Like any new innovative space, cryptocurrency is highly competitive. This competition is the toughest for emerging cryptocurrencies. Notably, even established coins are under pressure to maintain and improve performance. The Ethereum blockchain faces competition from platforms that have collectively earned the nickname “Ethereum Killers.” Crypto gambling enthusiasts can utilise extra possibilities.
Besides Ethereum and Bitcoin gambling games, these options provide fascinating use cases. Online crypto casinos can benefit immensely from the variety. Regardless, Ethereum will enjoy a distinct edge for the foreseeable future. Its pioneer status and the fact that the best crypto games run on the Ethereum blockchain are decisive. Because of its extensive usage, ETH is the most transacted coin by sheer volume.
The Emergence Of “Ethereum Killers”
Ethereum killers are rival blockchains that aim to outdo their predecessors. Each of them offers developers a platform to create and run decentralised applications. They deploy smart contracts just like the Ethereum blockchain. To claim that you are an Ethereum killer means that you can offer something better. The Ethereum blockchain has shown some scalability issues in recent years.
Here are some of the Ethereum Killers lining up to challenge ETH:
EOS Blockchain
The EOS blockchain came about in 2017. It provides developers with tools to build apps and full-scale applications. Notably, developers are a prized group for these rival blockchains. EOS claims to provide flexibility, security, reliability, and a community for those who want to actualise ideas on the blockchain. Speed and scalability are vital for any blockchain project. The developers can enjoy fast transaction speeds and a sub-second block time latency rate. Accordingly, the EOS blockchain can facilitate mission-critical applications. Their website claims that developers can optimise commercial-scale dApps on the platform. This blockchain also emphasises security and compliance. EOS.IO is like an operating system that manages and controls the blockchain network. The platform has the EOS token to facilitate commerce.
Polkadot (DOT)
Polkadot is another notable competitor. This blockchain aims to provide a silver bullet to scalability problems. Accordingly, the blockchain can process transactions efficiently on different chains. Polkadot utilises a sharded multichain network. Legacy chains like Bitcoin have bottlenecks because of blockchain congestion. Notably, Ethereum will add sharding as part of its journey towards Serenity. For now, Polkadot provides better economic scalability by enabling a common set of validators to secure multiple blockchains. The network uses the term para-chains to emphasise the parallel chain operation to validate transactions.
Tron (TRX)
Tron CEO Justin Sun has a larger-than-life personality. His role in the community is controversial. Regardless, it is still a fact that the Tron blockchain he launched is significant. Tron is now the home of multiple DeFi products. For now, Tron has some work to do if it is going to be an Ethereum killer. The value of TRX tokens rose in 2020 and could indicate better long-term performance. That said, not everyone is a fan of Mr Sun. It will be fascinating to see what direction he leads the project. Other scaling solutions are also available to remedy Ethereum’s shortcomings. Polygon has gained traction due to its side chains for off-chain computation. A platform has to offer an independent chain to developers to earn a reputation. DOT, TRX, and EOS coins are available on BC.Game for wagering and potentially making more.
Not So Fast: Ethereum Has A Secure Lead
On closer examination, the phrase Ethereum Killer has more bark than bite. The rival blockchains are impressive, but Ethereum is so far ahead. Ethereum is as secure in its lead as Bitcoin is over all other cryptocurrencies. At press time, Ethereum’s market capitalisation was $200 billion and growing. This value represents more than all the Ethereum Killers combined.
Additionally, Decentralised Finance (DeFi) is giving Ethereum an insurmountable lead. Ethereum benefits as the base layer from the robust activity. The developer activity on Ethereum is far beyond its competitors. Most dApps still launch on the Ethereum blockchain, and ERC-20 is the standard token for launch. The overall result is a robust economic activity. Third-party services also favour ETH. Developers want the most tools, wallet support, exchange integration, and cloud infrastructure. On these metrics, the Ethereum blockchain is light-years away.
Conclusion
Competition is a vital part of all innovation. These Ethereum competitors came up to address the shortcomings of the older blockchain. The competition contributed to Ethereum’s upgrade to ETH 2 for scalability and efficiency. Regardless, Ethereum has created a network effect that these competitors can only imagine. The number of active addresses interacting with the Ethereum network is high.
Ethereum is taking proactive steps to improve transaction throughput. This way, it will be able to retain its popularity among developers. Unless a significant obstacle hiccup occurs, Eth 2 completion will deal the final blow. Talk of “Ethereum killers” is more aspirational than probable. Ethereum will remain the most popular developer blockchain for the foreseeable future.
