Ethereum Competitors and and Smart Contract Platforms 2023

ethereum alternatives

After Ethereum switched to Proof-of-Stake in September, many miners are in search of other blockchains with profitable mining to redirect their vacated computing power. Ravencoin can be a great solution for them, as it’s available for mining and it’s in the top 100 cryptocurrencies according to CoinMarketCap. While Ethereum utilizes a single blockchain infrastructure to run decentralized applications, which inevitably slows it down, many other networks can be integrated with Fantom. Fantom is a decentralized network and a competitor to Ethereum that provides an original solution to the sore subject of scalability. Thanks to the structure and unique technologies, the ecosystem allows for up to 300 thousand transactions per second.

This Solana-based meme coin debuted directly on decentralized exchanges and has swiftly achieved a $2 million market cap on Jupiter. Ethereum, despite being the most popular smart contract platform, is not without its risks. These Ethereum alternatives offer different trade-offs that could be more favorable for your needs. Of course, no investment is ever risk-free and it’s important to do your own research before investing in any project.

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Cosmos stands as the first Layer 0 blockchain, enabling interoperability between different systems through its Inter-blockchain Communication (IBC) protocol, modular design, and strong collaborative ecosystem. Cryptobullsclub is a trusted Indian crypto community followed by crypto traders and investors all over the world. Read the latest news, events, reviews, videos, technical analysis and guides around crypto. Ethereum Classic was formed as a result of the hard fork of the original Ethereum blockchain network, due to the DAO (Decentralized Autonomous Organization) attack.

  • Arbitrum uses optimistic rollups, a technology that “rolls” multiple transactions into batches and executes them on a layer-2 sidechain in a cost and energy-efficient way.
  • As a result, Polygon users get access to increased speeds and lower fees without compromising security, as all transactions are eventually added to the decentralized Ethereum blockchain.
  • It really is a “not your keys, not your coins” choice that enables investors to protect their money from some of the recent scandals in the cryptocurrency space.
  • Tendermint is a consensus mechanism that allows developers to create proof-of-stake protocols that are scalable, fast, and secure.
  • This system is faster and more energy efficient than the proof-of-work (PoW) mechanism used by bitcoin and some other cryptocurrencies.
  • By automatically switching to the correct chain based on the Web3 dApp visited, it provides a seamless multi-chain experience.

In each case, Ethereum comes out on top within the DeFi ecosystem; Ethereum has 629 DeFi protocols and $800 million in daily volume. For example, DeFi is one of the most prominent use cases for smart contracts, so looking at the total value locked (TVL) across all DeFi platforms gives us an indication of how well each platform performs. According to, over 60% of the TVL in DeFi is on Ethereum. BNB Chain is second with 10.74%, followed by Polygon with 2.67% and Arbitrum with 2.51%.

Ethereum Competitors

Secondly, it plays a crucial role in staking – a process that helps secure the network and participate in its consensus mechanism. With its emphasis on speed and scalability, Solana has positioned itself as a potent contender in the Web3 landscape, offering an intriguing alternative to more established platforms. Arbitrum is an Ethereum layer-2 platform that aims to reduce congestion on Ethereum by improving transaction speeds and making it easier for developers to launch and scale dapps. The platform has a throughput of 4,500 TPS, is fully EMV-compatible and has significantly lower transaction fees than Ethereum.

ethereum alternatives

The platform has garnered attention from cryptocurrency investors seeking portfolio diversification, resulting in the sale of over 831 million tokens. InQubeta, a groundbreaking crypto crowdfunding platform, is reshaping the crypto AI market through funding for AI startups. This emerging crypto is anticipating notable growth thanks to its ability to enable fractional investments in AI startups using the QUBE token. Built on the Ethereum blockchain, QUBE incorporates trending NFTs into investment opportunities, giving its platform a distinct advantage.

Ethereum Price Outlook As ETH Holds Above $3,400

Ethereum Classic has now emerged to be a strong competitor to its former, other half. The actual cost of Binance Coin is $589.78 USD, with such a 24-hour trading volume of $3,542,709,170 USD. Similar to the early days of the Internet, many projects will probably not exist in ten or more years. If no one uses them, then there’s no reason to keep their networks running. Please be aware that the content of this website is not financial advice.

  • Cryptobullsclub is a trusted Indian crypto community followed by crypto traders and investors all over the world.
  • This project stands out due to its distinctiveness, promising a significant impact.
  • As a comprehensive DeFi platform, Coin98 Exchange provides a wide range of services across several blockchains.
  • The ongoing presale generates excitement, reaching a significant milestone by exceeding the $10 million mark.
  • On the flip side, profit booking could cut the rally short, causing the Ethereum price to fall back below the 78.6% Fibonacci retracement level of $3,010.
  • Moreover, ADA serves as a secure medium of exchange for users within the Cardano ecosystem.

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