Over the years, many competing blockchains have dubbed themselves ‘Ethereum Killers’. EOS, Tron, Stellar, and many other new generation blockchains have been referred to as ‘Ethereum Killers’ by members of the cryptocurrency community. In fact, almost every blockchain that was invented between 2017 and 2018 was predicted to take over from Ethereum. This is because these blockchains offer the same functionalities as Ethereum but are cheaper and more scalable then it.
Ethereum Continued To Stand Tall
While the increased competition took some market away from Ethereum, no single blockchain has been able to overthrown Ethereum as the foremost platform for smart contracts. In fact, Ethereum started 2019 relatively well. There are still some who believe that Ethereum will lose its place this year but the question remains: who will overthrow Ethereum? Some of the new contenders for Ethereum’s position are Zilliqa (ZIL), Holo (HOT), and Waves (WAVES).
Zilliqa (ZIL) Price Today – ZIL / USD
The Zilliqa blockchain has done relatively well in the battle against Ethereum. In fact, towards the end of 2018, one of the top Ethereum gaming apps, Etheremon, migrated from Ethereum to Zilliqa. The developers of the platform said that they decided to make this move because the price of gas was becoming too high on Ethereum. They also cited a lack of scalability as a key factor that hindered their progress on Ethereum. Zilliqa has strong potential.
Launched in 2016, Waves (WAVES) has been able to host more than 100 projects within two years. These are projects that would have been suitable for the Ethereum blockchain. During the 2017/2018 bull run, the Waves token increased by more than 300%. Projects like MobileGo and Vostok are hosted on the Waves blockchain. The platform also owns a decentralized cryptocurrency exchange.
Then there is Holo (HOT). HOT is not exactly a blockchain network. However, it is a distributed network that depends on distributed hash tables similar to those on a torrent network. Many projects have already started building on the Holo blockchain. Holo has been endorsed by Jim Cook of Mozilla who said that a blockchain like Holo can potentially free the internet from the shackles of centralized bodies like Google and Co. This is why it is on the list of possible Ethereum killers.
Who Will Take Ethereum’s Place?
Even with all the competing blockchains, Ethereum is still all the way up. Currently the second cryptocurrency per market capitalization, Ethereum has been able to retain its position in the space. While most of these new blockchains have strong potential, none of them are mature enough to take Ethereum’s place, at least not yet. Last year was bloody for these blockchains just as it was bloody for Ethereum.
EOS, which would have been one of the best platforms to overtake Ethereum, became a money-losing machine last year when things fell apart. Another blockchain that would have stood a chance is NEM. Unfortunately, the NEM blockchain ran out of funds before it could reach its full potential. The NEM foundation had to announce that all projects have been suspended until funds are raised.
If these blockchains cannot take over Ethereum when it is flooded with scalability issues, do you think they would be able to take over when Ethereum finally implements its scalability solutions? It’s unlikely. However, the blockchain and cryptocurrency space is unpredictable. For now, there is no telling what would happen in the next few years.
What do you think? Which blockchain stands a chance against Ethereum in the future? Share your thoughts in the comment section.