EOS Lite: Why We Chose EOS
We chose to build our dApp, Tao, on the EOS platform. The biggest competitor/option to the EOS platform is Ethereum. So, we have been asked, “Why choose EOS over Ethereum?”
There is one deciding factor that gives EOS the edge over Ethereum. It boils down to one word, performance.
With a transaction based dApp, performance is a crucial aspect and necessity for functionality. EOS functions on a DPoS, Delegated Proof of Stake mechanism, as opposed to POW (proof of work) as Ethereum. Under the PoW model, a vast number of global miners, validate all the transactions on the block chain by solving complex algorithms using specific hardware such as ASICs or GPUs. This is the crux of the decentralized nature of cryptocurrency as conceived by Satoshi Nakamoto. EOS works slightly different. 21 block producers, all voted on by the people, confirm transactions, which allows for rapid confirmation times. Now, one may arguably state that having only 21 block producers is in juxtaposition with the prime tenant of cryptocurrency, which is decentralization. However, this is the opportunity cost of choosing speed and application over a lengthy, energy intensive, decentralized process.
In real world applications, POW just doesn’t work at its current level of development. Imagine purchasing a latte at Starbucks with Ethereum. Your barista asks you for the 5.29 it costs for your transaction. You send your .023 ETH and in the time it takes to process your transaction two things occur. 1. It takes an exceptionally long time to process your transaction as you and your barista awkwardly stare at each other while miners are confirming your transaction. 2. During this exceedingly long wait time, the price of Ethereum drops and now you must reprocess your transaction and restart at #1. Definitely, awkward and inefficient. Personally, it takes too long from the time I insert my chip to when its approved and the annoying beep tells me to remove my card. Consider,Visa is able to process up to 50,000 transactions every second, Ethereum 17 per second, EOS approximately 4000 per second and purports to be able to scale and exceed Visa’s speed. During the whole crypto kitties’ fiasco, the Ethereum community experienced a major network congestion, a reflection of Ethereum’s weakness. The world needs faster transacting time, our bet is on EOS.
Outside of performance, EOS is highly secure. Inherently in cryptocurrency there exists a level of uncertainty and irreversibility of transactions. EOS has a way to combat both these issues. EOS has a level of security that other platforms do not offer. It is extremely difficult to hack an EOS account as you must hack all accounts (owner, active, and recovery) simultaneously for a hack to occur and recovery of a lost key is fairly simple. Albeit, you have a trusted friend or mate.
The EOS platform already outperforms Ethereum, however, the question of market dominance and mass adoption still remains uncertain. Conversely, in terms of payments and transactions, EOS is the reigning blockchain and our platform of choice.
