At the moment, there is no doubt that Ethereum (ETH) is the king of the Dapps market. It has first-mover advantage, something that has given it a strong footing as the number one platform for launching ICOs. As a matter of fact, a majority of these projects are Ethereum-based, with 250k developers supporting the network. However, like Bitcoin, Ethereum has its issues, mainly to do with its ability to scale. This has led to the emerge of multiple projects all aiming to outcompete Ethereum (ETH) in the Dapps market.
Let’s go through some of them, and try and figure out, which one stands the best chance to give Ethereum (ETH) some serious competition.
EOS (EOS) is one of the most hyped project in the market, and is marketed as a real competitor to Ethereum. It is scalable, has high transaction speeds, and some of the lowest transaction costs in the Dapps ecosystem. However, EOS (EOS) has struggled to distance itself from the notion that it is centralized. Its block producers have so much power. As such, EOS (EOS) can’t compare to Ethereum which is at its core, is a decentralized global community. Therefore, EOS (EOS) may have some good features, but as long as has the centralized tag hanging over it, it will struggle to beat Ethereum (ETH) in the market. Besides, Ethereum is working on solving the problem of scalability, and once it’s done, EOS will have no edge over it.
Tron (TRX) is one of the projects that have made it clear that they want to dethrone Ethereum. In fact, Tron (TRX) has in the past made comparisons between its features and those of Ethereum. It is also launching a virtual machine that allows Ethereum developers to port over to the Tron blockchain. While Tron is scalable, faster and cheaper than Ethereum, it is still not that decentralized as compared to Ethereum. It is also a relatively new project and is yet to be tested in the market. As such, developers for large projects may shy away from it, at least in the short-term. Some of Ethereum’s problems appear huge because of the size of the Ethereum network. Until Tron is tested at the level of Ethereum, it’s difficult to tell whether it has any major problems that can hinder its success as a platform blockchain.
Of all the platforms blockchains in the market today, NEO (NEO) is probably one of the biggest competitors to Ethereum. It has the network, and a growing ecosystem of projects running on it. However, NEO (NEO) has not fully shed the tag that it is centralized blockchain. This puts it at an advantage in its competition with Ethereum.
Cardano (ADA) is still a work-in-progress, but it has something that other Ethereum competitors don’t have, and that’s the fact that it is a decentralized community, just like Ethereum. It also has a use case that cuts across multiple industries. On top of that, its Ouroboros algorithm is designed to solve the problem of scalability, while maintaining a high level of decentralization. Once Cardano completes working on its roadmap, there is a good chance that it will be a serious competitor to Ethereum (ETH).
Therefore, we can conclude that Ethereum is not going anywhere, at least in the short-term. However, in the long-run, Cardano (ADA) could emerge as the project that gives it the most competition.