The digital currency and blockchain space are highly competitive. New digital currencies and blockchain project/firms emerge almost every day. The competition is so stiff that only the strongest and fittest get to survive and excel in the space. Ethereum (ETH), which is the second largest digital currency in the world, is currently facing a strong rivalry.
The digital currency is currently being left behind as its rivalries tend to outperform it. Ethereum has been in existence for a couple of years now. The blockchain project was launched with the aim of creating a blockchain technology-based world computer. Blockchain is a newly invented technology that is rapidly revolutionizing the world.
Picture it as an open-source network-based Amazon Web Services (AWS) with digital currency tokens. The platform allows developers to create and deploy Dapps (decentralized applications). The Dapps get quick adoption from the community of ether user all over the world. Nevertheless, the progress of the Ethereum network has been stagnant over the past year. This is due to the inability of the Ethereum team to evolve with the fast-growing technology and upgrade the network.
Newer and Smaller Startups Outperform Ethereum
Ethereum has been very slow and it is unfit to be used in mainstream adoption. Meanwhile, the legacy network has been surpassed by newer and smaller competitors. Ethereum has been outperformed in several ways by rivals such as Vietnam and Singapore-based Tomochain (TOMO). Tomochain has only been in the blockchain space for about three months now.
The project applies to an edited version of the Proof of Stake protocol that the Dev team of Ethereum has been considering. The PoSV (Proof of Stake Voting) promises a minimum transaction throughput of 1,000 transactions. It also promises a two-second blocktime. This is way faster than the double-figure transaction per second of Ethereum. The blocktime of Ethereum is even 20 seconds, which is way slower than that of Tomochain.
Ethereum (ETH) Price Today – ETH / USD
Interestingly, Tomochain is compatible with EVM (Ethereum Virtual Machine). This means developers can migrate their Smart Contracts and decentralized apps on ERC20 protocol to Tomochain. This gives Tomochain a great competitive edge over Ethereum. The dev team of Tomochain has been taking the same approach that other projects took to emerge the top ten in the crypto space.
The approach of Tomo will attract top developers to create more decentralized apps on the platform. It would also result in partnerships with top startups and giants, which would greatly enhance adoption. The team has also ready started partnering with established firms. In the last quarter of 2018, the team partnered with The Georgian National Blockchain Agency. They also helped top Ethereum Dapp teams migrate to their own chains.
Dapps Migrate from Ethereum to Tomochain
Developers have already started moving their Dapps from the Ethereum network to Tomochain. One of the most notable Dapps that was migrated from Ethereum to Tomochain is Axie Infinity. Axie Infinity is a collectibles games based on the Ethereum network. The game was leaped a few months ago.
Ethereum is the most adopted and popular blockchain virtual machine network. Nevertheless, its lack of scalability solutions over the last year has set it behind. It has now created a gap for other blockchain projects such as Tomochain. More blockchain projects like Tomo will emerge in the near future. If Ethereum does not improve, it will definitely lose its position.