Battle of the Blockchains – Is Ethereum Still the Best?

 In Technical View

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Battle of the Blockchains – Is Ethereum Still the Best?

Besides Bitcoin, public blockchains like Ethereum are cryptocurrency’s best-known assets. However, in the years since Ethereum went public back in 2016, several competing public blockchain platforms have popped up on the radar. 

With every new platform claiming to be the best, fastest, or cheapest to use, we think it’s worth revisiting Ethereum. How does it stack up against the competition, and is it still the best blockchain platform?

Ethereum (ETH) Explained

Ethereum is the world’s second most valuable cryptocurrency, right after Bitcoin. However, unlike Bitcoin, it isn’t a pure digital currency. Instead, Ethereum is what is called a smart contract platform

Essentially, what Ethereum does is enable programs to be built, hosted, and run in a decentralized way on its network. The best thing about it all? After Ethereum installs performance upgrades over what is known as Ethereum 2.0, it will run like a powerful computer. 

That’s partially how Ethereum has come to be known as a world computer. Since the network and its computing capacity are decentralized, Ethereum works as a very powerful computer in a cloud. Anyone can access it at any time, and once an application is hosted there, it can never be stopped. 

As the innovator of smart contracts, which are lightweight if/then contracts that are programmed to run automatically, Ethereum has a significant foothold in the crypto industry.


Dfinity (DFN) Is a Major Competitor to Etheruem

Dfinity is a new blockchain platform that is emerging on the horizon. It didn’t hold an ICO. Instead, the Dfinity team held private funding rounds to notch up over $150 million in contributions over several years. 

Since 2014, the Dfinity blockchain has been under serious development. It’s similar to Ethereum in that it is also a smart contract blockchain platform, but it is also much more. What Dfinity prioritizes is speed, efficiency, and scaling. 

Currently, Ethereum can handle about 15 transactions per second max. Dfinity, on the other hand, will be able to handle thousands of transactions per second. The Dfinity team claims that they aren’t a competitor to Ethereum, and that, instead, they’re merely a “sister” chain. 

While that sounds nice in theory, the reality is that they’ll probably be going after much of the same market share as Ethereum. Both technologies are incredible, and they do complement each other quite well, so it will be great to witness how they play out in the market together.

Is Binance Chain (BNB) an Ethereum Rival?

Binance needs no introduction. As the world’s biggest cryptocurrency exchange, it is becoming as well known as Bitcoin itself. One thing the company is so good at is continuing to push trends and transform itself. 

In keeping with that pioneering spirit, Binance has gone from crypto exchange to a blockchain in its own right with the launch of the Binance Chain mainnet. After launching Binance Chain, Binance’s DEX (decentralized exchange) also went live.

At current, the main use case for Binance Chain is decentralized trading. However, the blockchain is expected to open its doors to functions similar to those found on Ethereum. 

Because Binance’s brand name recognition is now climbing its way to becoming on par with cryptocurrency’s best, it would be unwise to discount it from eventually becoming a true Ethereum competitor. 

Battle of the Blockchains – Is Ethereum Still the Best?

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