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|
|FanEspo Big Competition (ERC20)||Limited||The eSports platform FanEspo is giving away the total of $1.6 million of tokens in contests. Top winner's prize is over $100K worth. You need to have a FanEspo account, the tokens you get are beta but they will be transferred into real tokens upon launch. Estimated value is 1 USD per token.||details||make acct|
|Athero Airdrop||As available||The IoT-Blockchain system Athero still has the airdrop open.||form||web|
|HubrisOne Airdrop Round + Bounties||Weekly (16 weeks of airdrops, each weekly round starts on Tue)||HubrisOne is a UK financial service that offers personal and business crypto-friendly bank accounts and crypto-fiat cards. The easiest way to get the token is to download their banking app, which gives you 1000 tokens (10 USD) but 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, but on other days they publish random airdrops on their Twitter.||airdrop, bounty||twitter (more drops)|
|Synchrotron / $STC Airdrop #12||30 weeks of airdrops (Airdrop #12 starts 4 March 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|
|Bethereum Photo Contest||Starts 22 February 2019||Bethereum, the betting platform on ETH, is running a new Twitter campaign. Reply to Bethereum's monthly tweet with a photo the our gaming platform interface shown in the most interesting place adding #BethereumAnywhere to enter the contest for 25,000 Bether tokens. Two winners are selected every month, at the end of the contest three top photos will be awarded 100,000 Bether each.||rules||web|
|DSTRA / $DST Airdrop #22||Biweekly, drop #22 runs from 25 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|
|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|
|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|