In a new article, Bloomberg names Polkadot an Ethereum Blockchain killer as ETH has really faced strong competition with platforms like Stellar and Cardano. Ethereum has long been the leading smart contract blockchain after the launch in 2015 but let’s see if that is changing in our latest Ethereum news.
Bloomberg names Polkadot an Ethereum blockchain killer in their new article. Ethereum faced many shortcomings in the recent months which made many look for the competitors rather than Ethereum. Its relatively high block times of 13 seconds disallowed certain applications from being built and the high transaction fees have also limited the number of users entering the network. To solve these issues, Polkadot is the answer.
Seems like at the moment (things could change) there are only 2 real potential contenders to Ethereum. Cosmos and Polkadot. While Cosmos right now creates more value in the ecosystem, their token value capture into $ATOM doesn’t seem to be a obvious as $DOT. https://t.co/XRTmW3JCAB
— 1053r (@LongShortFundin) August 22, 2020
Polkadot is a blockchain network built by Ethereum’s co-founder Gavin Wood which promises to offer a much better user experience than ETH because of its system of Parachains which allows for a higher number of transactions to take place. Bloomberg noted that per the data from Outlier Ventures as Polka started making waves in the development community:
“While developer interest in Bitcoin and Ethereum has declined, the number of monthly active developers building on Polkadot increased by 44% in the 12 months ended in May, the report found.”
About 253 projects were built on Polkadot chains including stablecoins and defi yield farming projects to social networks. This metric was under 200 in early September as Bloomberg reported. As Wood explained, crucial to the growth was the ability to use Parachains and to customize the user experience:
“We are going to see a lot of different innovative products that can’t exist in a smart contract environment.Game blockchains, ensuring gamers don’t cheat. Blockchains within consortia. They are difficult to deploy in a smart contract environment.”
Dan Morehead who is the founder of Pantera Capital said that DOT has the ability to rally against ETH as it started to eat up the latter’s market share. Ethereum however still remains in the lead of its blockchain competitors even if its market share is slipping. ETH is the only blockchain that the CFTC called “impressive”.
The analysts by crypto venture investor Adam Cochran says that “wallets associated with the bigger players such as Reddit, IBM, JPMorgan Chase, Microsoft, Amazon, and Walmart” are all buying EHT. Kelvin Koh who is a partner of the Spartan Group said:
“I believe in a multi-chain world inter-connected by bridges. Polkadot and Cosmos will not replace Ethereum. Also wouldn’t rule out chains like Near, Solana, AVA, TRON and others seeing development activity.”
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