The one reason that all Ethereum Killers are trying to bank in order to onboard new users to their own ecosystem is the high gas fees and low transaction speed.
The four of the top acclaimed “Ethereum killers” today are Solana, Cardano, Tezos and Polkadot.
The other cryptocurrencies further adding to make the list further long are ChainLink (LINK), Zcash (ZEC), Binance Coin (BNB), Stellar Lumens, Avalanche, QTUM and many more.
So, how are the Top Ethereum Killers calling themselves better in a way to flip the position occupied by ETH.
Cardano (ADA): Built on PoS Ouroboros are focused on building the stable decentralized crypto ecosystem. At present there is a huge price difference between ETH and ADA, but with time it is expected that the bulk of DAapps on Cardano will increase as much as ETH or even more thus the price is expected to increase.
Ethereum (ETH) has unlimited coin supply and ADA by its deflationary principle has a fixed coin supply. Thus, ADA claims that irrespective of what happens the scarcity factor of the token will increase with time. For now, the price of ADA is low and considering the growth prospects in the long run it is considered to be worth the buy.
Cardano will provide the same layers of use like Ethereum 2.0.
Solana (SOL): Propagates the idea of no gas fees. Thus, their idea is to make thousands of transactions per second possible. Thus, making Solana attractive for NFTs and Decentralized Finance (DeFi). The gas fee area is one area where Ethereum is struggling.
However, Solana is now hailed to be one of the many blockchains which needs to be rebooted due to some kind of outage preventing users from being able to execute transactions on the blockchain. The restart and downtime of Solana has become a point of criticism in the ecosystem.
Tezos (XTZ): Follows a PoS protocol. Provides of Peer-to-Peer Transactions and works as a platform to deploy smart contracts and Dapps. The governance factor of Tezos blockchain is hailed to be unique. It has a capped supply at 763,306,930 XTZ. Being a self-amending blockchain Tezos is able to evolve itself over time. There is no need for Tezos to fork.
Tezos is involved in high stakes fields like financial applications, autonomous driving, electric vehicle charging, real estate tokenization, and cloud-based software solutions. It focuses more on code correctness and safety of assets. Thus, the blockchain is made in a way to retain its network effects even with evolution.
Polkadot (DOT): DOT will serve three key functions in Polkadot, namely (i) providing governance for the network, (ii) operating the network, and (iii) creating parachains by bonding DOT.
Both Ethereum 2.0 and Polkadot make use of hybrid consensus models. Each of these blockchains have unique protocols for block production and finality. The finality protocols are Casper FFG for Ethereum 2.0 and GRANDPA for Polkadot. Both of them are GHOST-based and can both finalize batches of blocks in one round.
There is good and bad in both protocols. It just looks like all of these blockchains will co-exist. Considering the early mover advantage of Ethereum and their continual development processes – there is no sure answer if any blockchain has evolved to the point of being able to Flip Ethereum.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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