Ethereum is the top cryptocurrency and blockchain network. But do you think it is the only option for the Blockchain platforms? No, there are other alternatives as well! Amazed? Here we are with another post. In this post, we will discuss Top Ethereum Alternatives that can be considered as competitors of Ethereum.
Ethereum is a widely used blockchain network in terms of technology. Ethereum is known for powering all kinds of decentralized apps. You can also create and develop smart contracts with Ethereum. However, it consumes high energy and transaction costs.
Ethereum has made many timely updates. But the alternatives are also not far behind Ethereum! Want to know more? Stay with us, and you will get your answers through this article! Without losing much time, let us dive straight into the post.
What Are The Top Ethereum Alternatives?
There are many alternatives to Ethereum that can be used. They can be reliable and easy to use as well. So, here we will be sharing a list of top Ethereum alternatives. Let’s discuss them one by one.
1. Polkadot (DOT)
Polkadot was founded by Gavin Woods. The cryptocurrency of Polkadot is DOT. With the launch of Polkadot in 2020, it has gained power. Polkadot is called the ‘blockchain of blockchains’ because its multi-chain networks join several blockchains. Dot uses a Proof-of-stake mechanism for verifying and approving transactions. PolkaStarter is the decentralized exchange platform (DEX) that Polkadot owns.
Current Market Price: $22.32
Market Cap: $22,045,284,521
2. Cardano (ADA)
It is another blockchain network launched by Charles Hoskinson in 2017. The cryptocurrency of Cardano is ADA. It makes use of a Proof-of-stake mechanism. Cardano has settled various robust applications such as education, retail, banking, and others via its blockchain. Cardano is known for its speed and scalability. Developers can build customized blockchain tokens and altcoins with the new Mary update of Cardano.
Current Market Price: $1.21
Market Cap: $40,648,393,799
3. Solana (SOL)
It is amongst the top Ethereum Alternatives. It was launched in March 2020. The cryptocurrency of Solana is SOL. It can complete around 65,000 transactions per second. It is looking forward to increasing the scalability and doubling it every two years. It wants to increase its compatibility with the Ethereum blockchain. ‘Wormhole’ has been introduced as a bridge for assets based on the Ethereum blockchain network or ERC-20 tokens for moving efficiently between Solana and Ethereum.
Current Market Price: $114.60
Market Cap: $36,381,605,410
4. EOS (EOS Token)
As a straight competitor of Ethereum, EOS was launched in 2019. The cryptocurrency of EOS is the EOS token. EOS also supports smart contracts and dapps, just like Ethereum but the transaction speed of EOS is high. EOS.IO is the operating system of EOS that controls dapps and smart contracts. It also uses a proof-of-stake mechanism. EOS always presents itself as an appropriate platform for large-scale business.
Current Market Price: $2.72
Market Cap: $2,668,590,479
5. Cosmos (ATOM)
Cosmos was founded in 2014. The cryptocurrency of Cosmos is ATOM. It gives the holders the ability to pay transaction fees and validate blocks. Cosmos calls itself the ‘internet of blockchains’. It has a model through which developers can create their blockchains shortly.
Current Market Price: $30.81
Market Cap: $8,822,250,871
6. Binance Smart Chain (Binance)
One of the world’s largest cryptocurrency exchanges, Binance was launched in 2017. The coin used in Binance Smart Chain is Binance coin BNB. Binance Smart Chain is centralized and uses a Proof-of-stake mechanism, due to which there are cheap transaction fees here.
Current Market Price: $428.62
Market Cap: $70,771,609,072
7. Free TON (TON)
Free TON is a blockchain platform with high performance and scalability. The currency in Free TON is TON crystal. It is known for its speed with low transaction fees. It also uses a proof-of-stake mechanism that is energy-efficient.
Current Market Price: $0.035088
Market Cap: $42,833,465
8. Zilliqa (ZIL)
It was launched in 2017. The cryptocurrency of Zilliqa is ZIL. Zilliqa is called a VISA Killer. It is known for faster transactions. This platform has its unique smart contract language called Scilla.
Current Market Price: $0.057334
Market Cap: $709,779,338
9. Algorand (ALGO)
It is a decentralized blockchain system. It is a safe and effective system. The native token of Algorand is ALGO. ALGO can be purchased from FTX, Binance, and other exchanges. It also uses a proof-of-stake mechanism.
Current Market Price: $1.04
Market Cap: $6,858,306,989
10. Stellar (XLM)
Stellar is a blockchain network and another among the top Ethereum Alternatives. It was released in July 2014. It is a fast, cheap, and transparent blockchain known for its scalability. The token for Stellar is XLM.
Current Market Price: $0.241814
Market Cap: $6,019,174,571
These platforms have high potential and will be accepted worldwide as great Ethereum alternatives. Keep a strong eye on these Ethereum alternatives this year!
Will Ethereum Be Able To Pull Through The Disruption?
As time passes, we will see various alternatives of Ethereum shining in the market. The alternatives have the advantage of learning from Ethereum’s mistakes. It is believed that with time, they may take away the market value of Ethereum. But it is quite difficult to kill Ethereum! It is working on the energy-intensive mining process. It is expected that the speed of transactions will increase by over 7000 fold 100,000 transactions a second. Ethereum is working to keep itself updated and add necessary support timely.
Let us see if the competitors and alternatives take over Ethereum in the coming years or Ethereum stands still on the top of the list.
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Frequently Asked Questions
1. Will Solana Replace Ethereum?
Solana is a cost-efficient alternative. It can handle about 50,000 transactions a second. Many believe that it will not be a complete replacement for Ethereum. However, many marketers believe that Solana may replace Ethereum in the long term.
2. What Is The Next Big Cryptocurrency?
You can consider PancakeSwap as the next big cryptocurrency. It is a decentralized exchange launched in 2020. Users can consider buying and selling digital tokens without involving a third party through PankcakeSwap. You may also consider buying it in 2022.