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Introduction To The Concept Of Ethereum Killers


Ethereum is the second-largest crypto after BTC, and it is known for its smart-сontract capabilities. However, as the hype around digital money has gradually increased, so has the competition in the market. Ethereum's dominance is now being challenged by several new projects that are now dubbed "Ethereum killers." Their prioritized goal is to ensure quicker, cheaper, more adaptable, and faster-growing tools. We wrote this review to study the competition occurring between some of the most fast-developing and progressive systems that aim to overperform the second-biggest crypto ecosystem.

Polkadot vs Solana

Polkadot is a non-authorized space allowing numerous systems to get connected and smoothly exchange information with one another. The goal of the team behind the project is to eliminate any troubles related to interoperability. Solana, on the contrary, is a high-performance system utilizing a distinctive mechanism known as Proof of History (PoH). This innovation allows the ecosystem to manage coin transfers faster and with fewer challenges often occurring within competitive ecosystems. While DOT focuses on interchangeability, SOL pays bigger attention to the efficiency of execution and growing capabilities.

When it comes to the time of processing, Solana is the clear victor. It's capable of dealing with up to 65,000 TPS, while the competitor - no more than 1,000 TPS. However, Polkadot's advanced functionality that enables efficient communication helps it to gain an advantage over Solana in terms of versatility. So, this Polkadot vs Solana comparison suggests that both systems get 1 score.

Avalanche vs Cardano

COPYRIGHT_BP: Published on https://bingepost.com/introduction-to-the-concept-of-ethereum-killers/ by Kelvin Farr on 2023-05-18T10:04:11.788Z

Avalanche is an unauthorized ecosystem using an original consensus mechanism called Avalanche Consensus. This algorithm allows for high-throughput and low-latency coin transfers. Cardano, on the contrary, relies on a PoS model, which is supposed to be better in terms of energy efficiency,

When it comes to the speed of execution, Avalanche is faster than Cardano. Avalanche can process up to 4,500 TPS, while Cardano's capacity allows it to deal with just 250 TPS. However, Cardano has more robust capabilities for developers that create things based on smart contracts, which gives it one point in terms of functionality.

Tezos vs BNB Chain

Tezos and Binance Chain (BNB) are 2 distinctive blockchain networks that differ in many ways. While Tezos is primarily focused on smart-contract execution and decentralized apps, Binance Chain is designed for the purpose of fast and secure trading.

In terms of algorithm, Tezos uses a distinctive PoS algorithm called Liquid Proof-of-Stake (LPoS), which involves stakeholders in the decision-making process and enables token holders to vote on proposals for network upgrades. In contrast, Binance Chain utilizes a modified version of the Tendermint algorithm called Proof of Staked Authority (PoSA). This technology relies on a group of validators to secure the network.

Moreover, while Tezos has a strong focus on formal verification and security, Binance Chain boasts a large and active community of traders and investors who use the platform for various financial activities such as trading, staking, and yield farming. Ultimately, both Tezos and Binance Chain have their own unique strengths and weaknesses, and the choice between the two would depend on the specific needs and goals of the user.

Conclusion: Will Ethereum Ever be Killed?

Although new ambitious solutions keep emerging, Ethereum remains the dominant platform for dApps and smart сontracts. While these competitors currently have more prospects and capabilities, they have yet to prove themselves as a viable substitution and present their full capacity in the long run. Ethereum has already established a name for itself, so developers would find it quite difficult for competitors to replicate.

That being said, the competition is getting wilder, and Ethereum needs to continue to introduce innovations and improve its capacity in order not to fall behind. The launch of its killers has forced the team to address scalability issues and start preparations for the release of Ethereum 2.0. This announced step promises to eliminate all the black spots that weren't considered by the first release. This will leave less space and demand for competitors.

In conclusion, Ethereum is still the king of dApps and smart contracts, but the competition is growing and investors should take this aspect into account. Diversification of your crypto investment portfolio would be a perfect step to mitigate any risks related to the potential killing of Ethereum and get ready for the unpredicted growth of any of the killers.

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About The Authors

Kelvin Farr

Kelvin Farr - Although I don't believe Bitcoin to be the future for sure, I do believe it has the potential to be. I only want to comprehend the nature of cryptocurrencies and how they operate rather than really owning any.

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