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.

Scalability

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 Price

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.

Ethereum VS XinFin at constant Gas Price 21000

Block Creation

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.

Block Creation time at Ethereum. Source link

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.

Block Creation time at XinFin-Testnet. Source link

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.

Takeaway

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.

2 Likes

any DPoS chain can compare itself to ETH and big itself up

Notice how they didn’t compare XINFIN to it’s biggest competitor - EOS :wink:

2 Likes

How on Earth is EOS the main competitor to XinFin?! EOS is practically just the android server on blockchain. An open platform for unemployed Devs to churn out dapps from their mothers basements all day praying one hits the jackpot and ends up being their flappy bird. LOL. How is EOS Hybrid? How is it interoperable?! How is it enterprise friendly?! How is it suited to global trade and finance?

3 Likes

Also XinFin doesn’t intend to compete with these chains. Thats where youre mistaken. XinFin aim to interoperate with them.

2 Likes

Let me check with both the blockchain and will share the experience in an article.:slightly_smiling_face:

2 Likes

How is EOS Hybrid? How is it interoperable?! How is it enterprise friendly?! How is it suited to global trade and finance?

It is every one of those.

Not to be rude but maybe if you read the EOS whitepaper you wouldn’t make such points:

EOS is also an open platform. Any extra interoperability features can be added as needed.

2 Likes

So EOS allows for permissioned and permissionless state transactions, eh? Allowing EOS to be ran in sub-networks?

1 Like

EOS supports sidechains, is that what you mean?

2 Likes

EOS supports sidechains, is that what you mean?

Nope, a fully hybrid blockchain is this by definition: *** A hybrid blockchain is unique in that it is decentralized while also making it possible to restrict the visibility of information on the network. Thus, a hybrid blockchain is appealing for regulated markets as it offers the benefits of public blockchain and private blockchain together.***

1 Like

What’s the difference between this and what AION, ATOM and Polakdot have done?

Also I don’t think ethereum supports private chain interopoerability anymore than EOS does, so how is it more of a competitor to it?

2 Likes

You’re then missing the point of how much more powerful XinFin’s XDC01 protocol is. Institutions can feel comfortable setting up sub-networks to keep sensitive data, while using the benefits of blockchain and they can also leverage interopoerability to transact on public chains.

XinFin is ISO 20022 compliant and instead of trying to disrupt current industries, they are working closely with governments and established entities to license and become regulatory friendly.

Check out this round table that is happening next month!

http://events.tradefinex.org/

2 Likes

Institutions can feel comfortable setting up sub-networks to keep sensitive data, while using the benefits of blockchain and they can also leverage interopoerability to transact on public chains.

I think this can be done on ATOM, AION, Polkadot and wanchain.

I guess XINFIN should compare itself to them instead of ETH

2 Likes

Nope! These are not hybrid blockchains…

1 Like

XinFin’s blockchain is a kind of consortium. It connects every single blockchain, public and private, and supports relay chains between them.

If they do this. Doesn’t it make all of those blockchains hybrid?

1 Like

Nope. I think you still don’t understand. The transactions on XinFin’s network can be both private and public.

1 Like

the article didn’t explain much tbf.

Xinfin allows private chains to communicate public chains.

A private blockchain is a custom blockchain controlled by a select group of people.

thats right right?

if yh then the blockchains i listed could do the same thing xinfin does

2 Likes

The XinFin XDC Protocol is a Hybrid blockchain that leverages the best features of two blockchains- Ethereum and Quorum. The protocol’s unique feature offers partial anonymity in that it allows its users to independently determine which transactions they prefer to make public and which ones should remain anonymous. Most of the users are government corporations and enterprise businesses around the globe.

I suggest you read the white paper or visit this page for thorough explanation of how the model works!

Or… watch this video to provide you with a visual (if that is your thing).

2 Likes

New update!

2 Likes

https://www.aergo.io/

another hybrid blockchain incase if your interested :slight_smile:

1 Like

Yup, been eyeballing this one also. The team looks strong as well and are Korean bases (mostly). I believe they are also gearing up for MainNet soon…

Competition is good, but most of the use cases and industries will be different in some aspects!

1 Like