Have you tried minting an NFT on the Ethereum network or just simply made a transaction on it? If so, you would know about the sky-rocketing gas fees on the network. As Ethereum lags behind delivering the promise of Proof of Stake, Ethereum killers are rising up to dethrone the queen. On the other hand, Ethereum killers are achieving incredible performance indicators and proving blockhain’s utility much better than the old dogs. So much so, that in fact Bitcoin and Ethereum are starting to look obsolete as compared with the up and coming altcoins. If you’re a believer of Ethereum downfall, here are the top 5 Ethereum Killers to invest on for 2022.
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Ethereum Killers Rise!
First and foremost, we need to talk about the ground rules. There are multiple aspects of a blockchain network but for this article, we are specifically focused on scalability, network-fees and decentralized nature of each one. In short, we will take a look at who is actually closer to solve the blockchain trilemma.
It should also be noted that Ethereum 2.0 is set to debut in 2022. In that regard, Ethereum will adopt PoS algorithm which will positively affect all of the characteristics mentioned above. That being said, considering the scale of the transition and the gruesome challenges, it would be fair to maintain a little bit of pessimism. After all, Ethereum is by far the most advanced and extensive blockchain network out there. Not to be a cynic, but we will believe Ethereum 2.0 when we see it.
Simply speaking, Ethereum is currently behind in terms of scalability, gas-fees and environmental harm. The Proof of Work algorithm is simply an archaic technology with considerably low efficiency. Considering the critics, cryptocurrencies have a bad reputation due to the environmental harm resulted from mining and the ongoing chip shortage. With that in mind, all Ethereum killers must be PoS blockchains.
Without further ado, Let’s jump right in!
Solana (SOL)
Yes, yes, yes. We are fully aware of the network outages and the less than decentralized servers. Solana is not as good of a boy as previously thought. However, it is simply a darling amongst institutional investors and enterprises. And that is what essentially causes rallies for the price. The Solana network is arguably the fastest blockchain network as of early 2022. To make it an even better deal, the network fees are ridiculously low compared to Ethereum. Think of Solana as the Ducati of cryptocurrencies, it’s fast and exotic, but sometimes the network can act up. Interestingly, despite the hiccups on the network, the investors did not dump Solana and move on to other competitors. And that, is a positive sign since Solana labs has ensured investors that the network will not fail them once again.
In short, Solana is a blockchain platform for decentralized applications (DApps). The network utilizes Proof of Stake consensus algorithm. However, in a world full of PoS blockchain networks, Solana has managed to achieve some impressive figures. The network can support up to 50,000 transactions per second (TPS) and requires 400 milliseconds to build a block. With the quickly increasing number of validators currently at 1,061, the network is one of the fastest out there.
However, what good is a fast network if expensive? Well, in terms of transaction fees, the Solana network maintains the most competitive fees across the board. With an average of $0.00025 per transaction, it’s no wonder why many of the largest institutional investors use this network.
This flexible network has smart contract capabilities, DeFi, NFT, Web3 and many more. According to the official website, the ecosystem has currently over 400 running projects.
To learn everything about the network, continue reading “What is Solana?”
You can Buy SOL with the lowest fees on HiExchange
Cardano (ADA)
Arguably, Cardano is the well-behaved good boy in your school who reminds the teacher of the forgotten homework. Just look at Charles Hoskinson, an academic-oriented man who double checks everything and is not in a hurry to pump ADA. The Cardano network has perhaps the best reputation for a network. Low gas-fees, high scalability and truly decentralized are what you get from Cardano. Subsequently, Cardano is like the Honda of cryptocurrencies, reliable, robust and sensible. It may not be as fast as a Ducati (Solana) but it’ll go further. Motorcycle references aside, Cardano is going that extra mile to ensure the investors of the security and utility of the network. The peer-reviewed developments are something that nobody else is willing to do.
In 2017, the Cardano project started as a third-gen open-source and public blockchain platform. ADA is the native token of the platform. It is Led by Charles Hoskinson, one of the co-founders of Ethereum. Cardano had a great emphasis on being future-proof by being peer-reviewed and methodically developed by academic experts in the field. Cardano views itself as the updated version of Ethereum. Moving towards building a connected and decentralized system and providing banking services to the unbanked.
To answer what is ADA, we first need to introduce the Cardano project. As a blockchain network, Cardano is an extensive ecosystem with the native token ADA. Cardano takes pride in being one of the first pioneers of the proof of stake algorithm. And surely a successful one at that. It managed to successfully eliminated many of the issues related to crypto. It did an astonishing job dealing with Problems such as high gas fees, scalability and high transaction fees. During this process, ADA, gained immense popularity and rose through the ranks like a champ!
You can Buy ADA with the Lowest fees on HiExchange.
To learn everything about Cardano, continue reading” What is ADA?“
Polkadot (DOT)
Ironically, two of the five Ethereum killers of our list belong to former Ethereum developers. Both Cardano and Polkadot founders used to be primary founders of Ethereum. Considering the state of Ethereum in early 2022, it is not difficult to guess why!
Polkadot is one of the most innovative blockchain networks that successfully gave birth to an impossible idea. What if there was a blockchain network that could connect all other blockchain networks? Well, Polkadot did that and then some! The network managed to triumphantly create the “internet of blockchains” and bridge the gap between other networks. As for the results, we have a highly utilitarian network that offers the best of all worlds through communication and friendship. Ultimately, Polkadot is like the KTM of cryptocurrencies since it is its own thing without looking to follow others.
Initially found in 2016 and launched in 2020, Polkadot is another one of those cases where an Ethereum co-founder decided to walk down the road not taken. And much like ADA, Gavin Wood was able to make waves in the industry with a revolutionary innovation. As of October 2021, Polkadot Coin is the 7th cryptocurrency by market cap, priced at $42. Considering the very young age, Polkadot has deep roots in the industry as a serious blockchain network. In a time period of less than two years, the network has fulfilled all of the advertised promises and is delivering astonishing results.
You can Buy DOT on HiExchange anonymously with the lowest fees.
To learn everything about DOT, continue reading “What is Polkadot?”
Avalanche (AVAX)
Decentralized Applications (dApps) managed to bring finally bring some real-world use cases to the public. Initially, the Ethereum network was the first one to offer smart contracts and dApps. However, he who shall be first, is not always the best. The Avalanche network climbed the ranks so quickly as a smart contracts network. In fact, the name Avalanche (AVAX) was mostly unheard of before 2021. In a short time, AVAX jumped in the ranks and as of early Q1 2022, it is 12th with a market cap of $17 billion USD. Avalanche is like the Yamaha of cryptocurrencies, it’s fast. It’s reliable and it is seriously underrated.
Avalanche Blockchain, is an open, programmable smart contracts platform for decentralized applications. It was launched by AVA labs in 2020 as an Ethereum competitor. In terms of performance, the network offers light-speed transactions with scalability that is far better than Ethereum. As for the cherry on top, the transaction fees on the network are extremely low as compared with Ethereum.
At the same time, compared with the Solana network, the Avalanche network is far more decentralized. This will assure security and reliability for the future to come.
You can Buy AVAX on HiExchange.
Terra (LUNA)
Stablecoins are essentially the blood running in the veins of the crypto market. As a matter of fact, the crypto industry is absolutely reliant on stablecoins. The Terra network managed to fill that gap in the stablecoins and offer an intuitive approach to cryptocurrencies. Undoubtedly, there is a lot of money to be made in providing stablecoins. Subsequently, all that money will find its way to LUNA the native token of the network. With that in mind, LUNA is backed by something that will always have a solid demand. In that sense, Terra is the Kawasaki of cryptocurrencies. Why? Well it’s accessible, but in the meantime offers awesome performance.
The Terra network is an open-source blockchain protocol that works as a payment platform for stablecoins. Essentially, the network creates stablecoins pegged to fiat currencies. These stablecoins constantly track the price of these fiat currencies. Within the network, users can buy, hold, trade or simply exchange all stablecoins.
Perhaps the biggest challenge for any stablecoin is to keep the value pegged and stable. To overcome this challenge, Terra network balances the supply and demand by their governance token LUNA. Used for both governance and mining, LUNA ensures that all stablecoins remain stable. In that regard, LUNA acts as a counterweight in the network. Users can either burn LUNA to mint Terra or simple stake LUNA.
You can buy LUNA on HiExchange without compromising your privacy.
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