What do developers think about Ethereum Killers such as EOS? 

This is the second in our series about Ethereum-killer platforms. Last week we did Cardano by interviewing a developer called Saurabh Chaturvedi. We liked what he told us so much that we asked him to write a guest post this week on the next Ethereum-killer platform on our list which is EOS.

Background to Ethereum-killer platforms

We are looking at the top 4 Ethereum-killer platforms by market cap:

Cardano – last week

EOS – this week

Neo – next week

Qtum – final week in this series.

The usual Ethereum-killer platform narrative goes like this:

Version 1 = Bitcoin = limited scripting language

Version 2 = Ethereum = Turing complete “build whatever you like”

Version 3 = Ethereum-killers = Turing complete done right.

If that narrative has any value, the developer view is critical. If developers like the platform today, investors and big institutions will be more likely to like the platform tomorrow. The developer view is forward-looking fundamental analysis (our focus at Daily Fintech).

In order to do a real comparison of these platforms, we assess all of them on the same 4 axes:

1. Transactional Scalability. In simple terms, how many Transactions Per Second (TPS)?

2. Security. No point in having high TPS if funds can be easily stolen/lost. There are usually trade offs between 1 and 2.

3. Functional Scalability. How easy is it to build apps on this platform?

4. Developer enthusiasm. If you are not technical, it is hard to understand the arguments for and against 1,2 and 3, but a reasonable proxy is an active developer community and one way to see that is to look at activity on Github.

Introduction to EOS: Fans of EOS like to call it “Ethereum on Steroids”. EOS tokens cannot be purchased by people living in the US.

EOS Transactional Scalability: EOS’s asynchronous communication and parallel processing provide good room for scalability. Once fully implemented, EOS maybe the only platform that can really handle scalability well. It has its underpinnings in Graphene, a technology that can attain transactions on the order of 100,000 per second. Also, EOS is centred around the theme of parallelism, so it is possible. in theory, that network parallelization can make EOS run millions of transactions per second, outperforming legacy financial systems like Visa, let alone Ethereum. In addition to this, EOS will also be able to support large dApps efficiently by separating the authentication process from execution. And since it will have no transaction fees, some computation would be eliminated.

EOS Security: Owning EOS tokens gives users a proportional stake in the network, providing them with appropriate network bandwidth, storage and computational power. So spammers can only abuse the portion of the network that’s entitled to them. Therefore, denial-of-service (DoS) attacks can never disrupt the entire network.

EOS Functional Scalability: As of now, EOS doesn’t have its own scripting language, but it provides several APIs for interaction via other languages, mostly in C and C++. Since these languages might be not so easy to learn, developers may prevent themselves from “jumping into” EOS dApp development. However, both of the languages are quite mature and popular, so we may soon witness some first-generation dApps running on the EOS platform.

EOS Developer Enthusiasm: Since a lot of EOS’s features are technologically novel, developers are quite excited about the platform. The only thing that’s holding them back is the lack of convenient tools to interact with EOS. On the r/programming subreddit, there aren’t any posts which specifically focus on EOS. However, they do have a young subreddit of their own, r/eosdev which has few hundred members. The dev community for EOS is still pretty dormant, but it is evolving. On GitHub, you can find a handful of projects related to EOS, but there are a significant number of developers who have directly contributed to the EOS codebase itself. Maybe they’re interested in pushing the platform to robustness so that it’s more useful for them. The main codebase has about 3.4k stars so that tells a lot about it’s “familiarity” – a lot of developers know that it’s out there. But that’s peanuts compared to Ethereum’s 12.2k stars.

Tell us what you think in comments. Whether you are a developer or an investor, please tell us what you think about EOS (and what other Ethereum-killer platforms we should be looking at).

Bernard Lunn is a Fintech deal-maker, author, adviser and thought-leader.

You can reach out directly to discuss our advisory services by sending an email to julia at dailyfintech dot com

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