There are currently three blockchains that can process over 1000 transaction per second - NEO, EOS and Tera. NEO's maximum throughput is 10K, EOS gives 5K and Tera 1K. This is a brief comparison of the three blockchains, the value that can be drawn from them and the drawbacks each of them has.
Ethereum might be the gold standard of smart contracts, it is widely known though that in terms of transaction throughput this particular blockchain is severely lacking.
That does not make it a mistake that most utility tokens are based on the Ethereum blockchain. For most cases, a throughput of 5-15 transactions per second is enough. At worst, it can result in a few seconds of inconvenience for the transacting parties.
Nonetheless, as blockchain technology became a tool widely explored by large established institutions, a market for high-throughput distributed ledgers was created.
In this article we are comparing three of them - NEO, EOS and Tera.
NEO came to prominence in 2017, but it is in fact a 2014 project called Antshares that was rebranded. NEO is China’s first original open source public blockchain project. Its focus is to become the full stack for smart economy, supporting smart contracts and digital identity.
As for the smart contracts, the improvement from what Ethereum does was mainly for convenience - NEO supports contracts written in most high-level programming languages, there is no need to learn a new skill in order to start developing.
A major difference is the maximum transaction throughput: NEO can make up to 10k transactions per second thanks to its algorithm optimizations. On top of that, NEO has a host of hard-coded features like a cross chain protocol for communication with other blockchains or a file sharing service based on the IPFS.
That all sounds very attractive. However, even now, NEO still operates in the mode of “decentralization someday”: Bitcoin and Ethereum have over 30k globally distributed network nodes between them, the amount of official NEO nodes is literally only a handful.
So far, NEO has failed to get any significant worldwide adoption aside from price speculation. Moreover, the way NEO handles digital identities could lead in censorship in the future.
While for institutions like Weiss Ratings this is not of much importance as the chief metric seems to be future potential, it is very much a critical concern for someone who is deciding where to pour a lot of good money to build an actual business.
EOS. We all know EOS. The block.one project that raised billions of ICO dollars, after which the representatives publicly claimed they have not decided how they will use the money yet. That, most importantly, they did not actually ask for that much, it’s just that people gave them all this money. And that’s not even mentioning the disaster surrounding the launch of the EOS blockchain that was released buggy, and the controversy around the tiny amount of nodes that support the EOS ledger.
The irony is, now that the controversy cooled down, EOS could actually achieve great things, provided the choices made by responsible people will be smart. After all, the money is there.
On the other hand, overfunding is a thing: It brings about lack of focus in the core team which in turn weakens the community somewhat. The halo of all the money attracts speculators, but the lackluster management and communication puts off the more hands-on types of engagement.
That said, EOS does enjoy some dApp developer activity. For now though, it seems its 5k transactions per second throughput will be mostly used for gambling, as that’s the industry that makes up the majority of EOS dApps.
Most recently, there was another scandal regarding the attitude of EOS to decentralization: It is just not even a concern for EOS. They reportedly reverse confirmed transactions and freeze accounts. If with NEO censorship is a looming future threat, with EOS it’s a confirmed fact.
Tera is the youngest distributed ledger of the trio. This PoW cryptocurrency first started mining in July 2018, smart contract functionality was implemented in October. The roadmap features plans that would normally make up for a standalone crypto project, such as decentralized messaging system or a decentralized exchange.
The Tera blockchain promises 1 second block time, 8 seconds for transaction confirmation and zero fees. It has maximum throughput of 1000 transactions per second without the compromise on decentralization we see at EOS.
Tera supposedly achieves increased efficiency thanks to the Terahash algorithm with optimized RAM hashing, but at the time of publishing there is not yet a whitepaper available to dig more deeply into this.
The importance of community in distributed ledgers for business
Tera is being developed in Moscow and while the project is extremely young, there is a considerably engaged community around this blockchain. The Tera tokens, while completely unknown to the outsider, even have a lively p2p trading on the social channels. The 1 second block times did cause some stir when announced through bitcointalk and attracted a good amount of miners.
In a distributed system meant for business use, this type of active community engagement is very important. After all, that is the edge in using a public distributed ledger: One of the advantages you get is you don’t pay for the infrastructure, you have a worldwide community of people who run it instead of you generating their own profit, and the larger this community is the more resilient the infrastructure becomes.
No matter how you look at it, it is questionable whether compromising on the decentralization really is a viable option.
It is of course too early to tell what will become of the Tera blockchain, but it is extremely positive that new competition keeps coming up in this space.
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Upcoming and current airdrops February 2019
|Name||Date||How to access||Official URL||Additional Info|
|Cryptomillions $CPMS Airdrop||Capped||New crypto airdrop, simple social tasks will get you $8 worth of tokens that will be directly tradable.||join||web|
|COSS Exchange Valentine's Day Airdrop||14 Feb 2019 00:00 GMT+8 - 23:59 GMT+8||This is a special event from the crypto exchange COSS: On Feb 14 only you receive an airdrop of 25 CFT if you make one deposit and trade any cryptocurrency to qualify.||join||more|
|Valentine's Day at CryptoFlower game||14 Feb 2019||This is a special event from the dApp game CryptoFlowers: On Feb 14 only you can grow flowers with special pot and AR flying hearts. These flowers will be rare and can be sold later.||sign up||web|
|Genes Token Airdrop (ERC20)||As available||A tokenized project for genome storage service on the blockchain. You get 5 GENES for commenting on Bitcointalk.||join||web|
|Synchrotron / $STC Airdrop #9||30 weeks of airdrops (Airdrop #9 starts 11 February 2019)||Hybrid PoW/PoS payment cryptocurrency. The team drops 72% of supply (18 MM coins) during 30 weeks of airdrop campaign; there is additional budget for bounties. The bounties are announced on discord server. Each airdrop round runs from Monday 10AM UTC to Friday 10PM UTC. Validation runs weekends and distribution Mondays. You need to download a $STC wallet.||drop rules in this thread||info|
|DSTRA / $DST Airdrop #21||Biweekly, drop #21 runs from 11 Feb 2019||DSTRA is PoS Scrypt Masternode coin with limited supply that will be used in DEX environment and marketplaces. There are airdrops every two weeks, users need to register via discord. Regular payouts verified.||discord||rules|
|Agri Novus Bounty||As available||New blockchain-based project for organic supplies providers and customers. The team will pay out bounties for social media work.||more|
|Tratok Airdrop||February - March 2019||Tratok stands for Travel Token, it is a token of an application to make bookings for travel and hospitality. Follow the Tratok Project on their social media platforms and get 1000 TRAT for each approved action. Tokens distribute 20th March 2019.||join|
|LATOKEN Invite-Only $LA Airdrop||Capped||LATOKEN drops their exchange LA tokens to invited users who verify their e-mail address. LA is a token of a fintech project aiming to setup a distributed trading ecosystem. If you contribute with bounty work you can earn up to 3,140 LA. The token trades actively on the exchange against several cryptocurrencies.||join||web|
|HubrisOne Airdrop Round #5||Weekly (16 weeks of airdrops, each weekly round starts on Tue)||HubrisOne is a financial service that offers personal and business crypto-friendly bank accounts. There is a massive bounty campaign with weekly payouts. The work ranges from social media engagement or Bitcointalk signature to content creation, all must be properly reported. New round starts every Tuesday.||join||web|
|IoT Classic Airdrop (ERC20)||As available||IoT Classic is a decentralized supply chain tracking platform for the internet of things. The developers have background in the supply chain industry and are working on a cloud-based software solution that will make IoT supply chain tracking easy and scalable. The team drops 1,800,000 IOTCL tokens in total for social media follows.||join||web|
|Endpass Testers' Bounty Campaign||As available||Endpass is a new ERC20 wallet that is looking for testers. Everyone who downloads the app and signs up via Bitcointalk and Google form receives 0.1 ETH if they provide constructive feedback, the reward for every reported bug is 0.1 ETH as well. Additionally, there is a Bitcointalk signature campaign.||join||bitcointalk|
|Isibeli / $BEL Airdrop||Capped||New crypto for fast payments. Drops 200 BEL to the first 5000 members who complete simple social media tasks. There is a dubiously big giveaway on the homepage too, be vigilant with this one, don't use your main e-mail to sign up.||join||web|
|PMTC Airdrop||Ends 1 March 2019||A new cryptocurrency written from scratch using PHP, Python and MySQL. Its purpose is a betting system built into blockchain, it currently lives on testnet that needs to be tested. Therefore after signup you'll receive some testnet tokens. You will need to use them on the platform in order to climb in the airdrop ranking to later receive the real tokens.||join||info|
|CoinIMP Airdrop||Capped||CoinIMP is a Monero and Webchain CryptoNight JS web miner that claims to be getting around anti-viruses and adblockers. They are currently in a token sale for a utility token IMP that should be used for payments via the CPM advertising model. A total of 25 million IMP tokens will be distributed among users in an airdrop. You get 500 IMP for a set of social actions: You'll need to sign up, head to the "Buy" section and scroll all the way down.||join||web|
|Cargo Coin Bounty||Weekly||Cargo Coin, a token for transport & logistics with an ICO past the soft cap by now, is having a weekly extensive bounty. It spans from simple retweets to YouTube reviews - make your bounty hunter account and pick your poison.||join||info|
|AllForCrypto (WAVES)||Ends March 2019||A WAVES project for eBay-style marketplace on the blockchain. Drops $20 worth of AFCT, plus they have updated their bounty campaign.||join drop||bounty|