Ethereum vs. XinFin: Which Smart Contract Blockchain Would You Prefer After Reading This Article?
Bitcoin was the first blockchain and the first ever cryptocurrency. And, despite having numerous good features, it lacks at certain points such as scalability. Vitalik Buterin, who was a part of the Bitcoin team, realized the shortcomings and developed his own blockchain — Ethereum.
Well, one can’t just develop the best of anything at once, and so was the case with Ethereum. While it brought the revolution of integrating smart contracts to the blockchain, it didn’t quite tackle the scalability issue. Especially not so in regard to today’s widespread use.
In terms of blockchain, Ethereum still has a pretty unbeatable reputation; traditional things always tend to have it.
Next is the XinFin Hybrid blockchain that too brings the power of smart contracts and open source dApp in a single platform. XinFin is focused on combining the power of both public and private blockchain along with smart contracts. Being a hybrid blockchain, it can also be used by entities that want a more secure and permissioned use of blockchain.
Let’s scrutinize and compare the two blockchains from a closer perspective.
A decade back, when blockchain was first brought to existence from the theories, scalability wasn’t a big issue given the small number of participants who used blockchain for transaction settlement.
Today, the scenario is far different. Blockchain has become a world phenomenon. From the biggest tech giants such as Microsoft and Amazon to upcoming startups, all are trying their hands on the blockchain. With this growing demand, a blockchain with slow transaction speed (scalability) is surely not going to be a choice for those companies that intend to grow a huge customer base and process numerous transactions.
In this light, here’s how Ethereum and XinFin blockchains stand aside each other:
Ethereum: ~15 transactions per second
XinFin: 2000 transactions per second.
Payments giant Visa processes almost 154 million transactions each day. This equals an average 1782 transactions per second. If blockchain were to gain mass adoption, the current transaction rate of Ethereum will surely not suffice. On the other hand, XinFin blockchain would hold the capacity to process more transactions than does Visa today.
Gas is the unit of the amount that is charged by a blockchain network to execute a smart contract, and thus, settle a transaction. Charging gas price ensures that the network only processes those transactions that are valuable and have some benefit, rather than uselessly wasting computational power on those that don’t bear any result. In simple words, miners can choose to reject computing those transactions that pay less than the minimum specified gas limit.
Coming to network stats, Ethereum has long been outrun by other competitors. On average, a new block on the Ethereum network is created every 14 to 16 seconds.
To top the Ethereum blockchain, we have the XinFin blockchain. The average block creation time for XinFin is merely 2 seconds which means XinFin Network is 7 times faster than Ethereum.
At the time of writing, Ethereum stands at approximately 7.75 million blocks. This number, when seen in consideration with the average time of block creation on the XinFin network, is not very huge to leave behind.
The vast difference comes due to the computation power, each of the two blockchains requires to create a block. Ethereum still uses the Proof of Work mechanism which results in a lot of power consumption and a greater block creation time. XinFin has integrated the Delegated Proof of Stake mechanism — which Ethereum intends to use in future — to reduce the power usage and time for block creation. This also increases the transaction speed of the XinFin blockchain.
Undoubtedly, Ethereum blockchain brought about the revolution. But, XinFin took the idea to make it more compatible. It targeted the pain points of both individuals and entities who wanted a public blockchain and of those that demanded a private one. This led to the creation of a hybrid blockchain that is suited for all.
While all of them have their pros and cons, XinFin could lead to a newer revolution through it’s over the top features.
Come, Build with XinFin
If you have an idea of a dAPP that you think can scale and reach to a wide audience, XinFin is the perfect place you can start. With the combined power of private and public blockchain, DPoS, and smart contracts, XinFin delivers you a scalable, secure, and cost-effective way of building your dApp ideas into reality. Join the force of many other innovators who are creating dAPPs on XinFin and play a part in building the tomorrow that we can be proud of. Click here.