Ethereum is one of the most popular platforms in the world of cryptocurrency. However, several projects have emerged that are aiming to overtake Ethereum as the leading smart contract platform. These projects, which are often referred to as “Ethereum Killers”, aim to offer more advanced features, better scalability, and improved security compared to Ethereum.
The term “Ethereum killers” emerged in 2016/2017 as blockchains such as Cardano rose with the potential to compete with Ethereum. When EOS emerged in 2018, it brought forth something new – fast speed and efficiency and an astonishing $4.1 billion raised in funds during the EOS Initial Coin Offering, which was the highest amount ever amassed by a single ICO offering until that time.
Today, EOS is one of the foremost competitors for Ethereum’s dominance of blockchain technology.
Can there be an Ethereum Killer? The short answer is yes, but it’s complicated. Despite Ethereum being a powerful platform, it has some major limitations in scalability and transaction fees.
As the popularity of Ethereum continues to grow, these problems become more and more pronounced, leading many developers to look for alternatives that could offer better performance than Ethereum.
Ethereum killers include projects such as EOS, Cardano, Solana, and TRON. Each of these platforms has its own unique features that outshine Ethereum. For instance, EOS has faster transaction times and higher performance than Ethereum.
The blockchain trilemma
The blockchain trilemma of scalability, security, and decentralization is something that Ethereum Killers will have to tackle.
The trilemma states it is impossible to optimize all three aspects on a blockchain. Ethereum Killers must prioritize one or two of the aspects and sacrifice the other (s), as there is no way to make all of them work together.
As the technology continues to grow, we can expect projects to continue emerging with the potential to overtake Ethereum as the leading smart contract platform.
It remains to be seen which project or projects will emerge victorious in this race for blockchain supremacy.
Factors that make Ethereum stand out from the competition
There are several factors that set Ethereum apart from its competitors, which make it the most popular smart contract platform in the world. These include:
1. Community–Ethereum has the largest and most active community in the world of cryptocurrency, with millions of users around the globe who have a passion for the project.
2. Developer Support–Ethereum has a large, vibrant development community that is pushing forward advancements and innovations to improve the platform’s capabilities.
3. Smart contract pioneer–Ethereum was the first platform to harness smart contract technology, which has revolutionized the way we run applications and opened up a world of possibilities.
4. Popularity–Ethereum’s popularity has surged in recent years, with many enterprises and startups building their applications on the platform.
5. Resilience–Ethereum has shown its ability to withstand market volatility and is still one of the most valued cryptocurrencies in the world.
These factors, combined with its robust network and wide-reaching community, make Ethereum a formidable opponent for any up-and-coming challenger.
Here are some of the most prominent Ethereum Killers:
Cardano
Cardano is a third-generation cryptocurrency launched by none other than Charles Hoskinson, one of Ethereum’s original co-founders.
Differentiating itself from its predecessors, Cardano has taken a research-intensive approach to development, allowing for detailed peer review and intensive testing prior to implementation.
With smart contract capabilities, the platform is primed and ready to become a major player in the crypto space. What’s more – because of its tech stack, it’s believed that Cardano offers enhanced scalability compared to Ethereum. It looks like an exciting time ahead for this impressive crypto project.
Solana
Solana is a new but promising smart contract platform that has boasted impressive theoretical speeds, scalability, and low transaction costs since its launch in 2020.
While the project remained stable since its launch, the blockchain has suffered network-wide outages.
However, the incidences have not shaken investors’ confidence in the platform’s scalability claims. This is an indicator of Solana’s viability in extreme scenarios; there are few other projects can show similar elasticity amidst technical difficulties of such magnitude.
Avalanche
Avalanche is an impressive fresh development in the blockchain technology world. Combining three chains—X, P, and C—it has created a powerful tool that fulfills the same functions as Ethereum but much more quickly and at lower costs.
This trio of burly assassins allows for token creation, handling of smart contracts, and proof-of-stake validation all within the same system.
Avalanche is a revolutionary force in blockchain technology, allowing users to benefit from faster speeds and more cost efficiency.
Polkadot
Polkadot (DOT)’s ability to link different blockchains together and make them communicable makes it stand out among competitors in the crypto space.
Making communications easier across blockchains means developers don’t need to start from scratch when transferring value on them.
This accessibility enables investors to make more informed decisions, rather than trading on the currency itself; investors will now be able to trade on technology, its longevity, scalability, and cost savings capabilities.
Polkadot looks set to take over from Ethereum as the go-to blockchain technology, given claims it can solve scalability and cost issues.
Tezos
Tezos has made a tremendous splash in the world of blockchain technology, making its mark as a major player.
Its smart contract capabilities make it a great venue for issuing projects and digital assets, and its dApp development potential puts it on the map.
With notable projects launched on Tezos in areas like fashion, music, gaming, and art, the platform shows no signs of slowing down soon. Unlike other networks which rely on proof-of-work consensus mechanisms, Tezos was one of the first to employ the more efficient proof-of-stake (PoS) system. Tezos remains at the forefront of innovation for years to come.
Binance Smart Chain
Binance is one of the leading cryptocurrency exchanges in the world. It has made a name for itself by introducing innovative technology and features.
One such innovation is its Binance Smart Chain, which is built on similar foundations to Ethereum’s blockchain but comes with extra functions more suited to advanced crypto traders.
The blockchain allows developers to connect with their audience and potential investors via the Binance trading platform. Of course, because of its centralized system, Binance has seen its fair share of criticism but it continues to be one of the most popular platforms.
Fantom
Fantom is a very new and innovative smart contract platform. It uses a unique consensus mechanism, called the Lachesis Protocol, that allows for high-throughput transactions, making it one of the fastest networks available today.
The network’s throughput can handle up to 10,000 transactions per second, which makes it an ideal option for decentralized applications. Fantom is also notable for its low transaction fees, allowing developers to create dApps and apps at a fraction of the cost compared to other platforms.
The platform has already seen significant success, with prominent projects such as Klaytn launching on it. Fantom looks set to remain an important player in the crypto space for years to come.
Aptos
Aptos, also known as Aptos Labs, is a web3 startup focused on building a powerful layer-1 blockchain.
Far from being a new entity, developers who worked on Diem found the company, Meta’s prior blockchain initiative. This provides their project with an invaluable base of experience and knowledge.
To achieve their goal, the team is using elements that were developed for the former Diem chain and Move language, a unique Rust-based programming language developed by Meta. The network also implements Block-STM (parallel execution engine), to process more than 130k transactions per second with low costs for users–making it one of the most efficient and cost-effective projects in the space.
Algorand
Algorand is one of the leading smart contract platforms available. It is famous for its scalability, security and decentralization. Unlike other networks, Algorand does not require miners for verification of transactions, which makes it a much faster network than others.
The platform also uses an innovative consensus algorithm called Pure PoS (Proof-of-Stake) which is far more energy efficient than other networks.
Algorand has seen a lot of success with projects such as Synthetix, Kava, Chainlink, and many others launching on the platform. The network continues to be one of the top contenders in the space and looks set to remain so for years to come.
Conclusion
There can be an Ethereum killer. Ethereum is one of the few blockchain platforms that has gained traction in the mainstream market. However, its scalability and transaction fees are becoming problematic.
For now, Ethereum will remain one of the most popular blockchain platforms in the world. But, the future is unpredictable and new projects will challenge Ethereum’s dominance. Only time will tell which platform will become the ultimate Ethereum killer.
Until then, we can only wait and see how it plays out.
