blockchain

EOS and TRON Blockchain Projects – Lots of Promises to Deliver

EOS and TRON are arguably two of the most hyped blockchain projects and their prize and marketcap have gone up considerably after their ICOs were announced. We will be comparing EOS and TRON to see if they are worth the hype and will they deliver on their promises after their mainnet goes live.

EOS Blockchain – Challenge to Ethereum

Ethereum opened the Pandora-box for Smart Contracts and dApps. Many decentralized applications built on top of the Ethereum blockchain provided much utility to the public and went on to be called the “World Computer.” But it also had its drawbacks regarding scalability and the number of transactions it can handle per second. EOS announced that it could solve the problem faced by Ethereum by allowing thousand-times more transactions to be handled per second by its blockchain.

EOS has a big ambition of supporting very big applications like Facebook and Twitter which handle thousands of transactions per second. Ethereum can handle only 15-25 transactions per second, but this is not sufficient to handle big applications like Facebook that process more than 50K likes and shares per second. EOS claims it has come up with a solution to handle thousands of transactions and also to support multiple large-scale applications.

EOS will be using the Delegated Proof Stake (DPoS) instead of the Proof-of-Work algorithm used in Ethereum to handle millions of transactions per second. Also, EOS can handle multiple applications at the same time by processing transactions independently and completely outside the control of EOS blockchain. EOS will not be a centralized entity like Ethereum is often said to be, and EOS developers claim that their network will be able handle all types of applications.  Each application on EOS will reportedly function independently and autonomously, without any interference from the EOS blockchain.

EOS has raised $4 billion in its year-long ICO and has recently launched its mainnet. The marketcap will tell you the amount of hype created for this project which was in testnet all this while and only recently was the latest source code for the project released. The project’s mainnet was supposed to launch, but that’s not quite what happened. Despite also critical vulnerabilties spotted in the EOS blockchain, its token is currently placed fifth in marketcap at the time of writing with a marketcap of $13 billion. The project is built by block.one and its CTO is highly renowned in crypto space, Dan Larimer. he has multiple projects to his credit like Bitshares and Steemit.  The price of EOS has been going up considerably due to the launch of its updated source code, but there are still a lot of promises yet to be delivered. One has to wait and watch if EOS can fulfill the expectations of its investors and become a better version of Ethereum.

Tron – Decentralized Content and Storage Network

TRON is another ERC-20 token on the Ethereum blockchain like EOS that also promises to have its own blockchain. It promises to be a decentralized content and storage network. The network will allow content creators and game developers to raise funds using the TRON network and in turn publish the game on its network itself.

TRON is using a different algorithm called “Proof of Repetition” .”PoRep” will reward the users with tokens who contribute storage to the network. They get paid in the TRON token for their storage contribution and if a user watches a video or uses the content on the network, they need to pay in TRON tokens.

TRON users also get TRON power if they lock in their tokens for a considerable amount of time. The TRON power a user acquires is directly proportional to the number of tokens they possess and amount of time locked up with them.  This is said to encourage users to hoard more tokens over a considerable period of time.

TRON is used as a data storage technology and also a blockchain for content development. TRON can even be used for developing gaming by raising funds using the TRON network and the game can be published on the same TRON network.

TRON is developed under the leadership of CEO Justin Sun; he is very ambitious and futuristic. He has worked as Ripple China representative in the past and has vast experience in this field. TRON has also been hyped and has raised billions of dollars through its ICO. The token is quite popular and holds the tenth position in terms of market cap out of thousands of different cryptocurrency platforms, at the time of this writing. Investors have huge expectations from this blockchain project, and they eagerly await to see who the “super representatives” will be that will manage and secure the TRON network, as its mainnet was launched as scheduled on May 31st. We need to wait and watch if it can live up to its expectations and deliver the desired results.

EOS and TRON

We have discussed both EOS and TRON in detail, and they both are different in addressing two different problems. Even though they are like Apples and Oranges, one thing that is common between the two is that they both are overhyped and billions of dollars have been invested in these two projects even during their testnet phase itself. It is up to the leadership of these two blockchain projects to work to fulfill the promises and make it more usable. Many projects are vapourware in crypto space, and that should not be the case for them, because investors have huge hopes in them and they do believe that both of them will address the problems faced by Ethereum and eventually replace it by becoming more scalable and useful.