Ethereum killers are dime a dozen, practically and contextually! But the real agenda of being an Ethereum killer *can* be found in a few tokens, and so shall we dive deep →
Ethereum (Network) can be touted as the second generation Crypto, after Bitcoin, with a market cap too, second only to Bitcoin.
» Solution: Layer 1 Blockchain,now Proof of Stake Started with Proof of Work.
» Native Token: Ether ( ETH )
What does ethereum offer?
Let’s build an analogy here; Say you’re at an amusement park. You try out the rollercoaster here, which makes you feel good but does not really pack that high octane ride you were looking for. You move to the fascinating photo booth which is great at its job, but charges a lot to click a few good photos for you. You also notice that the park which seemed efficient and quick at the outset has long queues at times, and a lot of machinery is manual, i.e is energy intensive and requires extensive effort.
A year or two down the line, you see multiple amusement parks offering the same essence, however in a much improved and/or quicker and/or efficient management. The first amusement park that you went to, is akin to Ethereum Network. While the park was great for its time, is still getting a lot of visitors and is constantly optimising itself and evolving to make the experience of visitors better; the newer amusement parks, are simply programmed to be more efficient from the get go. These new parks can be compared to a “SOLANA” or “CARDANO”, or “POLKADOT” among many others.
Do note, I am not trying to establish the Ethereum network as inefficient or outdated, but only trying to establish what vertical progress in the field of Blockchain & Crypto has come up to be.
Where does ethereum lack?
Let’s go back to our analogy of amusement parks here.
A less thrilling, or a slow rollercoaster ride may be compared to slow transaction processing speed, or a longer queue to sit in a ride = = longer processing times / scalability issues.
Expensive photo booth = = Extensive Gas Fees to facilitate transactions, or NFT purchases, let alone the surge pricing experienced in Network congestion:P
Inefficient and energy intensive rides = = Proof of Work mechanism*
Do also note that while these transaction & throughput speeds are much better, much faster than BTC, the endgame for Crypto is to overhaul traditional finance set-ups. ETH can handle 13-15 transactions / second; & credit card companies process 1,700-2,000 transactions / second.
All of the aforementioned networks ^ can be called as the third generation of Crypto which have enhanced solutions in one form or the other; when compared to Ethereum. Solana, to begin with is an enhanced Layer 1 Blockchain. It’s USP is its theoretical throughput of 65,000 transactions / second. Currently running close to 2000 transactions / second.
This summarises the part 1 of what’s lacking in Ethereum and why are a lot of tokens touted as Ethereum killers. Part 2 rolling out soon where we speak about individual level benefits of these tokens and their x-factors in shaping the crypto world.
P.S. I have exciting news to share: You can now read my crypto publication, ‘beyond text.’ in the all-new Substack app for iPhone & Android.
Read beyond text. in the Substack app
Available for iOS and Android
An app for android users is expected soon, join the Android waitlist here.
Note: ( *currently migrating ETH to ETH2.0 will use Proof of Stake)
killing Ethereum (?) Part 1
killing Ethereum (?) Part 1
killing Ethereum (?) Part 1
Ethereum killers are dime a dozen, practically and contextually!
But the real agenda of being an Ethereum killer *can* be found in a few tokens, and so shall we dive deep →
Ethereum (Network) can be touted as the second generation Crypto, after Bitcoin, with a market cap too, second only to Bitcoin.
Vital Stats »
» Founded by: Vitalik Buterin in 2013
» Solution: Layer 1 Blockchain,now Proof of Stake
Started with Proof of Work.
» Native Token: Ether ( ETH )
What does ethereum offer?
Let’s build an analogy here;
Say you’re at an amusement park. You try out the rollercoaster here, which makes you feel good but does not really pack that high octane ride you were looking for.
You move to the fascinating photo booth which is great at its job, but charges a lot to click a few good photos for you.
You also notice that the park which seemed efficient and quick at the outset has long queues at times, and a lot of machinery is manual, i.e is energy intensive and requires extensive effort.
A year or two down the line, you see multiple amusement parks offering the same essence, however in a much improved and/or quicker and/or efficient management. The first amusement park that you went to, is akin to Ethereum Network. While the park was great for its time, is still getting a lot of visitors and is constantly optimising itself and evolving to make the experience of visitors better; the newer amusement parks, are simply programmed to be more efficient from the get go. These new parks can be compared to a “SOLANA” or “CARDANO”, or “POLKADOT” among many others.
Do note, I am not trying to establish the Ethereum network as inefficient or outdated, but only trying to establish what vertical progress in the field of Blockchain & Crypto has come up to be.
Where does ethereum lack?
Let’s go back to our analogy of amusement parks here.
A less thrilling, or a slow rollercoaster ride may be compared to slow transaction processing speed,
or a longer queue to sit in a ride = = longer processing times / scalability issues.
Expensive photo booth = = Extensive Gas Fees to facilitate transactions, or NFT purchases, let alone the surge pricing experienced in Network congestion :P
Inefficient and energy intensive rides = = Proof of Work mechanism*
Do also note that while these transaction & throughput speeds are much better, much faster than BTC, the endgame for Crypto is to overhaul traditional finance set-ups.
ETH can handle 13-15 transactions / second; & credit card companies process 1,700-2,000 transactions / second.
Conservative Ratio of Throughput - BTC: ETHER : CREDIT CARDS : : 1 : 2 : 200
Ethereum killers in Solana, Cardano, Polkadot
among others.
All of the aforementioned networks ^ can be called as the third generation of Crypto which have enhanced solutions in one form or the other; when compared to Ethereum.
Solana, to begin with is an enhanced Layer 1 Blockchain. It’s USP is its theoretical throughput of 65,000 transactions / second. Currently running close to 2000 transactions / second.
This summarises the part 1 of what’s lacking in Ethereum and why are a lot of tokens touted as Ethereum killers. Part 2 rolling out soon where we speak about individual level benefits of these tokens and their x-factors in shaping the crypto world.
P.S.
I have exciting news to share: You can now read my crypto publication, ‘beyond text.’ in the all-new Substack app for iPhone & Android.
An app for android users is expected soon, join the Android waitlist here.
Note: ( *currently migrating ETH to ETH2.0 will use Proof of Stake)