Top 5 altcoins to replace Ethereum for dApps and smart contracts
It is much easier to write code here than in the Ethereum, because you can use any programming language. Besides, the Stellar protocol handles more than 3 thousand transactions per second. There is also no need in gas to execute programs and the commission for the transaction is really really tiny (a fraction of a cent). Token issuers can customize their accounts, payments, tokens and special offers. Any token created can be bought or sold on Stellar decentralized exchange.
Stellar attracted several successful projects to make ICO on Stellar platform. These include:
The disadvantages of this platform can only be attributed to the threshold for entry and the impossibility of mining. However, the threshold is only 20 XLM and it is set to avoid spam attacks that could slow down the system. Mining of this cryptocurrency has not been intended by the developers. In addition, it will soon be impossible to produce Ethereum as well, because altcoin will transfer to Proof-of-Stake algorithm.
The founder of the platform is Justin Sun. In 2017, Forbes Magazine included him in the list of the most successful entrepreneurs who were under 30 years old. San’s team held an ICO and in just a few days raised about $ 70 million. The platform was fully launched in June 2018.
While Ethereum focuses on practical projects, TRON is geared exclusively towards entertainment content. This project aims to create a network for the decentralized exchange of content between blockchain users, as well as for the development of entertainment applications.
Thus, content creators and users interact directly, without Google Play, Apple Store and other third parties.
The developers describe advantages of the project in comparison with Ethereum. One of them is high bandwidth — 2000 transactions per second. It is possible to deploy large-scale decentralized applications based on TRON, which is a determining factor for working with large audiences. In addition, no transaction fees are charged for TRX transactions.
The project has been caught in the limelight of criticism several times — from the possible drain of tokens by the creator of TRON to the supposedly copied whitepaper of its competitors. Justin Sun, however, gave explanations on time and was able to defend the reputation of the platform.
The openness of the platform often plays against it. For example, the TRON network often hosts an openly questionable product, so most promising developers still use the Ethereum.
In 2014 Charles Hoskins, one of Ethereum programmers, left the project and founded IOHK with his business partner Jeremy Wood. This is how the history of the Cardano platform began. ICO lasted 2 years and as a result the team managed to raise more than 60 million dollars. Almost immediately after the launch, the cryptocurrency went to the top exchanges and got into the top twenty most popular coins.
The Cardano platform, like Ethereum, is designed to develop decentralized applications. Developers call it a third generation project (the first includes Bitcoin and its forks, and the second — Ethereum). In this case, the main purpose of Cardano is to preserve and develop the positive aspects of the previous platforms and get rid of their inherent shortcomings. It is achieved in the following way:
The PoS algorithm is used and its supplement, the Ouroboros data transfer protocol, is used. In this case, the reward for users depends on their wallet balance and the number of transactions in the network. An improved algorithm has a high security level. In addition, it does not require expensive equipment or high energy costs.
It uses the Haskell programming language, which is considered the most secure on the market.
The platform is divided into two layers. The first one is designed for token processing, and the second one — for high-quality work of smart contracts. As a result, the platform is flexible and does not require forks to make any changes in the work.
The platform actively cooperates with government agencies to ensure that ADA coins are recognized as an official means of payment.
Other projects also have interesting developments. Having demonstrated high growth rates in the first year of its existence, the cryptocurrency is somewhat lost among competitors and it is too early to speak about its superiority over the Ethereum. The platform is rarely used in practice. Cardano’s only successful project is the Registry of Higher Education Diplomas in Greece.
In 2014, developers Da Hongfei and Eric Jean launched the AntShares platform. Originally designed to meet the needs of the Chinese market, the platform soon gained a worldwide reputation for its unlimited scalability and ease of use. However, the platform was not very effective in creating decentralized applications and digital documentation. In 2017, developers fixed all bugs and gave the project a new name — NEO. Now it is often called “Chinese Ethereum”.
Projects are similar in many respects, but there are also fundamental differences:
The real bandwidth of NEO reaches 1 thousand transactions per second. Ethereum with the speed of 15 transactions per second loses this comparison, but ETH developers are aware of its problem and actively solve it.
NEO supports Java, C++, Python, Go and other popular programming languages. But to create smart contracts in the Ethereum, developers need to learn a new language called Solidity.
NEO uses an algorithm dBFT, which unlike PoW and PoS does not allow to form parallel blockchain chains, which significantly strengthens the security system. However, it is often criticized for its high degree of centralization.
Besides pseudo-decentralization, many users are not satisfied with the lack of anonymity. The system is legally regulated, so all transactions are controlled. The developers do not intend to move to full anonymity and real decentralization, as they will continue to cooperate with government agencies and the Chinese government.
These projects are really much better than Ethereum. They have higher speed, greater scalability, extremely low or zero commissions. However, everything can change drastically after running Ethereum 2.0.
Now Ethereum has lost its market monopoly. Competitors have strengthened in the niche of games and monetary calculations. However, the more classic blockchain projects (loans, insurance, stablecoins and others) still choose the universal Ethereum. Therefore, this platform retains its leadership.
Differentiation of blockages is described in the previously mentioned report by Binance Research. For example, ETH has occupied a niche in finance, TRON and EOS — online casinos, NEO — dApp-exchangers.
Most of the projects already launched are likely to stay on the Ethereum blockchain. After all, development requires time and resources. Only those who really care about speed and scalability will decide on the transition, and there is no time to wait for updates. By the way, Ethereum is the best platform for fair blockchain casinos. Visit Ethex.bet and see it for yourself!
Published at Sun, 26 Jan 2020 12:25:06 +0000
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