Ethereum 2.0 vs Symbol (Part 7):

The Conclusion

Ivy Fung
Ivy Fung
Mar 17 · 3 min read

Is there a panacea for all the blockchain headaches we have?

In the previous 6 articles, I have been comparing the features of Ethereum and Symbol side by side, and I am just scratching the surface. To recap:

  1. Part 1: Talked about their beginnings and their trajectories, briefly.
  2. Part 2: Talked about how both blockchains implement Proof-of-Stake with a different flavor.
  3. Part 3: Discussed Ethereum’s smarted contract and Symbol’s plugins.
  4. Part 4: Looked into different types of nodes in both blockchains and their roles.
  5. Part 5: Discussed how fungible tokens are represented in both blockchain.
  6. Part 6: Discussed how non-fungible tokens are represented in both blockchain.

There are many more topics to talk about. To list a few:

About 72 million Ethers were minted at the Genesis block, and currently, there are close to 115 million Ethers minted. There is no halving mechanism in Ethereum like Bitcoin does, even if Ethereum is also using Proof-of-Work in minting Ether. The supply of new Ether is reducing and planned to further reduced with the implementation of Proof-of-Stake in Ethereum 2.0.

On the other hand, Symbol's initial token supply is about 7.8 billion and will gradually increase its total supply through block reward until its maximum supply of 9 billion minus one, matching NIS1. The increment will end roughly the same time as Bitcoin’s mining.

Ethereum transaction fee is calculated in Gas and paid for in Ether. Gas is the amount of gas/petrol you need to bring your car from point A to point B, while the Gas price is the price of the gas/petrol. You can set the max gas fee you willing to pay for a particular transaction.

Symbol transaction fee is determined by the size of the transaction multiply with the multiplier set by the node that harvests the block in which the transaction is included. Symbol transaction fee is paid in XYM, its native currency.

To put these into perspective, Gas in Ethereum is transaction size as in Symbol, while the Gas price in Ethereum is node multiplier as in Symbol. Transaction fee essentially a part of tokenomic as like the distribution of the tokens, it motivates node owners and the ecosystem. To make the fee more reasonable and to control the total supply of Ether, ERC-1559 is proposed.

A.K.A. rabbit holes. To aid the scaling of blockchains without burdening the users with higher fees and higher hardware requirements, and slowing down the blockchains, methods off the main chain are proposed to handle services that are not the core services of the blockchains.

Ethereum is like a blank canvas and you can splash it with anything your mind can conceive. (All ERC standards are like watermarks that one can use as a guideline.) Its Turing-complete language — Solidity — and Ethereum Virtual Machine are its hallmark.

Symbol, or NEM, is like the Secret Garden colouring book. It provides you with guidelines yet you free to exploit your imagination. Its importance score system, node reputation, and the harvesting mechanism are one of its kind.

There are many more to talk about: interoperability between blockchains, use cases, future developments, and challenges. We leave that for the next round.

While Ethereum 2.0 phase 0, the Beacon Chain is shipped, other phases still in the pipeline. Members of the blockchain ecosystem are looking forward to the arrival of Serenity.

And today, 17th March 2021, Symbol Mainnet goes live! (NIS1 snapshot at block height 3,105,500 on 12th March 2021 04:26:34 (UTC)). More exciting use cases to be expected soon.

To answer the question at the beginning of the article, there is no one blockchain that serves all. The beauty and reality of technology is its continuous improvement. Human desires are endless and exponential. No perfect technology stays perfect forever.

Keep inventing!

Till the next series! Ciao!

Coinmonks

Coinmonks is a non-profit Crypto educational publication.

Coinmonks

Coinmonks is a non-profit Crypto educational publication. Follow us on Twitter @coinmonks Our other project - https://coincodecap.com

Ivy Fung

Written by

Ivy Fung

On a mission to talk to everyone about Blockchain.

Coinmonks

Coinmonks is a non-profit Crypto educational publication. Follow us on Twitter @coinmonks Our other project - https://coincodecap.com