Ethereum has enjoyed market domination as the go-to platform for development and deployment of smart contracts. However, the managing partner and co-founder of Multicoin Capital, Kayle Samani, believe that the platform’s unquestionable market control is likely to be challenged by other contenders.
Samani was speaking with Business Insider in an interview when he made the remarks. He said that Cosmos and 16z crypto-backed Definity as two suitable platforms that pose the biggest threat to Ethereum. He further noted that new blockchain being developed are also looking to dethrone Ethereum, which according to him, could happen by the end of 2020.
Samani said that:
“All of the new blockchains are aiming to challenge Ethereum,” Samani said. “I expect by the end of the year the percentage of total developers building on Ethereum will be lower than it's right now, simply because of the competition,” he said. “At the end of 2019, I still expect Ethereum to be the market leader among smart contract platforms. But there is a real probability that by the end of 2020, this is no longer the case.”
Among the top blockchain for smart contracts, Tron has shown some serious competition to Ethereum. Tron’s Virtual Machine has recorded impressive adoption numbers in recent months, proving that it has the potential to overtake Ethereum over time.
According to the chief executive of Tron, Justin Sun, the project boasts 133 blockchain-based applications, and this number is expected to rise by either two or three every day.
The problems that Ethereum has been facing, which include scalability and speed issues, are expected to be solved by the oncoming hard fork scheduled later this month. If it works as its developers expect, then we might finally see the number of Ethereum-based applications as well as transactions increase considerably.
The coming months will reveal the true potential of smart-contract-based projects. As new similar blockchains are released, the battlefield is set, with everyone waiting to see the blockchain that will pose the biggest challenge to Ethereum.
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