computational resources the token holder is able to access. Since individuals do not need to hold any of the tokens, the sole demand of tokens will come from dapps built on the platform. Currently, there are less than 35 projects built on EOS. It is unlikely that these projects will need $17.3 billion of tokens, which would likely result in the value of EOS falling. Not to mention, a significant amount of computational resources will be wasted, since they are held by individuals who do not need the tokens to begin with!
On the demand side, it is clear that there are more users of Edenchain who would need the tokens, resulting in larger demand than EOS tokens.
Token sink
Edenchain adopts a hyperdeflation model, where a portion of tokens used as transaction fees will be burned from 2020 onwards. To put it simply, the total supply of Edenchain tokens will decrease over time.
EOS adopts an inflationary model, where the total supply of EOS can increase by up to 5% per year. Theoretically this means that there can be an infinite supply of EOS tokens. With a weaker demand model, and infinite supply of EOS tokens, the long-term value of the tokens are unlikely to grow significantly.
Clearly, Edenchain has a superior tokenomics model, with tokens that will have huge demand and a shrinking total supply. In the long run, we can expect steady appreciation of the Edenchain tokens.
Important considerations for enterprise adoption
Performance
Both Edenchain and EOS were designed to be high-performance blockchain platforms that can scale to millions of TPS with ease. In this aspect, it appears that there is a tie between both platforms.
Security
Edenchain places emphasis on the security of the platform, dedicating a significant portion of the whitepaper to discuss how the Edenchain platform was made to be secure for users. It is commonly known that data on the distributed ledger is secure and tamper-proof, but there is a lack of attention paid to security for the processing of data, accessing data from external sources, and ensuring the reliability of the data. Edenchain focuses on these features and implements cryptography, hardware, and software solutions to ensure secured connectivity.
In EOS whitepaper, there was no mention of security.
Reliability
Edenchain also emphasized on creating a reliable platform, with fixed transaction fees. Transactions are processed on a first-in, first-out basis, resulting in a reliable output for enterprise users. Should a dapp grow too quickly, they can easily include an additional namespace to scale their network.
Transactions on EOS does not incur any transaction fees. However, it is estimated that transaction fees will be borne by block producers and will result in large costs that will need to be paid somehow. Additionally, dapps must hold EOS tokens to gain an equal proportion of computing resources available to operate their dapp. Given EOS’ current token prices, it is very expensive for dapps to scale.
Adoptability
From an enterprise perspective, Edenchain can be readily adopted by enterprise users looking to tokenize their assets and services. This contrasts with EOS which was not designed to be easy for enterprises to adopt the platform.
From an individual perspective, both Edenchain and EOS can be readily adopted.
Conclusion
Edenchain is designed for enterprise users, and it was built off the Hyperledger open-source project, allowing Edenchain to be developed much faster than EOS.
After this in-depth analysis, it is clear would appear that Edenchain is superior to EOS in many aspects, and will be the true Ethereum killer. Edenchain is a project that you cannot afford to miss out on with the potential 720x gains.
