Top 3 Public Blockchains That May Be Ethereum Killers

Ethereum is arguably the most used blockchain in the industry. It hosts hundreds of projects in the decentralized finance (DeFi) and NFT space, making it an essential ecosystem. Yet, Ethereum faces scalability issues, leading to slower transaction execution and high gas fees. This led to the development of newer ecosystems, hoping to solve issues faced on Ethereum.

Some people believe that these blockchains may replace Ethereum, primarily because they are highly scalable platforms. Undoubtedly, many digital asset enthusiasts find it inconvenient to settle some transactions on the Ethereum, so they opt for other public blockchains that can support smart contracts at a lower cost.

It’s safe to mention that Ethereum is the first blockchain ecosystem to support smart contracts, leading to advancement in the asset space. Today, blockchain technology has birthed new industries, which may help hasten cryptocurrency adoption. Before moving on to the Ethereum killers list, we need to understand some concepts.

What Is A Smart Contract?

A smart contract is a line of code stored on a blockchain that operates when certain conditions are met. Since smart contracts are self-executing, users enjoy faster execution without intermediaries or human effort. This helps achieve error-free contracts.

Recently, the team behind Ethereum announced Ethereum 2.0, which should solve problems faced on the original chain. This upgrade may bring faster execution, lower cost, and greater scalability.

Still, other ecosystems are gaining traction, taking some part of the market share from Ethereum. While Ethereum still hosts most non-fungible token (NFT) and decentralized finance (DeFi) projects, other chains are equally gaining some attention.

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What Is An Ethereum Killer?

An Ethereum killer is a public blockchain that offers similar services as Ethereum, but at a lower cost. Often, these blockchains are programmed to solve most problems faced when using the world’s second most-popular blockchain. By capitalizing on providing fast and low-cost transaction settlements, they may be an attractive alternative for users hoping to save time and money.

The Best Ethereum Killers

1. Cardano (ADA)
2. Solana (SOL)
3. Polkadot (DOT)

1.Cardano (ADA):

Cardano is one of the top cryptocurrencies in terms of market cap. Using proof-of-stake, it strives to be an environmentally-friendly ecosystem while delivering scalability and low-cost transactions. This blockchain is similar to Ethereum because experts designed it to support smart contracts. Through this support, it can host a wide range of decentralized applications (dApps), such as DeFi protocols.

Founded by one of Ethereum’s co-founders, Charles Hoskinson, Cardano mainnet supports several DeFi-focused projects. Also, transaction volumes on the network have skyrocketed, which may be attributed to the numerous smart contracts.

The ecosystem’s native token is ADA. ADA has several uses, within and outside the chain. For instance, some investors speculate on the asset, so they buy it to profit in anticipation of future price growth.

It is also the mechanism that helps the whole system function properly. Additionally, users also pay transaction fees in the platform’s native currency. Being one of the potential Ethereum killers, it has built a strong community, helping it thrive.

2. Solana (SOL):

Solana is another decentralized blockchain that supports applications. This ecosystem prioritizes scalability and security, making it a good choice for NFT and DeFi projects. Thanks to the timely transactions, some people also see it as the fastest blockchain in the space. Solana is also one of the top Ethereum killers that is finally gaining some attention.

Scalability is an essential concept in the asset space. Because Solana ensures scalability without needing layer 2 scaling solutions, some developers may prefer to build on it to save cost. Built by Solana Labs, it may be the next Ethereum, thanks to its growing momentum. Even the ecosystem’s native token, SOL, has recorded notable growth within the past months. Similarly, SOL remains one of the best performers despite the ongoing price falls in the asset space.

3. Polkadot (DOT):

Polkadot is an open-source and decentralized blockchain platform that strives to enable cross-chain interoperability. Cross-chain interoperability is the ability of different blockchains to communicate and exchange data. Many blockchains work alone and cannot communicate with others, but Polkadot hopes to change that narrative.

Also, one of Ethereum’s co-founders, Gavin Wood, built the platform. Additionally, Polkadot ensures scalability by spreading transactions. With this, it settles transactions at a faster and cheaper rate. That said, it uses a proof-of-stake consensus mechanism to remain scalable while enabling cross-chain decentralized applications.

It also claims to be energy efficient because of its nominated proof-of-stake (NPoP). Polkadot also prioritizes security, which is crucial for every public blockchain. Without security, networks become vulnerable to attacks and manipulations.

Polkadot’s native currency, DOT, is one of the largest cryptocurrencies by market capitalization. You can easily purchase it on various exchanges because of the widespread support.

Conclusion

Many public blockchains may someday compete against Ethereum. And because of the scalability issues faced when using Ethereum, these Ethereum killers may be suitable replacements for the popular network to save time and cost.

Other Articles You Might Be Interested In:

Blockchain Technology: What Is Layer 1 Scaling Solution in Blockchain?
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