Several cryptocurrencies are competing with Ethereum for second place, trying to outpace it in terms of scalability, trading costs, and other important variables. But the real question is: Can anything as powerful as Ethereum be killed or outrun?
Four of the most prominent "ETH killers," as they are known, have been described by Mark Tencaten, along with why they are called ETH killers. Some of the most well-known ETH killers include Cardano, Solana, EOS, and Polkadot.
What are ETH killers?
According to Mark Tencaten, the idea of the "Ethereum Killer" is to develop a blockchain that may improve upon the original's shortcomings. In other words, the players that can figure out the issues will have a chance to take over Ethereum eventually.
The dominant players at the moment are Cardano, EOS, Solana, and Polkadot.
Let's examine what makes them deserving of the title "Ethereum Killer."
1. Cardano
Since its launch in 2017, Cardano has become one of the most well-known and hyped Ethereum rivals. Now for the specifics: Cardano is envisioned as a blockchain that supports DApps and Smart contracts and has features for 'Smart Contracts' to run.
What started as a public, open-source, decentralized network has expanded into something bigger in 2021 due to the "Alonzo" upgrade. Through this update, Cardano can now support NFTs (Non-Fungible Tokens) and a variety of smart contracts, increasing its programmability. Additionally, Cardano has a peer-review system setup that focuses on testing the entire blockchain following both significant and minor improvements.
Why it is ETH killer
Cardano's cryptocurrency incentive token, ADA, implies a fixed coin supply based on a finite or, more accurately, deflationary premise.
According to Mark Tencaten, demand will eventually increase regardless of how this ecosystem performs in the short or long term.
Additionally, Cardano strongly emphasizes the Proof-of-Stake consensus process, which is anticipated to be exceptionally durable and environmentally safe.
Due to the thorough roadmap, the capacity to support around 266 transactions per second, and the much-awaited Hydra upgrade, Cardano is unmistakably ascending the global charts. The Hydra upgrade is a layer-2 chain scalability solution that enables you to enhance transaction volume and speed.
2. Solana
In contrast to the 10-second and 10-minute block times of Ethereum and Bitcoin, Solana boasts a lightning-fast block time of 400ms. Smart contracts are already supported by it. Additionally, the ecosystem already contains the NFT known as the "Degenerative Ape Academy."
Over 250 completely operational projects are now active on the Solana chain. Additionally, it ranks fifth when looking at cryptocurrency participants by market capitalization.
Additionally, the fourth-generation blockchain Solana enables Proof-of-History, which is comparable to Proof-of-Stake but faster because it includes time stamping. The fact that Solana's main net capability is still in beta despite having fast transaction speeds and minimal transaction fees is the only thing preventing it from taking off.
Why is it ETH KILLER?
According to Mark Tencaten, the major arguments for calling Solana an "Ethereum Killer" are its speed and scalable ecosystem. Solana is a considerably speedier blockchain than some of its rivals since it also supports Sea level, a technique for managing concurrent smart contracts.
3. EOS
When EOS was introduced in 2018, it immediately enabled DApps and Smart Contracts. Currently, this blockchain intends to reduce code and give developers of decentralized apps a wide range of fundamental features. EOS can be used by anyone with less technical expertise for everyday tasks.
The EOS blockchain is powered by the EOS.IO software protocol, which aspires to build something rapid, scalable, and flexible. The EOS blockchain continued the tradition by concentrating on Decentralized Applications.
Delegated Proof of Stake, or dPoS, is the fundamental tenet of EOS. In this system, stakes are blocked, and validators are selected randomly to produce fresh blocks. Additionally, newly created EOS tokens are given to validators. The idea of decentralized governance, which strives to make staking an equal system, is also introduced through this method.
Why is it ETH KILLER?
EOS also provides free transactions and free development tools, which are equally as appealing as the 0.5-second transaction time.
4. Polkadot
When it was first imagined, Polkadot crypto belonged to the Web 3.0 hierarchy. To put it simply, Polkadot links various chains together to increase scalability and security significantly. Using the Polkadot cryptocurrency, developers can build their own blockchains, known as Parachains. Transactions on these blockchains are accelerated and scaled using Polkadot's relay.
The "next-generation Blockchain," nicknamed Polkadot, takes pleasure in supporting a multi-chain, heterogeneous architecture. Eventually, this idea results in the coexistence of several blockchains on a single relay chain.
This approach promotes unparalleled interoperability while also increasing security safeguards. The native currency of Polkadot, called DOT, is now ranked eighth among all cryptocurrency players worldwide.
Why is it ETH KILLER?
As per Mark Tencaten, the scalability and governance of the Ethereum platform are handled by Polkadot. Additionally, the parachain relaying idea offers interoperability a completely new meaning. Polkadot's ability to avoid hard forks due to its forkless blockchain and inability to split may be its most distinctive feature.
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