For some time now, the birth of new platforms aimed at the development of smart contracts -or smart contracts- and decentralized applications has spread throughout the cryptocurrency market. All of them offer particularities that make the difference when building in any of these systems. While there are a large number of platforms, at Cointelegraph we decided to focus on the 3 most renowned: Ethereum, EOS and TRON.
Ethereum
Ethereum (ETH) is a distributed ledger and decentralized computing platform with smart contract capabilities. It was proposed at the end of 2013 by Vitalik Buterin and financed through ICO in July and August 2014, which generated approximately USD 15,571,000 with a cost per token of $ 0.311, the ICO of ETH was one of the most profitable as far as there is a record. Subsequently, the main Ethereum network was launched on July 30, 2015, giving way to a variety of applications and development options to the community.
Its consensus algorithm works through the Proof of work mechanism or proof of work that, through a coarse network of miners, transactions are validated and verified to be added to a block. After Bitcoin, Ethereum is the most valuable blockchain project by market capitalization. It is one of the first large blockchain networks built specifically for decentralized applications.
Tron
The development of TRON (TRX) is a smart contract platform in charge of granting a more optimal development for the execution and scalability of decentralized applications (Dapps). Founded by Justin Sun in mid-2017, TRON raised a total of $ 70 million through an ICO on the Ethereum network for a price per token of $ 0.00186 before launching its mainnet in May 2018.
According to their whitepaper, the TRON codebase was originally pulled from an Ethereum fork and uses a copy of Solidity's smart contract language for the setup of its contracts. Solidity was the most commonly developed and used programming language on Ethereum. As a result, smart contracts and Ethereum token standards are compatible with the TRON ecosystem.
TRON blockchain development uses a different consensus mechanism than Ethereum to aggregate and verify transactions on its network. Instead of using Proof of Work like Ethereum or Bitcoin where miners produce blocks for the network, TRON uses something called Delegated Proof of Stake (DPoS) where 27 elected Super Representatives produce blocks for the network. This consensus mechanism allows TRON to achieve much faster transaction rates than other chains.
EOS
EOS (EOS) is a smart contract computing platform designed to host decentralized application development (Dapps). Its operation began on June 14, 2018, after raising USD 4.2 billion in an ICO that lasted for one year and an average price per token of USD 5.74. The EOS blockchain uses a Delegated Proof-of-Stake (DPoS) consensus mechanism to confirm its consensus, where 21 community-chosen block producers actively maintain and build the network.
