Whenever we think of cryptocurrencies, the two major names generally strike our minds. One is none other than Bitcoin and the second place, Ethereum takes the stand. After Bitcoin, Ethereum is the second most used cryptocurrency of all time and is slowly taking over the market. The origination of Ethereum was to create an alternative to bitcoin and its competition. Ethereum managed to fulfill the requirement and completed its job. After Bitcoin, Ethereum has the greatest number of users. If you are interested in bitcoin trading, then you can start your trading journey and open a free account here.
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There is no doubt that the users that are associated with Bitcoin are also the ones who are actively associated with Ethereum as well. With the advancement of technology and revolution in the crypto field, alternatives to Ethereum have developed and in this article, we are going to discuss the alternatives to this. Though the alternatives are many, only a few, popularly known to us are discussed here. So, let us start the journey!
About Ethereum Crypto
The white paper of 2013 was based on the principle of decentralized cryptocurrency that can support various smart contracts and many decentralized applications. Leading to this, a new cryptocurrency named Ethereum was launched in 2013 by a keen programmer named Vitalik Buterin. The job of Ethereum was not limited to exchange practices such as Bitcoin but it managed to develop a secure platform for both smart contracts and other applications. Now, ethereum has been redeveloped and a new variant of the currency namely Ethereum 2.0 is currently in operation.
The best alternatives to Ethereum
Introduced in 2020, Solana is the most famous alternative to ethereum. The pros of using Solana are high transaction rates throughout and a secure environment to establish the same. The network claims a whopping capability to process around 65,000 transactions that too in a second and is planning to scale up the same in the coming time, which is quite promising. It is their continuous approach to double the pace of transactions every two years.
Launched by one of the co-founders of Ethereum, named Charles Hoskinson in the year 2017. The consensus used by this cryptocurrency is Proof of Stake (PoS) and is an open-sourced base for its algorithm code. The inventors of Cardano claim that it is the first platform working on blockchain technology to grow from merely an idea to a research-driven facility. The focus of this cryptocurrency is academically more driven and thus can act more motivated towards developing means and methods for the same.
Another cryptocurrency that successfully places itself in place of Ethereum is Zilliqa. This cryptocurrency was launched in the year 2017 and works on the ideas of blockchain. This is equally secure and scalable as compared to others and there is no question of compromising the security. It is believed that this platform has one of the most cutting-edge technologies in the entire crypto market.
An organization named Parity Labs invented and launched Polkadot in the year 2020. The platform of Polka supports various decentralized applications, and a wide number of NFTs and thus it functions comparatively similarly to Ethereum. It has its facility on the terms of blockchain namely Parachains that help users to easily and effectively post transactions at affordable rates.
This is considered layer one blockchain foundation for various decentralized applications and other blockchain assignments. This is also considered one of the most well-known rival of ethereum that has successfully unseated Ethereum from well-known blockchain platforms. There are presently more than 24 crores AVAX coins in circulation that proves its mettle. The maximum supply o AVAX is still unknown and people are keenly buying the same.
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