By Arjuna @ EliteX Media
It could be argued that among all the crypto projects that currently exist, none of them have attracted the near mythical cult-like status of EOS (Token: EOS). Of course many projects have a committed fan base. And it’s not that the dedicated fans of other cryptocurrencies are any less fanatical about their chosen project. It’s more that EOS has cultivated for itself something of an occult image; like a messenger from the gods, a revelatory omen signifying the dawn of a new decentralised era for the internet.
This would be due in part from taking its namesake from Eos, the ancient goddess of dawn from the Homeric age. But also because EOS is the brainchild of Daniel Larimer, who is something of an iconic luminary in the crypto community, widely regarded as a crypto-genius and visionary thought leader at the forefront of blockchain innovation. Prior to EOS, Larimer earned his stripes developing the crypto projects BitShares and Steem. Released in 2013 BitShares is a decentralised crypto exchange that functions as a DAO, boasting extremely fast transaction speeds, complete with traditional asset-pegged currencies such as bitUSD and bitGOLD, long before the idea of decentralised exchanges and Tether became a thing. Larimer’s second project, Steem, released in 2016, is one of the first cryptocurrency-based social media and content hosting platforms, similar in format to Medium.
Proving himself to be a prolific contributor to the burgeoning cryptocurrency field, Larimer published the first version of the EOS white paper in 2017, near perfectly timed with the first genuine wave of bubble inducing crypto-hype that swept through that year. The stated aim of EOS is to establish a scaleable and fast blockchain platform with zero transaction fees, capable of hosting open-source projects, consumer-oriented services as well as large-scale enterprise level decentralised applications:
“The resulting technology is a blockchain architecture that scales to millions of transactions per second, eliminates user fees, and allows for quick and easy deployment of decentralized applications.” — EOS white paper (version 1)
Following a record-breaking ICO that raised a whopping $4 billion, the alpha version of the hugely anticipated EOS mainnet was very appropriately designated the code name Dawn.
The latest Tweets from Dan Larimer (@DanLarimer). CTO at BlockOne - Creator of https://t.co/aOcmSRS5BX, Steem, and…
By this time Larimer had put on his CTO hat and partnered up to form Block.One with CEO Brendan Blumer, a private company committed to the open source development of EOS and subsequent blockchain projects. Following a few pre-launch hiccups the EOS mainnet went live to the public successfully on the 14th of June 2018.
The mystique that EOS enjoys remains relatively untarnished, though it has not been without further hiccups, most recently when it appeared that an attacker was able to exploit gambling dapp EOSPlay and syphon away tens of thousands of EOS. Regardless, EOS has some of the best brains in the business behind it, and is very unlikely to be derailed by such bumps in the crypto road.
TRON (Token: Tronix or TRX) has also attracted a dedicated following. Initially it was conceived with an ambition to “heal the internet” as stated in
the preface of its white paper (more on that later). More specifically, the original idea behind the TRON blockchain protocol was to be a decentralised platform that hosts and distributes entertainment related content; for artists, photographers, musicians et al. In essence a blockchain-based entertainment ecosystem to put control of content back into the creator’s hands. This, inevitably, has morphed into a more generalised and perhaps more ambitious vision: to decentralise the internet as a whole.
According to its timeline TRON was first established in 2014, then its open source protocol was released and TRON Foundation established in 2017. On May 31st 2018, after the ICO raised $70 million TRON’s mainnet blockchain designated Odyssey 2.0 was released to the public. The name also attempting to invoke some of that epic scale imagery of Homeric proportions.
Justin Sun (@justinsuntron) | Twitter
The latest Tweets from Justin Sun (@justinsuntron). @tronfoundation丨@BitTorrent丨@utorrent丨#1 Player on @winkorg丨1st…
CEO and founder of TRON, Justin Sun is easily one of the most well known figures in the crypto world. Earning that profile and reputation, though, has not been without a certain degree of infamy and controversy. Shortly after publishing the TRON white paper, murmurs alleging plagarism arose questioning the originality of its content. He has embroiled himself in an ongoing public feud with Ethereum’s Vitalik Buterin on social media, serving up some very entertaining content for crypto pundits to comment on in the process.
Most recently, Sun bid a record breaking $4.6 million at charity auction to win the opportunity to have lunch with Berkshire Hathaway’s Warren Buffet, renowned billionaire investor and famous cryptocurrency sceptic. No sooner had Sun begun hyping up his meeting with the Wizard of Omaha, he postponed citing ‘medical reasons’. Though rumours of visa issues and a run in with Chinese authorities as the real reason have also circulated.
In spite of or perhaps because of this TRON has more than survived, it has thrived. Controversies notwithstanding Sun is no lightweight, having previously held a position representing Ripple in the Greater China region, founded the video streaming app Peiwo, and surprisingly, has even earned a nomination for the 2019 Nobel prize in economics. Last year TRON pulled off its biggest business coup to date, acquiring BitTorrent Inc. for $140 million, and is now steadily at work combining its ecosystem with the TRON network.
Head to Head
Both EOS and TRON have deployed their blockchain networks according to the DPoS (Delegated Proof of Stake) governance protocol. Depending on the coin, DPoS runs some form of user-based voting mechanism that promotes network nodes into delegate positions to enact consensus, verify transactions and forge new blocks. The DPoS protocol is an innovation that was first implemented in the BitShares blockchain network, developed by EOS’s Larimer.
At any given time EOS has 21 Block Producers (BPs) who are elected by users to the delegated position. The 21 BPs generate new blocks every half-second in rounds of 126 (6 blocks per 21 BPs), with new BPs chosen at the start of each round according to voter preference. For TRON, DPoS is deployed using 27 ‘Super Representatives’ (SRs) who are rotated out by a user voting system every 6 hours. Blocks produced by the SRs contain roughly 60 transactions, which are generated every 3 seconds.
The DPoS system may sacrifice a degree of decentralisation in comparison to Ethereum or Bitcoin’s Proof of Work networks, but the payoff is a big increase in speed and scalability, facilitating thousands of transactions per second (tps). EOS has so far logged a maximum of 3996tps while TRON claims to have tested its blockchain up to 2000tps. Both claim the potential for their respective blockchains to ramp that up into the tens of thousands, or in the case of EOS even millions of transactions per second. In short, each project promises flexibility, scalability and low latency for their respective app developers. Notably, EOS was implemented with zero network fees, while Sun claims that TRON’s network fees have dropped to zero.
EOS and TRON are both established top 20 cryptocurrencies. As of September 20th 2019, CoinMarketCap ranks EOS at #7 and TRON at #13, with marketcaps at $3.66 billion and $1.16 billion respectively. Just as pr0n sites were the early adopters of the internet, at this stage the majority of blockchain dapps so far hosted on both platforms are classified as gambling or high risk applications, with a few novelty games thrown into the mix.
Given the overall state of the alt-market of late, both are currently decent bets for traders who believe that an alt-coin season is indeed just around the corner. For investors it’s a very different proposition. It’s still very early days. One thing’s for sure, however. The eventual winner is sure to be greatly rewarded. But today’s market leader might be a complete has been in a year’s time, long before any crypto project establishes itself and achieves real world, mainstream adoption. All one can do, then, is trust their convictions and hodl.
Disclaimer: This article is for information purposes only, and does not constitute investment or trading advice.