EOS vs Ethereum quick comparison

Some quick thoughts on why EOS is currently better platform for development dapps.

• Centralisation
  • Ethereum
    • Top 5 miners control 75% of hashing power. And nobody can be sure that some miner don’t make tршьelf just look like it’s several of them, while it’s actually one.
  • EOS
    • 21 voted BP. Bad BPs can be voted out or removed by BPs themself if they really want it. Also there is a big wait-list of backup BPs to take over immediately if some of 21 goes down.
      21 BP + a lot of backup BP gets paid enough money to keep very fast and secure systems for block producing.
• 51% attack
  • Ethereum
    • Requires just top 3 pools to collaborate
      one big pool can easily make 51% attack on smaller blockchain running the same protocol.
  • EOS
    • Requires 14+ block producers to collaborate
• Transactions
  • Ethereum
    • High fees
      1 transaction consumes electricity enough to run 3.4 US households for 24 hour.
  • EOS
    • No fees,
      Just stake some EOS and you have a % of total network capacity.
      usage gets reset every 24 hours.
      Staked tokens are not wasted, you can take them out any time you want.
• Speed
  • Ethereum
    • Slow
  • EOS
    • Very fast.
      Current record on mainnet is 2822 transactions per second.
      Half-a-second block time, transaction is fully confirmed after a few seconds (after direct or indirect confirmations from 2/3+1 BP)
      Stats: https://blocktivity.info/
• Smart contracts
  • Ethereum
    • Very hard to update deployed contract
      Non Turing-complete language
  • EOS
    • Very easy to update a contract (but can be locked to be immutable)
      Turing-complete language (WebAssembly compiled from C++ and potentially other languages)
• Finance
  • Ethereum
    • Miners have to pay for electricity 2.5 billion USD/year ( rapidly growing ) basically leaking money from the ecosystem
  • EOS
    • Running DPoS blockchain is way cheaper, no money leakage.
      BPs get paid by part of 5% inflation (basically system is printing money). Inflation is compensated by RAM trading, staked tokens for network capacity (basically frozen, taken out from circulation), lost keys. So whole ecosystem expected to be heavily deflationary.
• Scaling
  • Ethereum
    • May be some day... Very hard to scale because of already running apps, miners resistance.
  • EOS
    • Side chains and inter-blockchain communication mechanism. Block One promised to release it till the end of the year. More info
• Permissions
  • Ethereum
    • Basically one private key for all actions on your account
  • EOS
    • Flexible permission system.
      Custom permissions.
      By default account has “owner” and “active” key. All regular actions require signing with “active" key. “Owner" key suppose to be safely stored offline.
• Addresses/Accounts
  • Ethereum
    • No accounts, just addresses looking like a string of random characters. Impossible to remember.
  • EOS
    • Nice memorable account names. Currently - 12 characters long.
• Governance
  • Ethereum
    • Not existent basically
  • EOS
    • Users vote for block producers.
      Any change to the protocol and software can be voted on-chain.
      Current EOS constitution
• How easy it is to change a system
  • Ethereum
    • Very hard. Serious change require hard forking.
  • EOS
    • Almost all features implemented as smart contracts running other the base layer.
      System contracts can be easily updated, no fork required.
      ‘eosio.system’ contract is what provides the implementation of producer registration, voting, staking, and resource allocation.
      ‘eosio.token’ - contract supporting EOS native token.
• Malicious behaviour
  • Ethereum
    • If you lost control over your private key - forget about the money and control over account.
  • EOS
    • Control over the account can be restored. Permission system allows fine control.
      (ECAF - The EOSIO Core Arbitration Forum)[https://eoscorearbitration.io/]
      ECAF can force BPs to block malicious accounts.
• High-performance and low-latency apps
  • Ethereum
    • Impossible for now
  • EOS
    • Apps like twitter or facebook can be implemented using sidechain - public or private. Proven by Steem and Bitshares :)
      Sidechains can run on the same block providers as mainnet.