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EOS vs. Ethereum for Payments: Block.one CTO Responds to Vitalik Buterin

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Thu, 10/01/2020 - 11:42
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Yuri Molchan
Ethereum’s Vitalik Buterin explains how ETH is better for payments compared to all other blockchains; however, Block.one CTO disagrees, offering reasons in favor of EOS
EOS vs. Ethereum for Payments: Block.one CTO Responds to Vitalik Buterin
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Ethereum co-founder and frontman Vitalik Buterin has posted a tweet outlining why Ethereum remains better for payments than other blockchain platforms, despite high fees.

Dan Larimer from Block.one disagrees, though. So does Jack Dorsey.

"The nice thing about supporting Ethereum is that…"

Vitalik Buterin has taken to Twitter to say that more people should support Ethereum-based payments, and he offers several reasons why.

The outstanding developer of Russian-Canadian origin says that those who choose Ethereum, apart from accepting ETH, get support for many more popular ERC20 tokens: MRK, UNI, Wrapped Bitcoin (WBTC) and every stablecoin, free of charge.

He also mentioned that there are three operational layer-2 scaling solutions on the Ethereum mainnet.

Dan Larimer argues, praising EOS as the best chain for payments

Block.one co-founder and CTO Dan Larimer published a tweet, insisting that Vitalik has confused Ethereum with EOS.

Larimer stated that EOS is the only chain that is economically suitable for crypto payments, reminding the community about just how immensely high ETH fees have turned out to be recently.

As reported by CoinDesk, in September, ETH miner fees proved to be 6 times higher than Bitcoin fees and totaled $166 mln.

He also stated that the Layer-2 solutions that Vitalik referred to will not be used until Layer-1 is used on a broad scale. He added that Layer-2 has its trade-offs and costs.

The thing about layer 2 scaling is that it should easily port to eos, but it won’t be until layer 1 is fully utilized. Layer 2 has other trade offs and costs.

Related
“Only Bitcoin”: Jack Dorsey Denies Owning Ethereum After Criticizing Coinbase’s Anti-Activism Stance

Jack Dorsey denies owning ETH, faces criticism

Earlier today, Bitcoin maxi Udi Wertheimer suggested that Twitter CEO Jack Dorsey owns some Ethereum, apart from BTC.

However, Dorsey responded, "I didn’t. And I don't. Only Bitcoin."

Head of the DTC.Capital fund, Spencer Noon, criticized Dorsey and his company Square for ignoring ETH and sticking to BTC only.

He pointed out that, being the head of two large companies, ignoring ETH for ideological reasons is not wise. Popular crypto blogger Lark Davis supported his view. This was the initial tweet to which Vitalik Buterin responded with his post about ETH's advantages.

ETH
Image via Twitter

Which is better for suited for payments: Ethereum or EOS? Feel free to comment below this article on our Twitter page!

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.