Last time I wrote about the battle between these two projects was 11 months ago in a post titled 'Litecoin and EOS fighting for top 5 spot'. Litecoin had just surpassed EOS for the 5th spot on Coin Market Cap and the two were trading positions now and again. It took a while but they’ve now secured their top 5 spots and they’re now in a different fight – the fight for Top 3.
What are they battling for?
The goal is to be the industry leader when it finally comes the time to transition to a much more efficient financial system. Many serious projects are working tirelessly to build the infrastructure and systems capable of facilitating millions of transactions per second, accommodating the world.
To understand this battle for top spot you have to know the designs and intentions of the projects and the people behind them. The leaders behind Litecoin and EOS are two very esteemed individuals in the cryptocurrency/blockchain space.
To put things in perspective, Charlie Lee (Litecoin) founded BTCC – a Chinese Bitcoin exchange which at its peak was the 2nd biggest exchange and currently works for Coinbase. Dan Larimer (EOS) is the founder of the Steem blockchain, creator of Bitshares and is currently CTO of Block.One, the company behind EOS.
Litecoin aims to be a much better form of money than Bitcoin ever was, facilitating for day to day use. It wants to provide faster, cheaper, and safer transactions on its blockchain. Charlie Lee’s vision is to make Litecoin a form of exchange with minimal costs that can be accessed by everyone. A money that can be used to pay for goods and services instantly, anywhere in the world. Taking Satoshi’s vision for a better decentralized currency accessible to anyone, Charlie has created a currency that is a strong contender to Bitcoin.
EOS (Blockchain) on the other hand aims to become the playground for decentralized apps. The EOS protocol emulates the attributes of a real computer including hardware whose computing resources are distributed equally amongst the EOS currency holders. Each EOS you possess represents a certain percentage of the computing power and hardware resources on the EOS platform in perpetuity. The intricacies of how this all works and governed demonstrates the ingenuity of this project. The Weiss Crypto Ratings Agency quite recently stated EOS as being the “backbone of the new internet”.
Competitors
Although Litecoin and EOS have battling for the top spot for a while, they are not in direct competition with each other. They are two projects with different functions and visions who just so happen to share a common goal for market dominance. Both underdogs in their respective conquests looking to topple the current market leaders.
Bitcoin Cash has been Litecoin’s leading competitor for over a year and looked the likelier to claim Bitcoin’s top spot. Many were doubting Charlie Lee’s remarks a year ago when he said Litecoin would surpass Bitcoin Cash (BCH) market cap before Bitcoin, in something he referred as ‘the flappening’. So far he’s been correct as Litecoin has made some big strategic moves over the past months which led to the flappening of BCH. To Bitcoin Cash’s excuse they did have trouble within their camp which led to a hard fork (split) of the blockchain with some users moving over to the new chain (Bitcoin Cash SV).
Ethereum on the other side of the spectrum has proved a formidable opponent for EOS. Perhaps the fiercest rivalry in this space with no shortage of heated moments. Let’s track this rivalry back way before EOS’s inception. Dan Larimer was still focused on Steem when he made public his reservation on Ethereum and its shortcomings. Vitalik Buterin (Ethereum founder) hit back then and the two have been at it since. It’s going to be a long battle between Ethereum and EOS and one worth paying close attention to as the future will be carved by either one. I don’t see it being a comfortable battle for the Ethereum camp as EOS has already done so much in this short span of time since its inception last year June.
Final Thoughts
We may be in a bear market at the moment but there is plenty of action going on behind-the-scenes. Personally, I’m enjoying following many of these projects and putting my money on the ones I believe in.
Both Charlie Lee and Dan Larimer are a blessing to have in this space. The work they do continues to inspire innovation and accelerated progress. They are pioneers of the new system and future leaders who will be praised long after they’ve retired. Same goes for Vitalik Buterin and many others in this space.
Interesting events are still yet to unfold as the year ahead of us is filled with wonder. For one, there's the anticipation about Dan Larimer's hint on the "big news" for EOS which will be the biggest this year 🧐. Another major event is the 'Litecoin Halving' in August that decreases mining rewards from 25 coins to 12.5 coins. Expect prices to rise as we approach these dates
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That's all for today folks.
Cheers!
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