$3.69 0.56%
EOS · 10w

EOS's main competitor is Steem, not Ethereum

A lot of EOS supporters think that EOS is a competitor of Ethereum. But that isn’t really the case. EOS and Ethereum have different architecture. There are many use cases in which EOS would perform way better than Ethereum. But there are also use cases where Ethereum will win without any competition.

EOS is a mutable blockchain. Ethereum is an immutable blockchain. EOS won’t be a good fit for a project that requires immutability. Similarly, Ethereum won’t work for a project that needs high speed transactions. This is why Dice betting games don’t work on Ethereum.

But EOS and Steem, both have the same blockchain design. They also have the same use case for DApps. There is only two graphene based blockchains that will have support for smart contract. One is EOS and the other will be Steem. That by default makes Steem the competitor of EOS.

Steem and EOS have a lot of DApps that are targeting the same market. For example, Steem DApp musing is a quora like question and answer website which will compete with EOS based QA app QoQo. Hirevibes is a competitor of Steem based open source contribution app Utopian. EOS based blog publishing DApp Trybe is a competitor of Steem based DApp Engrave and Steempress.

The fact that Steem is a competitor of EOS is pretty well accepted by the general community of Steem. Some would probably blame the rise of EOS for the fall of Steem price. Some developers who previously worked on Steem related projects now work on EOS because EOS pays more.

I mean, working on developing software in the EOS ecosystem is more profitable since EOS marketcap is much higher than Steem. I don’t blame them for leaving Steem though. Steem Inc has had some mismanagement which hasted the fall of Steem price. The marketcap difference between Steem and EOS surprises me since both of them are similar projects.

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