Challenging Ethereum 2.0? Competing blockchains are seizing the moment

After several years in development, Ethereum 2.0 is now more tantalizingly close than ever before. Despite a shaky start with the Medalla testnet, it seems that development is still on track. Prysmatic Labs developer Raul Jordan indicated in a recent blog post that “2 to 3 months from the Medalla genesis block is still an ideal timeline.”

At this point, what are another three months? The idea of an upgrade has been floating around in some form since the platform was first launched in 2015. The time it has taken to get this far in implementing Ethereum 2.0 speaks to the fact that it’s far more challenging to change the engine in a moving vehicle than it is to build one from scratch.

Since 2015, many developers have indeed taken the opportunity to build their own engines, most often designed to overcome the same issues that ETH 2.0 is seeking to solve — and more, in some cases. While Ethereum 1.0 blazed a trail, the second version will launch in a now-thriving blockchain scene.

And it’s undoubtedly the case that competition is getting stiffer. When EOS launched in 2018, it didn’t necessarily shape up to be the Ethereum-killer everyone predicted it to be before it launched. But recently, Polkadot has been making progress, with its DOT token now second only to Ethereum in terms of market capitalization for a development-platform coin. As things stand, there is plenty more competition, so how will Ethereum 2.0 shape up against other platforms in solving some of blockchain’s most pressing problems?

Cardano vs. Ethereum 2.0

Cardano has been one of the most hotly anticipated rivals to Ethereum for some time. The platform was developed by one of the original co-founders of Ethereum, mathematician Charles Hoskinson, who left Ethereum in 2014 and subsequently founded IOHK, the company building Cardano.

Cardano has been the subject of many headlines this year as it has launched its latest phase of implementation, known as Shelley, on its mainnet. This has…

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