There are already a few cryptocurrencies chasing Ethereum, hoping to catch up to this second-largest player in terms of scalability, transaction costs, and other relevant factors. But the question is, is it possible to kill or outpace something as massive as Ethreum?
In a nutshell, yes and no.
We’ll go over four of the most notorious ETH killers, as well as why they’re called that. Cardano, Solana, EOS, and Polkadot are some of the most well-known ETH killers. If you’re looking for a place to buy ETH killers, CoinSwitch has them available on their platform.
So let’s examine these Ethereum challengers one-on-one but before that let’s get the basics out of the way.
What are Ethereum killers?
For a crypto player, the concept of ‘Ethereum Killer’ is about evolving as a blockchain that can mitigate the flaws of the first mover. Meaning, the players who are able to solve the problems will have the opportunity to take over Ethereum in the long run.
For the time being, the main players are Cardano, EOS, Solana, BNB, and Polkadot.
Let’s look at why they qualify to be called ‘Ethereum Killer.’
But before that, let’s look at Ethereum’s shortcomings to know why investors have been looking for alternative blockchains.
Scalability is a major issue for Ethereum. The inherent Proof-of-Work mechanism became dated as the demand for ecosystem usage grew, and it can now only handle 13 transactions per second. The slow transaction speed invariably leads to higher transaction or gas fees, which are mandatory for using the computational power of this massive ecosystem.
Apart from scalability issues, the Ethereum blockchain also has a lack of sustainability, which can be linked to the previously mentioned energy consumption. In addition, there is an interoperability issue that prevents other blockchain participants from interacting with the Ethereum ecosystem without prior arrangement.
These issues relevant to Ethereum’s blockchain are the reason why the competitors are slowly planning to eat into Ethereum’s global market share by unveiling themselves as ‘Ethereum Killers.’
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Cardano
Cardono was launched in 2017, and since then it is widely regarded as one of the most popular and hyped Ethereum killers. Coming to the specifics, Cardano is supposed to be a Smart contract and DApps-supporting blockchain that would also make provisions for running ‘Smart Contracts.’
With the ‘Alonzo’ upgrade, what began as a public, open-source, decentralised ecosystem has grown into something bigger in 2021.
This upgrade gives Cardano more programmability by allowing it to support NFTs (Non-Fungible Tokens) and a wide range of smart contracts. Cardano also has a Peer-Review system in place, which focuses on back-testing the entire blockchain after major and minor upgrades.
What makes it an Ethereum killer? Cardano’s cryptocurrency incentivizing token, ADA, is based on a finite or rather deflationary principle, implying a fixed coin supply.
This means that, regardless of how things go for this ecosystem, demand will eventually rise.
Plus, from the start, Cardano focuses on the Proof-of-Stake consensus mechanism, which is expected to be extremely long-lasting and environment-friendly.
Cardano is clearly moving up the global charts courtesy of the detailed roadmap, ability to support close to 266 transactions each second, and the much-anticipated Hydra upgrade. For the unversed, the Hydra upgrade is a layer-2 chain scaling solution that allows you to increase transaction speed and volume.
Solana
Solana has a blazing fast block time of 400ms as compared to Ethereum’s 10-second and Bitcoin’s 10-minute limit. It comes with built-in support for smart contracts. In addition, the ‘Degenerative Ape Academy’ NFT is already housed within the ecosystem.
Solana has over 250 fully-functional projects running on-chain. And it currently holds the 5th position while listing crypto players by market cap.
On top of that, Solana is a fourth-generation blockchain that supports Proof-of-History – similar to Proof-of-Stake but with time stamping to speed up the process further. With high transaction speeds and lower costs, the only thing stopping Solana’s ascension is that its mainnet functionality is still in the beta stage.
Why is it termed an Ethereum killer?
Solana’s speed, as well as the scalable ecosystem, are the reasons for labelling it as ‘Ethereum Killer’. Solana also supports Sea level, which is a method for running concurrent smart contracts, making it a much faster blockchain than some of its competitors.
EOS
EOS was launched in 2018 and supported DApps and Smart Contracts right away. As of today, this blockchain aims to reduce coding and provide decentralised app developers with a wide range of base capabilities. People with less technical knowledge can use EOS for day-to-day operations.
EOS.IO, the software protocol that powers the EOS blockchain, aims to create something quick, scalable, and adaptable. The EOS blockchain also focused on Decentralized Applications and is still carrying the legacy forward.
The underlying principle of EOS is dPoS, or Delegated Proof of Stake, in which stakes are blocked and validators are chosen at random to create new blocks. Validators are also rewarded with EOS tokens that have just been generated. This method also introduces the concept of decentralised governance, which aims to make staking a more equitable system.
Why is it termed an Ethereum killer?
While the 0.5-second transaction time is compelling, EOS also offers free transactions and free developer tools.
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Polkadot
Polkadot crypto was initially conceptualized as a part of the Web 3.0 hierarchy. Polkadot, in simple terms, connects multiple chains to greatly improve scalability and security. Polkadot crypto lets developers create their own blockchains, termed Parachains. These blockchains use Polkadot’s relay to speed and scale up transactions.
Polkadot dubbed as the “next-generation Blockchain,” prides itself on promoting a multi-chain, heterogeneous architecture. This concept eventually leads to the existence of multiple blockchains on the same relay chain.
This method aids in the strengthening of security safeguards while also allowing for unrivalled interoperability. DOT, which is Polkadot’s native currency, is currently placed 8th position on the list of global crypto players.
Why is it termed an Ethereum killer?
Polkadot is in charge of the Ethereum platform’s governance and scalability. It also gives interoperability a whole new meaning thanks to the parachain relaying concept. Perhaps the most unique thing about Polkadot is that you don’t have to worry about hard forks because the blockchain is forkless and cannot be splintered.
You can learn a lot more about Polkadot or any other Ethereum challenger at CoinSwitch Kuber.
With crypto adoption across the globe becoming mainstream, the current dip in the crypto market isn’t something to be scared of, especially if you have Ethereum or the supposed ‘Ethereum Killer’ on your radar. If you don’t have them yet, CoinSwitch Kuber can help you reconsider.
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