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What is the Ethereum killer? Get to know the 5 Ethereum killers

BingMag.com <b>What</b> is the <b>Ethereum</b> <b>killer?</b> <b>Get</b> to <b>know</b> the 5 <b>Ethereum</b> killers

We have been hearing about them for years, but What are the blockchains that are called Ethereum killers, and will they ever manage to overtake the most popular blockchain in the market?

If you are interested in cryptocurrencies and in general, the decentralized world, you definitely know Ethereum. But this currency is not just a popular digital asset. In fact, the Ethereum blockchain allows the development of any number of decentralized projects, whether it is a new token project, DeFi services, games, or even NFT.

But over time, the Ethereum ecosystem has shown weaknesses. That has opened the way for Ethereum killers. Now we come to the question of What is the Ethereum killer and What are the most important examples of it today?

  • What is Ethereum and how does it work?

What is the Ethereum killer?

The Ethereum killer is actually a blockchain that has the ability to overtake Ethereum one day and thus destroy its reputation and popularity in the industry. Currently, Ethereum is recognized as the most widely used blockchain for developers, investors and traders. In addition, the increasing popularity of decentralized services and applications has caused a significant increase in the use of Ethereum, and tens of thousands of people interact with this network daily.

Ethereum supports smart contracts for traders and developers, enabling faster transactions and It provides more convenient and without the need of an intermediary. The wide variety of this platform is What made it popular. As more people run their projects on the Ethereum blockchain, more users will engage with the platform.

But Ethereum has issues that make it an annoying platform for many users. Before all these problems, we must mention the gas-fi of this network, which is disappointing. GasFi is a fee that Ethereum users must pay to benefit from the enormous processing power that runs this network. Validators on the Ethereum network must consume a significant amount of energy in order to validate transactions and maintain network security, so GasFi is essentially the amount that users pay to validators.

Depending on how much the network is used, Gas Fee fluctuates from minute to minute, but sometimes it can add up to a huge amount. It is these high amounts that have made people stop using Ethereum. But in addition to this, Ethereum also has problems with scalability limitations. When more users join the blockchain network and more transactions are created for validation, congestion is formed, which makes the processing time of each transaction longer. They are looking for alternatives to Ethereum, and this has paved the way for blockchain networks known as Ethereum killers.

Top 5 Ethereum killers

1. Cardano

BingMag.com <b>What</b> is the <b>Ethereum</b> <b>killer?</b> <b>Get</b> to <b>know</b> the 5 <b>Ethereum</b> killers

Cardano was launched in 2017 by Ethereum co-founder Charles Hoskinson and since then Kanon has managed to secure a place among the most popular blockchains in the market. The ADA coin of this network has been one of the most popular currencies in the cryptocurrency market in recent years. Cardano also uses a Proof of Stake (PoS) consensus mechanism to confirm transactions. In fact, the protocol used by the Cardano blockchain is Ouroboros PoS, which is said to be one of the most optimal protocols in terms of energy consumption. Therefore, it can be a good choice to help save the environment.

Also, the Cardano blockchain received a major update in September 2021, known as Alonzo. This hard fork added the ability of smart contracts to Cardano, which is an attractive factor for developers and investors.

This blockchain has also received another update called Hydra, which is the second layer of the scalability solution and to the blockchain network. It allows to reduce the time of transactions. On a good day, a transaction on the Cardano blockchain takes only 20 seconds, but if the network latency is high, this time can increase to 10 minutes. Of course, we have to wait and see What effect the Hydra update will have on reducing transaction time.

2. Algorand

BingMag.com <b>What</b> is the <b>Ethereum</b> <b>killer?</b> <b>Get</b> to <b>know</b> the 5 <b>Ethereum</b> killers

Algorand is another killer Ethereum blockchain. The network was introduced in 2019 by renowned cryptographer and computer scientist Silvio Micali as the first open-source, permissionless blockchain with a Pure Proof of Stake (PPoS) mechanism. Elgorand offers many features that can make it a suitable alternative to Ethereum.

Before going to any other features, we should mention the carbon neutral feature of Algorand blockchain, which is made possible thanks to the PPoS mechanism. . The protocols of this The mechanism uses fewer validators for each transaction, which greatly reduces the energy requirement of each block. In addition, the time required for transactions on this network is much less than that of Ethereum, and a transaction on Elgorand may take only 5 seconds, while current Ethereum transactions take about 15 seconds to 5 minutes.

3. Zilliqa

BingMag.com <b>What</b> is the <b>Ethereum</b> <b>killer?</b> <b>Get</b> to <b>know</b> the 5 <b>Ethereum</b> killers

The Zilliqa blockchain has one important feature that makes it an Ethereum killer. This feature is called sharding, which means that it turns one blockchain into multiple blockchains and divides the volume on the network equally between them, thereby reducing the scalability limitations. This feature allows the Zilica network to process 2,500 transactions per second. Although Ethereum is also in the process of adding sharding feature to its blockchain, this process will take another year (or even longer). whose dollar equivalent is very small. At the same time, the fees in the Ethereum network are as low as a few dollars. So Zilica is a much more affordable choice.

Also, Zilica has its own marketplace where you can buy and sell digital and physical artwork. So if you are an artist or you are interested in the world of works of art, you can take a look at this blockchain.

4. Avalanche

BingMag.com <b>What</b> is the <b>Ethereum</b> <b>killer?</b> <b>Get</b> to <b>know</b> the 5 <b>Ethereum</b> killers

The Avalanche network quickly established itself as an Ethereum killer for several reasons. The first reason is that Avalanche can process an amazing number of 4500 transactions in one second. This blockchain also has GasFi, but compared to Ethereum, it requires a much more reasonable amount. But like Ethereum, according to the state of the network, the gas of Avalanche blockchain can also vary from minute to minute.

It cannot be said that Avalanche receives a small fee for transactions like other Ethereum killer blockchains on this list. Although these fees are usually below one or two dollars, the history of receiving $5 for one transaction has also been recorded in this network. Nevertheless, the Avalanche network fees are still lower than the usual Ethereum blockchain fees, but they are not among the lowest in the blockchain world, and there are many good networks whose fees are less than one dollar.

One of the most important The advantages of Avalanche are that it is environmentally friendly. This blockchain uses a proof-of-stake mechanism, according to which validators do not need powerful hardware to verify each block, and their hardware does not need to be active 24 hours a day. Also, this network uses 3 separate blockchains to distribute its transactions to manage the volume entering the network and bypass scalability limitations.

5. Polkadot

BingMag.com <b>What</b> is the <b>Ethereum</b> <b>killer?</b> <b>Get</b> to <b>know</b> the 5 <b>Ethereum</b> killers

Polkadot is one of the newest blockchain networks introduced in 2020. But being a newcomer could not hinder the popularity of this network as well as DOT cryptocurrency. One of the most important factors that has made Polkadat an Ethereum killer is the use of parachains. Parachains are parallel blockchains that pursue their own purpose for a decentralized project. Using multiple chains in this way has made Polkadat very scalable.

Thanks to high scalability, this network can process up to 1000 transactions in one second. Also, Polkadata uses a delegated proof-of-stake mechanism, which involves a smaller number of validators to validate a block. Therefore, it reduces the need for energy consumption for the validation process.

Furthermore, Polkadat uses a weight-based model instead of gas-fi. This model includes an equation that takes into account various factors that we don't intend to Get too detailed about. The difference in fee calculation on the Polkadata blockchain makes it more difficult for us to make a proper comparison between this network and Ethereum. But despite this issue, it should still be said that transaction fees in Polkadata are lower than Ethereum; Of course, these two networks share the daily fluctuation of transaction fees.

Can any blockchain really kill Ethereum?

While there are various blockchains in the world that can surpass Ethereum. but it will not be as simple as we think. Ethereum is currently by far the top blockchain for creating decentralized projects, and we still don't know if any competing blockchain can truly become an Ethereum killer. We must know that nothing can be predicted in the decentralized world, and we may one day witness Ethereum surrendering to other networks.

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