What is Ethereum’s biggest competitor? Who is Ethereum’s biggest competitor?
Today, with the spread of crypto currencies among people all over the world, there are many competitors among crypto currencies. As one of the most well-known currencies, Ethereum has many competitors who try to destroy it or forget it; But will this happen? In this article on the Shetcoiner site, we want to examine this issue; So stay with us until the end of this article.
What is Ethereum?
Ethereum is one of the top cryptocurrencies and blockchain networks used worldwide in terms of technology, decentralization, and market value. In addition, Ethereum became the first blockchain network to support most digital assets. this structure created the opportunity and program to develop smart contracts, decentralized applications (DApps), decentralized finance (DeFi) tokens, and non-fungible tokens or NFTs.
Ethereum is constantly evolving, making updates and adding support as needed. However, the high cost of fees has become a problem for all investors, especially smaller investors. For example, depending on the transaction time, there may be a fee of around $100 per transaction. This is one of the reasons why investors are looking for other alternatives, in other words these people are ETH Killers who think that a currency may one day replace ETH.
What currencies can compete with Ethereum?
Solana was launched in March 2020 with the aim of providing high turnover transfers. Claiming to handle 65,000 transactions per second, the cryptocurrency is keen to continuously increase its scalability and plans for the future are to increase its current transaction processing speed every two years. Solana also aims to increase compatibility with the Ethereum blockchain network.
Polkadot is a blockchain network developed and launched by Parity Labs. It was released in April 2020 and quickly gained traction. Polkadot functions similarly to Ethereum, supports dApps, NFTs and more. Polkadat seeks to create as well as develop a network of “parachains”, and does not want to limit itself to just one blockchain. This may help provide faster and more economical transactions through the blockchain network.
Polkadot states that its popularity from its blockchain which allows the exchange of arbitrary data instead of limiting its use to specific data carried on legacy blockchain networks, and thus Polkadot can be used on multiple blockchains; transferred Another important aspect behind Polkadot is its leadership by former Ethereum executives, which has resulted in significant contributions to the project. Polkadat is technologically ambitious and expands the horizons of blockchain, so when cryptocurrency investors choose to invest in it, they are investing not only in cryptocurrency but in the evolving technology.
Binance was launched in July 2017 and has become one of the largest cryptocurrency exchanges in terms of trading volume. After this, Binance decided to move crypto currency exchanges to the stage of international financial activity. Also, Binance Coin has several important plans for better operation which helps to grow this structure even more.
Ethereum is one of the largest and most important crypto currencies. This currency can have a positive and negative impact on other currencies. In this article on the Shetcoiner site, we mentioned currencies that are known as Ethereum competitors and you can invest in them.