Top 10 Ethereum Killers that Counter High Transaction Fee Challenges

Top 10 Ethereum Killers that Counter High Transaction Fee Challenges

There are various Ethereum killers like Cardano and Solana rapidly gaining popularity in the market.

For a crypto player, the concept of 'Ethereum Killer' is about evolving as a blockchain that can mitigate the flaws of the first mover. Ethereum has the first-mover advantage over all other altcoins and smart chain platforms since it is recognized as the world's most popular decentralized marketplace for financial apps, services, and games. But the crypto has evolved exponentially over the years, and the so-called 'Ethereum killers' have made their way into investor portfolios and are rapidly gaining popularity in the market. For the time being, the main players are Cardano, EOS, Solana, BNB, and Polkadot.

Scalability is a major issue for the second most popular crypto. The inherent Proof-of-Work mechanism became dated as the demand for ecosystem usage grew, and it can now only handle 13 transactions per second. The slow transaction speed invariably leads to higher transaction or gas fees, which are mandatory for using the computational power of this massive ecosystem.

Apart from scalability issues, the Ethereum blockchain also has a lack of sustainability, which can be linked to the previously mentioned energy consumption. In addition, there is an interoperability issue that prevents other blockchain participants from interacting with the Ethereum ecosystem without prior arrangement. This article features the top 10 Ethereum killers that counter high transaction fee challenges

Cardano

Cardano was launched by one of Ethereum's co-founders, Charles Hoskinson. It has taken a research-intensive approach to its development, meaning each stage is peer-reviewed and thoroughly tested before implementation. Cardano is now also launching its smart contract capabilities. This third-generation crypto is more scalable and sustainable.

Polkadot

Another crypto that is touted as an Ethereum killer is Polkadot. DOT aims to solve some of Ethereum's scalability and cost issues. But Polkadot shines better in its interoperability aspects as it enables blockchains to communicate effectively. This approach also makes it easier for developers to switch to Polkadot's system. Investors investing in DOT are basically trading on the technology and not necessarily on the currency.

Tezos

Coming fast on the scene is Tezos, another smart contract-capable blockchain used to issue new digital assets and create decentralized applications, or dApps. XTZ is the native cryptocurrency of Tezos. Several notable projects have been launched on Tezos, including those in the fashion, music, gaming, and art industries. Tezos was one of the first networks to use a proof-of-stake (PoS) consensus mechanism.

Solana 

Solana is another smart contract platform that promises high speeds, scalability, and low transaction costs. Solana has sputtered a few times in its short life. In the summer of 2021, the blockchain went offline for several hours before developers fixed a bug and turned it back on. The incident shocked some investors and undermined those claims of scalability.

Avalanche

Avalanche is not just a single killer, but a trio of burly assassins waiting to spring a trap on Ethereum. In tech terms, it's a blockchain composed of three chains, the X, P, and C chains. Combined, the chains—which handle token creation, smart contracts, and proof-of-stake validation—broadly fulfill the same function as Ethereum; it's another smart contract blockchain, only faster and cheaper.

Zcash

One of the popular but simultaneously lesser-appreciated cryptocurrencies is Zcash. It is built from the ground up as a next-generation alternative to financial transactions. The aspect that makes ZEC particularly appealing is that it is singularly focused to be the best form of digital currencies. Most significantly, Zcash keeps transactions confidential and also has a selective disclosure feature.

Binance Coin

Binance is the best-known cryptocurrency exchange in the modern crypto exchange landscape. But what makes BNB more interesting is the Binance smart chain. Like Ethereum, it has a programmable blockchain and project developers can connect with potential investors through the Binance trading platform. But it should also be noted that Binance is criticized more for its centralized system.

NEAR Protocol

NEAR is an open-source project focused on smart contracts and the proof-of-stake system. A big selling point for NEAR is its lower transaction fees. It claims that NEAR's transaction fees are 10 times lower than Ethereum's. Its focus on development, community, and creation of applications, are some of NEAR's unique features. NEAR's rainbow bridge technology allows holders of Ethereum to operate on both blockchain systems.

Stellar

Stellar is yet another open-source project, which provides its user base with the ability to create, send, and trade all forms of money in digital format. It is an ambitious project, claiming that all of the world's financial institutions can run on the network. Blockchain technology keeps the XLM network in sync across devices.

Chainlink

Chainlink is one of the few projects that offer both compelling utilities and potential commercial viability. Despite the unique applications of blockchain technology, it still tends to create silos. With Chainlink, the underlying system enables connected smart contracts, where the parties can conduct intermediary-less deals with each other, enabling outside data to act as actualization points for contractual execution.

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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.

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