Ethereum, EOS and Polkadot are some of the most popular blockchains for Smart Contracts.
While Ethereum was the very first blockchain to host a Smart contract, EOS and Polkadot emerged as better alternatives to what Ethereum cannot yet offer.
These blockchains came with their unique use cases and have seen an unprecedented adoption by cryptonites.
So, in this article, I will be giving you a complete comparison of Ethereum, EOS, and Polkadot. Let’s jump in!
Post Summary
This article is summarized in these three subheadings;
If this summary tickles your fancy, then, let’s proceed. Scroll down!
1. Overview of Ethereum, EOS, and Polkadot
i. Ethereum
Ethereum is the current leader of smart contract blockchain. It was founded in 2015 by Vitalik Buterin.
It is the first blockchain that made the existence of Smart Contracts on the blockchain possible.
Ethereum was basically created to allow developers to create and manage their DApps on its network.
Already, we have thousands of DApps, including; games, DExs, DeFi and tokens built on the Ethereum network.
Ethereum has the ETH cryptocurrency as its native token. This token raised a total of $15.5 million in ICO.
It has also been sitting as the 2nd most performing cryptocurrency ever since it was launched.
ii. EOS
EOS is both a coin and a blockchain; just as is the case with IOTA and Bitcoin.
It is one of such blockchains that came aboard as Ethereum’s rival.
This Blockchain 3.O or the Ethereum killer (as some cryptonites will call it) was founded by the Block. one company.
It launched in June 2018, after raising a record-breaking amount of $4 billion in “ICO“.
Just like Ethereum, EOS is an open-source where anyone can create, host and execute Smart Contract.
EOS.IO is the software that powers the EOS blockchain, and it is designed to be flexible, scalable and free to use.
iii. Polkadot
Polkadot is a next generation blockchain that launched in May 2020.
It was founded by Gavin Wood – the co-founder of Ethereum, Web3 Foundation, and the inventor of Solidity. Impressive huh?
Polkadot unites diverse blockchains into a single decentralized ecosystem.
Simply put; it makes the interaction among different blockchains possible.
Like Ethereum and EOS, it allows anyone to create, host, and manage DApps on its network.
However, unlike any other blockchain, Polkadot also allows you to build a blockchain on top of its network.
Learn more about Polkadot here.
Having gotten an overview of these blockchains, we will be heading over to the next section where we will compare them.
2. Ethereum vs. EOS vs. Polkadot
We have already established that these 3 blockchains have one goal – Smart Contract|DApps.
Another thing that these blockchains have in common is that their native tokens are inflationary; they have not fixed total supply.
However, each also differs in terms of protocol, architecture, and level of adoption.
I made this easy by comparing them in this table below.
| Parameter | Ethereum | EOS | Polkadot |
| Coin | ETH | EOS | DOT |
| Launch year | 2014 | 2018 | 2020 |
| Founder | Vitalik Buterin | Brendan Blumer | Gavin Wood |
| Rank on CMC | #2 | #21 | #8 |
| Price (May 10, 2021) | $4,152.95 | $10.56 | $40.56 |
| Market Cap. (May 10, 2021) | $478,213,128,522 | $10,109,610,403 | $38,117,923,473 |
| Block Time | 15 seconds | 0.5 seconds | 6 seconds |
| DApps | 2000 (+) | 527 | 49 |
| Fees | High | None | Low |
| Blockchain Interoperability | No | No | Yes |
| Create a Blockchain | No | No | Yes |
I further discussed the differences between these blockchains based on these parameters below.
i. Scalability
Ethereum:
Ethereum blockchain tried to improve the scalability issue of Bitcoin. While Bitcoin processes 6 TPS, Ethereum processes 15TPS.
Despite being more scalable than Bitcoin, Ethereum does not yet have enough throughput needed to scale transactions on its network.
For instance, in 2017, Cryptokitties clogged the Ethereum network, and nearly 30,000 transactions were left unconfirmed.
Beyond this, more and more DeFi projects are continually being built on Ethereum, and this causes the network to be overly congested.
Hopefully, this will be resolved through the launch of Ethereum 2.0.
EOS:
EOS can process about 50,000 transactions per second.
This is super impressive as it handles more transactions per second than VISA.
Polkadot:
Polkadot uses a sharded blockchain protocol to scale up the transactions that are performed on its network.
This helps it to process more than 160,000 transactions per second. Amazing, huh?
ii. Programming Language
Ethereum:
Solidity; the programming language on Ethereum is difficult to write and not all that user-friendly for an ordinary developer.
This often results in Smart Contracts being written with vulnerabilities and easily exploited by hackers.
However, this is also an issue that the Ethereum 2.0 will solve in the future.
EOS:
EOS allows developers to code in the language of their choice through what they call WebAssembly (WASM)
Polkadot:
The Programming Language on Polkadot is ink!.
However, any language that complies with WASM can also be used to write smart contracts on Polkadot.
iii. Consensus Mechanism
Ethereum:
Ethereum adopts a strong decentralized consensus mechanism known as the Proof-of-work.
Although, this will be changed to Proof-of-stake with the launch of Ethereum 2.0.
EOS:
EOS uses a governance model known as the Delegated Proof of Stake consensus mechanism.
This typically means that your contribution to the network is determined by the number of coins that you hold.
This is not so decentralized because it leaves the EOS whales in complete control of the EOS blockchain.
Nonetheless, the EOS community is planning to change their governance model to Edenos in the future.
Polkadot:
Polkadot uses a Proof-of-Stake consensus mechanism.
This is not so decentralized and can be manipulated because:
Validators on the Polkadot network are selected based on the number of DOT that they have staked on the network.
This ultimately leaves the system under the control of DOT Whales.
iv. Forked
Ethereum:
Ethereum has undergone three Hard forks – Ethereum Classic, EtherZero, and Metropolis.
EOS:
Unlike Ethereum’s Hard forks, EOS has had several Code Forks – WAX, ONO, TELOS, EOS Force, Worbli, etc.
Polkadot
Polkadot is relatively new and has not had any fork.
Besides, Polkadot can upgrade their network without the need for a hard fork through their governance model.
v. Vulnerability
Ethereum
Smart contracts on the Ethereum network have been compromised so many times.
Notably, is the DAO’s hack which caused the Ethereum hard fork.
EOS
Dapps on the EOS blockchains has been compromised severally by hackers
Polkadot
Polkadot lost 66% of the amount they raised from their token’s ICO in 2017.
This was as a result of a code vulnerability found by a hacker in the Parity wallet where the ICO funds were stored.
The Parity wallet was co-founded by Gavin Wood.
Next, we will talk about “which blockchain stands out”. Scroll down!
3. Which Stands Out?
Ethereum, EOS and Polkadot are all unique blockchains.
They were all built with different technologies that will aid the future of smart contract on the blockchain
In terms of adoption and popularity, these blockchains have made incredible strides in the crypto space.
However, while Ethereum has stood the test of time, has the largest community in the crypto space, and has remained unbeaten as the #1 blockchain for Smart contracts.
EOS makes it flexible for anyone to run a smart contract on the blockchain.
On the other hand, Polkadot provides a framework that serves a broader use case, it is relatively new but is blowing up with full force because of its potentials.
Note that these blockchains are not all perfect; as in, they all have their pros and cons.
Nonetheless, the blockchain that stands out from these three, will largely depend on your choice of preference.
That is all I have for this section!
Scroll down and see my conclusion.
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4. Conclusion
Now, you have seen that these three blockchains all have their use cases and limitations.
And like the saying goes – No blockchain can ever have it all!
Ethereum has a tremendous advantage over its alternatives, EOS and Polkadot.
Nonetheless, EOS and Polkadot are thriving on Ethereum’s weaknesses.
But what do you think?
If you are presented with the option of choosing one of these blockchains, which would you go for and why?
Do you feel that EOS and Polkadot will become mere shadows when Ethereum 2.0 finally launches?
Let me hear your thoughts in the comments section right now.
Also, share this post with other crypto lovers. Cheers!
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