Ethereum and Solana Сompetitors

By September 28, 2021Layer2
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Fantom

Fantom belongs to the blockchain generation that solves the scalability problem of Ethereum. The project has existed since 2018; the FTM token was in the top 50 of the Coinmarketcap rating.

The platform works on the Lachesis consensus algorithm based on a combination of Proof-of-Stake (PoS) and aBFT. The Fantom network consists of three parts:

  • Application Layer — this layer is intended for the operation of applications;
  • Ware Layer — smart contracts and programs are executed in it;
  • Core Layer — a layer for conducting transactions.

The Fantom Opera network is compatible with the Ethereum Virtual Machine (EVM) and integrates with the Cosmos SDK. The Fantom blockchain can be integrated into other blockchains as a consensus module.

According to representatives of the project, the network can conduct up to 300K transactions per second. The total capitalization of the coin is $3.16 billion.

The Fantom team, led by Fantom Foundation CEO Michael Kong, is made up of South Koreans. The project has support and community there. The DeFi project architect is one of the most iconic people in the crypto community, André Cronier.

Avalanche

Using the Avalanche functionality, developers can create a public or private blockchain, choose the desired programming language and those virtual machines, including the Ethereum EVM, with which a specific blockchain will interact.

The speed of the Avalanche blockchain is ensured by using the Snow protocol — the period of transactions in which should not exceed two seconds. Another essential advantage of this protocol is its security. At the moment, Avalanche can process up to 4.5K transactions per second; the project representatives promise to bring this level to 20K and higher after applying the solutions of the second level.

The platform uses two consensus engines — DAG Avalanche and Snowman. Avalanche consists of several blockchains, three of which make up the main network:

  • Exchange Chain (X-Chain) is intended for the issuance and exchange of cryptoassets, including the native Avalanche network token (AVAX);
  • Contract Chain (C-Chain) is compatible with Ethereum and is designed to interact with this network and execute smart contracts;
  • Platform Chain (P-Chain) is designed for stacking and coordinating validators.

C-Chain and P-Chain are linked through X-Chain. The number of addresses on the C-Chain is 372K. The number of wallets on the X-Chain at the moment is 738.5K addresses. The total capitalization of AVAX is $16 billion.

Elrond

Elrond is a blockchain platform for the execution of smart contracts, the IEO of the coin happened in the middle of 2019 on the Binance exchange. The primary function of the platform is to create high-performance and secure applications (DApps) based on smart contracts. The initiator of the project is the Everstake company.

High throughput of the Elrond network is achieved by using a special sharding method Adaptive State Sharding, in which a load of shards should not exceed 50%. The platform uses the Secure Proof-of-Stake (SPoS) consensus algorithm, in which a block validator is selected at random. The declared speed of transactions on the Elrond testnet is 250K transactions per second, and the current network bandwidth is 15K transactions.

At the moment, there are more than 784K wallets in the network. The total capitalization of the coin is $4.46 billion.

Tron

The Tron project held an ICO for $ 70 million in 2017, and in 2018 launched its blockchain, which became one of the first alternatives for Ethereum. The stablecoin issuer, Tether (USDT), released the first coins on this chain in 2019. In 2020, the project was marked by the conclusion of an agreement with Samsung, under which the TRX coin was added to the Samsung Blockchain Wallet for Galaxy smartphones.

In architecture, Tron resembles Ethereum; critics even call it an “Ethereum clone.” Due to the use of the consensus algorithm, Tron is several times faster and has practically zero commissions. At the same time, the degree of decentralization of Tron is less.

Almost $36 billion USDT was issued on the TRON blockchain, which is even more than this stablecoin on the Ethereum blockchain. Also recently, on the blockchain, Tron has released its coins of the second-largest stablecoin by capitalization — USDC.

According to Coinmarketcap, the total capitalization of TRX is $7 billion, about $10.6 billion in total is blocked in DeFi on TRON, and the total number of wallets is more than 54 million.

Tezos

The ICO of the Tezos blockchain platform took place in 2017. A record of $232 million was collected. The founders of the project are the spouses Arthur and Kathleen Breitman. After a successful ICO, the project found itself difficult due to a corporate conflict between the Breitman spouses and the head of the Tezos Foundation, Johann Gevers. The result was Gevers’ resignation in February 2018. During the conflict, investors filed several lawsuits against Tezos. As a result, it was possible to launch the main network only by the fall of 2018.

Tezos uses the Liquid Proof of Stake consensus algorithm. New blocks are created using staking; the owners of the nodes in the Tezos network are called bakers. The peculiarity of the Tezos blockchain is that not only node holders can make money on staking the native XTZ coin. To create a node, you need 8K XTZ.

Major European financial institutions have partnered with Tezos, including Crypto Finance AG and the Central Bank of France, using the Tezos blockchain to create a digital currency. The OCaml language was used to write the Tezos code. In early August, the Granada update was activated on the Tezos network, reducing the price of network transactions.

There are 1.7 million wallets on the Tezos blockchain in total. The total cryptocurrency capitalization is $4.98 billion, of which 76.6% are blocked for staking.

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