Who Will Outduel the Ethereum Blockchain Network? A Look Into a Handful of Promising Protocols
About a week ago, a new bullish trend overtook the crypto market, and numerous coins started seeing gains. Investors' and traders' interest in the market started burning with a new passion, and as the prices continued to grow, many rushed back to the exchanges with the desire to once again buy cryptocurrency.
However, while Ethereum started seeing gains as well, the project's future might not be so bright.
Ethereum In Danger?
Ethereum (ETH) was launched in 2015, with a goal of becoming a development platform that uses ETH, rather than trying to become a new currency that would try to overtake Bitcoin. While this was a revolutionary move back in the day, it served to inspire numerous other projects that have since become a threat to it. As a result, whenever a new blockchain platform dedicated to smart contracts and dApps emerged, it was considered a potential ‘Ethereum killer.'
This was considered a trend for several years now, with the most notable Ethereum killers so far being EOS and NEO. However, as the crypto market constantly changes and evolves, so do different projects, with some of them becoming more or less progressive over time. As Ethereum has yet to be defeated by any project, a number of new potential candidates emerged. These are not all new coins, but rather their development made them a more serious threat to ETH.
With that in mind, here are several projects that are believed to be competitors for the title of ‘Ethereum killer' in 2019.
1) Zilliqa (ZIL)
It is not unusual for a project to decide to switch blockchains and leave Ethereum behind, which is what happened with a game called Etheremon. The curious thing is that the project migrated to Zilliqua after Ethereum's gas prices went up. Furthermore, ETH blockchain's lack of scalability solutions also had a role in the game's decision to move, and Etheremon developers did not look back since. While this is a minor event on the crypto space scale, it was seen as a blow against Ethereum, and it granted Zilliqa the entry card for the Ethereum killer contest.
2) Holo (HOT)
Can a project be a threat to Ethereum if it is not actually blockchain-based? It appears so, with Holo (HOT) being a living, breathing example. Holo does not utilize blockchain technology like others on this list, and instead, it uses DHTs (Distributed Hash Tables).
This is a technology that is more like what torrent network does, rather than DLT. In other words, Holo has decided to go for a distributed network instead of a decentralized one, although an argument can be made that the distributed network is decentralized by default.
In any case, Holochain already attracted a number of projects, and there are some, like Mozilla's CFO, Jim Cook, who believe that this type of network model might take the control over the internet back to the hands of the people, rather than leave it to corporations like Google.
Waves launched only a year after Ethereum, and so far, it launched more than 100 ICOs on its platform. One such project is MobileGo (MGO), which managed to grow to the market cap of $18 million. However, there is a vast variety of other successful projects on Waves' platform as well, making it one of the highly popular places for project development. As such, it is not surprising that it is considered a potential replacement for Ethereum, although it has yet to approach it in terms of market cap.
4) TRON (TRX)
TRON is one of the best-known and most popular projects today, but before the launch of its MainNet in mid-2018, it was a child of Ethereum. TRX started off as ERC-20 token, and many believe that it is the most capable of the current ‘Ethereum Killer' contenders. Its dApps are still not considered to be Killer dApps, although 6 out of 10 most used dApps ever come from TRON's blockchain.
These are mostly gambling and gaming apps, which explains their high popularity and TRON's massive daily volume. In addition, TRON already launched several tokens within its ecosystem, the most notable of which is BitTorrent (BTT), which was launched on Binance Launchpad on January 28th.
5) Stellar (XLM)
Finally, there is Stellar, and while it is currently considered to be a potential Ethereum killer, Stellar is more of a competition to XRP than ETH. Its goal is to make international transactions instant and available to everyone, while XRP is trying to do the same, only it provides its services and products to banks and financial institutions.
However, Stellar still has the potential to fulfill some of Ethereum's roles, although the main question is, does it even want to? There was a number of projects that were launched on its blockchain, but Stellar does not seem to be all that interested in being a development platform for new coins, which makes it hard to compare it to Ethereum.
Ethereum Keeps Surviving All Of Its ‘Ethereum Killers'
While new potential ‘Ethereum killers' are emerging all the time, and some of them are finding the potential to join this contest, Ethereum still lives and operates as usual. EOS, as one of the old ETH killers, is failing, and many see it as something near to a money-losing machine. The enthusiasm around the project is gone, and NEO is in even worse shape. And, let's not forget about NEM (XEM), which did not even make the last year's list of potential ‘Ethereum killers.' The project got frozen as soon as the crypto winter struck, and the funds were gone.
While all of this was happening, Ethereum suffered from its own issues, but ultimately, it survived. Even though its second spot on the list of largest coins by market cap was overtaken by XRP for over three months, ETH managed to return, and there is still only Bitcoin above it.