Ethereum in Danger??....
Now, there are many other cryptos like Ethereum and are even better, which are aimed at resolving issues faced by the platform.
Scalibility issues- Currently, Ethereum features 15 transactions per second. But with this condition, Ethereum DApps can't be used because the centralised world demands a requirement of atleast 2000 transactions per second as in case of Credit cards.
Google, Facebook has avg. speed of 50,000 transactions per second.
So, EOS aims at providing 1 million transactions per second.Mining issue- Currently, Proof-of-work (PoW) technique is being used for validation/mining in order to add transactions into a block. Although it has a tough mathematical problem when compared to Bitcoin (where ASIC is highly used). In Ethereum, GPUs are used for mining.
So, in future, as Vitalik Buterin mentions that Ethereum will switch to Proof-of-Stake (PoS) which demands a Hard Fork and henceforth there is a chance that the Ethereum (ETH) community may face a split again into Ethereum PoS & Ethereum PoW.
Well, is there any need of switching from PoW to PoS?
Yess... indeed, Because if the current platform wants to speed up their processing transactions then PoW is not the solution.
Secondly, there is a possibility of 51% hack through the usage of Quantum computers (which are upcoming very soon). As Quantum computers can easily surpass the current GPUs while solving mathematical proof.Smart Contracts language support- Well, Ethereum was the 1st one to provide Programmable Blockchain platform. But, now the time has come to improve even further. Because, newer coins are coming with latest languages support. Like Stratis, which supports C# language on .Net platform, backed by Microsoft. For decades, developers has been using this language, and hence they will be more comfortable on using this platform, if they don't get additional features in Ethereum.
EOS, a new platform just like Ethereum is aimed at providing a much higher speed of transactions' speed i.e. 1 Millions transactions per second. Also, it shall be supporting latest languages like Python, Java, etc.
So, the Crypto-war is ON.
Let's see who wins the race and become a giant platform.
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Thanks.. :)
EOS looks promising and has a great team to back it. They definitely have consumer trust, considering the 300% price hike in the first few days of trading.
If they can deliver even half of the tech that they promise, we are in for a platform that may transform the way we compute.
Definitely !!...
Being a developer, i am eagerly waiting to use that platform
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