Lisk enables developers to create, distribute, and deploy DApps on their sidechain linked to the Lisk network. Polygon, formerly known as Matic Network, is a Layer 2 scaling solution for Ethereum. It enhances Ethereum’s scalability, offering a wide spectrum of instruments and services for developers to build scalable DApps. Polygon’s interoperability with Ethereum makes it an attractive choice for projects looking to alleviate Ethereum’s congestion issues.
- But as we all know, in the realm of technology and innovation, competition is a given.
- Moreover, merchant acceptance of XRP is not as widespread as other cryptocurrencies, limiting its use for everyday transactions.
- It leverages a unique Proof-of-Stake (PoS) consensus mechanism that sets it apart from other Blockchain solutions, and its development approach is firmly grounded in scientific research.
- The easiest way to buy Ethereum is to use an online cryptocurrency exchange.
- Moreover, many competitors lack the level of developer activity seen on Ethereum.
How to Choose the Best Cryptocurrency for Your Needs
MATIC is the native cryptocurrency of the Polygon and helps to secure the network via Delegated Proof-of-Stake (DPoS) consensus and on-chain governance. Also, MATIC is used for paying gas fees and interacting with dapps and DeFi protocols throughout the Polygon ecosystem. However, several Polygon-native platforms have been developed on the leading Ethereum competitor. Before Ethereum 2.0, Ethereum developers and users had to endure drastic gas price fluctuations. At the peak of the 2021 bull run, transaction fees spiked dramatically, and users had to wait a long time for transactions to finalize.
Conclusion: Best Ethereum Competitors To Watch In 2020
The Ascent, a Motley Fool service, does not cover all offers on the market. Some crypto platforms have restrictions on staking, particularly in the U.S. Also, be aware that there’s a difference between staking and the crypto lend-earn products offered by some platforms. When a crypto earn ethereum alternatives platform uses loans and offers high rates of interest, you don’t know what risks it is taking with your assets. Crypto.com’s user-friendly mobile app is a separate product from its main exchange. The app is available in 49 U.S. states and allows users to earn interest on Ethereum assets.
Polygon (MATIC): Best for Scalability
The EOS project combines the security of Bitcoin and the functionality of Ethereum. It aims to become a decentralized operating system that can support the hosting and development of commercial-scale DApps. Launched in June 2017, EOS is the much talked about blockchain project in the cryptosphere since its launch. It holds the record of the longest ICO of all time, a total of 350 days, in which it raised over $1 billion, making it one of the most successful ICOs in history.
- Moreover, Fantom is among the fastest blockchains in our list of smart contract platforms.
- 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.
- The problem is that hard forks can be not the most elegant way to develop the system and can even split the network.
- Established in 2011, the company has built a solid reputation in the cryptocurrency community over the years.
- It aims to become a decentralized operating system that can support the hosting and development of commercial-scale DApps.
- This technological prowess makes Fantom a top contender for those looking for an alternative to Ethereum in the years to come.
However, various Ethereum competitors and smart contract platforms now offer cost-effective alternatives. Furthermore, the growing popularity of https://www.tokenexus.com/ and layer-2 scaling solutions gives developers more stability and flexibility than building on Ethereum alone. Moreover, many of the leading Ethereum competitors are growing faster than the leading smart contract blockchain. The native FTM token powers the novel Lachesis PoS consensus mechanism and is essential for protocol governance and transaction fee payments on the various dapps that support Fantom. Moreover, Fantom is among the fastest blockchains in our list of smart contract platforms. In this article, we’ll dive deep into the leading Ethereum competitors and smart contract platforms in 2023.
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Which Ethereum Competitors are the Best?
