Ethereum was the first blockchain that allowed the development of DApps. For a long time, it was the only one. It remains the main blockchain for this by some distance. But that doesn’t mean it will be forever.
A number of rivals to Ethereum have emerged in recent months, each claiming to be better in a number of ways.
So, are there any serious rivals to the world’s second largest cryptocurrency? Will a blockchain developer soon be able to carve out a career without understanding Solidity? Or is Ethereum’s market dominance here to stay?
What are the rivals to Ethereum?
Ethereum is the most commonly-used platform for new apps. Smart contracts were born on Ethereum, as were decentralized autonomous organizations. It uses a unique coding language called Solidity. Here are its main rivals.
EOS: EOS will reportedly process a far higher volume of transactions per second than Ethereum. It’ll also features added scalability and flexibility thanks to interchain communication and various other features. However, the mysterious nature of the ICO and incredible promises from the founders have led some commentators to label it a scam.
QTUM: QTUM is often compared to a hybrid of Ethereum and Bitcoin, as it offers smart contracts and value transfers. Its other major selling point is added scalability compared to Ethereum.
NEO: NEO hosts DApps and smart contracts, as well as allowing cryptocurrency trading. It uses multiple coding languages already well known by developers, such as Java and C++.
Cardano: One of the newest alternatives, which claims to provide tighter security than Ethereum.
Could any of these become more popular than Ethereum?
All of these alternatives have the capability to become more popular than Ethereum, as they all have significant advantages.
However, the ‘first mover’ advantage owned by Ethereum shouldn’t be underestimated. This, on its own, could be enough for it to regain its crown as the top source of smart contracts for the short to medium-term future.
After all, there are already hundreds of clients who run their DApps on Ethereum. There are hundreds of cryptocurrencies built on the Ethereum blockchain that can only be bought using Ether.
None of the alternatives currently appear to be so superior that masses of people would be willing to go through the huge effort to learn and switch to a new blockchain.
Ethereum continues to improve
Ethereum is far from stagnant. Its imminent switch to proof-of-stake has been tipped to solve a lot of its perceived flaws, including fears surrounding pooling and centralization
What’s more, some potentially world-changing projects built on the Ethereum blockchain are due to launch in the near future. Smart contracts have been tipped to disrupt hundreds of industries in the coming years. These were invented on Ethereum, and the majority of the smart contracts that exist remain on it.
Add to this, the fact that none of Ethereum’s rivals are at the point where buyers can be sure that the project will stick to its developers’ promise, and you can be confident that Ethereum will remain the top dog for now.
If you’re ready to capitalize on the power of the blockchain, contact the blockchain developers at Ionixx Technologies for a range of services, including blockchain consulting, ICO development, and DApp development.