Ethereum and Solana, who will be the next EOS?

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1 year ago

Author | Mu Mu

Produced by | Plain Language Blockchain

The crypto community has always had numerous branches of different projects, from the earliest Bitcoin hard forks, LTC, Doge, and other "altcoins," to the later emergence of well-known factions like Ethereum, EOS, and Solana. They represent different ideas and directions, and while their ecosystems have collaborations, there is often mutual attack among communities due to differing viewpoints.

With Solana performing well this round and Ethereum's performance being relatively lackluster, members of the Solana community say ETH is like EOS of the past, while Ethereum community members counter that SOL is the one resembling EOS. When a project is considered similar to EOS, it implies that it is viewed as facing an unfavorable outlook or entering a "bottomless abyss." So, which is more like EOS, ETH or SOL? Today, let's analyze this from multiple perspectives…

Ethereum and Solana, who is the next EOS?

01. Technical Route and Design Philosophy

As underlying public chains, Ethereum, Solana, and the former EOS all aim to break the "impossible triangle" of blockchain technology, striving to become secure, reliable, high-performance, and highly scalable infrastructures.

In terms of scalability solutions, Ethereum has chosen to transition from a POW consensus mechanism to a special POS consensus mechanism and plans to enhance network throughput in the future through sharding. It has tentatively shifted to a Rollup Layer2-centric scaling solution and has made some progress.

In contrast, Solana has taken a more aggressive approach by using "Proof of History" to achieve faster transaction confirmations. This consensus mechanism allows for high performance and the ability to handle a large volume of transactions. Similarly, EOS also focused on high-performance blockchain, achieving extremely high throughput through the DPoS (Delegated Proof of Stake) consensus mechanism.

In terms of technical routes, Solana and EOS are more alike, both aggressively pursuing extreme performance while sacrificing some degree of decentralization, exposing issues of node centralization. However, unlike EOS, which has experienced several unstable outages, Solana is gradually optimizing and upgrading. Ethereum's approach is considered more conservative, choosing a difficult and complex path to avoid sacrificing decentralization.

Ethereum and Solana, who is the next EOS?

02. Sustainability

"Distance tests a horse's strength, time reveals a person's heart." In the ever-evolving crypto field, "survival" may be the most valuable trait of a project. Often, innovation also means taking unconventional paths, facing more risks and challenges.

Historically, Ethereum has withstood the test of "time," second only to the crypto asset leader, Bitcoin. Currently, Ethereum still maintains the largest developer community and an active ecosystem, with a moat created by real-world applications like DeFi. Continuous innovation and ecosystem development have solidified its position as the "second" in crypto assets.

EOS, on the other hand, seems to have failed the test of time. EOS and its ecosystem enjoyed a period of glory but later exposed some sustainability shortcomings, ultimately becoming stagnant, and whether it can "make a comeback" remains uncertain.

Solana, with a shorter history than EOS, has also faced the adverse effects of the collapse of major supporter SBF and FTX, as well as frequent outages and attacks. It has endured hardships but similarly exposed some stability and security issues, facing challenges to its sustainability.

Perhaps learning from EOS's relatively "failed" experience, the Ethereum and Solana communities will cautiously consider sustainability issues.

Ethereum and Solana, who is the next EOS?

03. Community Support and Institutional Backing

The development of crypto projects is always inseparable from the continuous support of the community, which is also shadowed by institutional capital. A thriving ecosystem relies on the community, while capital from institutions accelerates its progress.

At its launch, EOS had broad community consensus and received substantial capital and institutional support. Its development company, Block.one, invested considerable funds and resources. However, due to pressure from U.S. SEC regulations, Block.one, as the project party, could not directly participate in the mainnet launch and project operations. After settling a lawsuit with the SEC, it chose to "lie flat" with its massive wealth, effectively leaving the project to the community.

Due to governance model and centralization issues, EOS's community consensus gradually weakened, and the confidence of supernodes and developers diminished, leading to the result we see today.

In contrast to EOS, Solana has received relatively more support from Wall Street elites and capital. Its positive performance seems to have quickly consolidated strong community consensus in the short term. The project team's leadership is also exceptionally active in the community. Additionally, with the relaxed state of U.S. crypto regulation following Trump's presidency, the Solana team does not face similar pressures. Instead, due to the popularity of concepts like Meme and its "Made in USA" identity, it has gained continuous capital support.

Ethereum requires no further elaboration on community and institutional support. As the second-largest crypto asset and one of the only two U.S. stock spot ETFs, its ecosystem's maturity and liquidity are significantly ahead, and with its sustainability advantages, its long-term appeal is likely to only increase.

04. Conclusion

Although we have analyzed the similarities and differences between Ethereum, Solana, and EOS from several important angles, on the surface, Solana appears to resemble the more radical EOS, while Ethereum seems more stable. However, the conditions of "timing," "location," and "human factors" differ for each, perhaps making them all unlike one another, each facing unique tests, challenges, and paths.

Only time will tell. Under more favorable regulatory conditions, perhaps crypto projects like Ethereum and Solana can look forward to a bright future.

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