How Deadly Ethereum Killers Really Are
Ethereum’s dominance in the cryptocurrency industry has been unquestioned ever since its launch in 2015. The blockchain's dominance in tokens and Decentralized Finance has many predicting that Ethereum's reign will continue for years to come. However, many so-called Ethereum killers were launched over the past couple of years with the intention of dethroning Ethereum from its place atop the dapp (decentralized application) market—will any of them succeed? Let’s take a look at the three deadliest Ethereum killers out there now and assess their potential threat to Ethereum’s dapp dominance.
What are Ethereum Killers?
The term is used to describe Ethereum’s competitors who might be threatening its dominance in terms of market share and value. Ethereum’s major competitors include Cardano, Solana and Tezos. These are all blockchain-based platforms that can host applications just like Ethereum. Each platform has its unique technological advancement and unique use cases, which makes them a threat to Ethereum in different ways.
Solana’s project emerged in 2017 with the intention of making blockchain as fast and scalable as other platforms are, but with lower fees. The innovation behind Solana’s introduction was the proof-of-history consensus (PoH) developed by one of the platform’s founders, Anatoly Yakovenko. PoH is a tool to cryptographically prove the amount of time that passes between two events. In addition to PoH, and unlike Bitcoin and Ethereum, which can only process a handful of transactions per second (TPS), Solana claims it can process up to 3,000 TPS while consuming very little energy and storage space. At the time this article was written, Solana’s native token is SOL ranked No. 8 on CoinMarketCap.
The Cardano Blockchain is a decentralized, proof-of-stake platform for all kinds of smart contract projects. It is secure, flexible, scalable, and it provides a more energy-conscious alternative to Ethereum. Cardano uses an innovative layered architecture that allows it to be lightweight and powerful. Currently, ADA, Cardano’s native token, ADA is ranked No.7 on CoinMarketCap.
An Ethereum Killer or an Ethereum Upgrade? One of these so-called Ethereum killers is Polkadot. The main appeal of this platform is its multichain protocol. It basically allows other blockchains to connect to it via relay chains and pool their processing power. The “interoperability” brought by Polkadot will enable blockchains to operate in a single network. This connectivity is fundamental for the development and future of Web3.
So, Are They Really Deadly?
At first glance, it seems like all three of these are serious contenders. However, when you take a deeper look, you see why Ethereum can’t be replaced by these networks, at least not for now. In terms of adoption. Ethereum is way ahead of the game. While replacement may not happen, the new blockchain contenders are bringing much needed improvements to the crypto world such as energy efficiency, cross chain connection, and scalability upgrades that keep investors interested.