EOS vs Cardano: The Battle Of The “Ethereum Killers”

In Brief 

• EOS was founded by Dan Larimer and Block.One. Cardano was founded by Ethereum co-founder Charles Hoskinson.

• EOS uses EOS.IO to power the EOS blockchain and uses a Delegated Proof-of-Stake consensus mechanism.
• Cardano’s consensus mechanism, Ouroboros, successfully integrates epochs and slot leaders, improving how a traditional Proof-of-Stake consensus mechanism works.
• EOS uses C++ through web assembly to code smart contracts. Cardano uses Plutus.

Cardano and EOS are two projects that have built up significant momentum in the market. When it comes to market cap, EOS currently sits much lower than Cardano but shows enormous potential as an alternative for Ethereum in the decentralized applications (dApps) space.

EOS vs Cardano: A Brief Look 

EOS and Dan Larimer

A decentralized platform that supports industrial-scale applications, EOS is similar to Ethereum, and the team behind the platform is known as “Block.One.” Block.One is led by Brendan Blumer, who is the CEO. Larimer left Block.One at the start of 2021.

The EOS platform provides tools for developing dApps, enabling instant transactions and scalability solutions. It aims to remove transaction fees altogether and increase its transaction speed to millions of transactions per second. The EOS blockchain comes with several features such as,

• Parallel processing – Parallel processing brings better scalability and faster transactions.
• Decentralized – Developers on EOS can use EOS coins to develop applications.
• Low latency – The platform utilizes the lowest possible latency, allowing dApps to run smoothly.

Cardano and Charles Hoskinson

Cardano was founded by Ethereum co-founder Charles Hoskinson, who describes Cardano as a third-generation blockchain that massively improves upon first and second-generation blockchains such as Bitcoin and Ethereum. The platform hopes to become a highly scalable and energy-efficient smart contract platform. Cardano’s native cryptocurrency is called ADA and can be utilized to carry out transactions and send or receive funds.

Cardano is known in the crypto community for its research-focused approach. The Cardano blockchain’s protocols are peer-reviewed by scientists and academics from institutions such as the University of Edinburgh and the Tokyo Institute of Technology.

Also read: Ethereum vs EOS: Battle Of The Smart Contract Platforms

EOS vs Cardano: Consensus Mechanism 

EOS – Delegated Proof-of-Stake 

Developed by Daniel Larimer in 2014, delegated Proof-of-Stake (DPoS) is utilized by projects such as Bitshares, Ark, and EOS. A DPoS consensus mechanism works slightly differently than Proof-of-Stake (PoS).

PoS is a consensus mechanism based on staking, in which validators are picked at random, giving them the responsibility and power to validate blocks. Validators are chosen based on the amount they have staked or how long they have been staking on the network.

Find out how to buy Cardano at Coinsmart.com!

On the EOS blockchain, DPoS functions in the following way:

• The blocks are produced in rounds of 21, with 21 producers chosen at the start of every round. The first 20 are automatically selected, while the last producer is chosen according to the proportion of their votes relative to other block producers.
• The producers are shuffled to ensure that balanced connectivity with the producers is maintained at all times.
• If producers do not participate, they are punished by being removed from consideration. This is done to ensure block production and block time kept at 3 seconds.

Cardano – Ouroboros

Cardano uses a specialized Proof-of-Stake consensus mechanism called Ouroboros. Ouroboros depends on the token holder’s stake for decision-making and block production, making it a more scalable option than the Proof-of-Work consensus mechanism. It introduces the concept of epochs and slot leaders.

Cardano splits time into periods called epochs. The epochs are divided further into slots, with each slot lasting for 20 seconds. A slot leader is selected for each slot, and that slot leader can validate one block, giving Cardano a block production time of 20 seconds. Cardano has created a system to ensure that slot leaders are elected fairly.

• To qualify or be considered for qualification, a user must hold at least 2% stake in Cardano.
• The more stake a stakeholder has, the better the chance they have to be elected as slot leaders.
• If a slot leader cannot create a block during the slot they are elected for, they are replaced and have to wait until they are re-elected.

Ouroboros is the first blockchain protocol based on peer-reviewed research, combining technology and mathematically verified mechanisms to ensure the sustainability and security of the blockchain. In addition, Ouroboros successfully addresses the issue of scalability and energy consumption that plagues existing blockchains. The Cardano blockchain can scale up to four million times the efficiency of bitcoin.

Also read: Cardano Vs Ethereum: The Smart Contract Platform Showdown

EOS vs Cardano: Programming Language 

EOS smart contracts are written in C++, which means developers that know the language do not need to learn a new programming language to understand EOS.IO. Developers can easily program smart contracts on EOS in no time.

Cardano uses Haskell and Plutus as its primary programming languages. Plutus is used for the computation of smart contracts. It is derived from Haskell and is a functional programming language, a functional programming language that combines coding with advanced mathematics. Cardano will add the smart contract functionality after the Alonzo upgrade.

The functional approach allows developers to prove whether a code has flaws or not accurately. However, functional programming languages have a steep learning curve.

Also read: Bitcoin vs Cardano: A Brief Comparison

EOS vs Cardano: An Overview

EOS vs Cardano: Conclusion 

EOS’s goal is to compete with Ethereum when it comes to decentralized applications. EOS has a strong team backing it, and the technology is also very promising. However, the platform has its fair share of flaws. Its price has also seen a significant fall since it reached its all-time high in 2018. EOS has also fallen in the eyes of the crypto community. According to a report in Decrypt, 75% of transactions on EOS dApps were bot made. As a result, EOS has fallen down the pecking order.

Find out how to buy EOS at Coinsmart.com!

Cardano has a well-defined roadmap for the future. Currently, Cardano is in the Goguen phase and looking to integrate smart contracts through Alonzo. The team at Cardano believes that the blockchain will be able to catch up with blockchains like Ethereum. Although it has not been fully tested in the real world, Cardano shows significant promise as a blockchain-based on scientifically validated technology.

Where Do I Buy EOS and ADA?

If you are interested in EOS and Cardano, you can buy the tokens via CoinSmart. Buy cryptocurrencies with ease via CAD, EUR, and USD.