Ethereum has placed itself as one of the most popular assets in the cryptocurrency world, only second to Bitcoin in terms of popularity. It is also different from Bitcoin as it is a crypto coin and a technology used to build other products. With Ethereum, you can create a fully decentralised application on the blockchain network.
In that case, we have many products currently running on the Ethereum blockchain, including sports betting sites if you want to place bets on Kentucky Derby odds on the anonymous network. With that, it is the most popular. However, there are a few other alternatives that you can consider. So, here are ten options for the Ethereum blockchain network.
Binance Smart Chain
The Binance Smart Chain powers one of the biggest cryptocurrency trading platforms, Binance, and it bridges the gap between decentralized DeFi marketplaces and the trading platform. Although the main focus of this technology is decentralized financial transactions, you can find some NFT games on the Smart Chain.
Solana
Although it is a relatively young blockchain for smart contracts, it has gained popularity since entering the industry. Between 2019 and 2022, the Solana token has skyrocketed into 5th place in the list of tokens by market capitalization. Solana is a Proof of Stake blockchain focusing on decentralized applications and finance.
Cardano
Cardano was one of the first to differ from the Ethereum blockchain by relying on Proof of Stake rather than Proof of Work. The Cardano blockchain helps create and manage NFTs and smart contracts. Although it is constantly developing, the ADA token is 7th on the market capitalization log.
Polkadot
This is a multilayer solution for creating various blockchains that work with each other. Polkadot relies on sharding and other technologies to enable users to create their blockchains and connect them to other networks. In addition, the blockchains on Polkadot can exchange cryptos, information, and other digital assets.
Avalanche
Avalanche is a natural alternative to Ethereum that deals with fast transactions, and it enables the making of multiple side networks for unique purposes. It primarily focuses on financial services. The AVAX token has since gone up to 12th place since the mainnet went live in 2020, making it one of the fastest-growing in the industry.
NEAR Protocol
This platform is somewhat different as it is a cloud computing system relying on the blockchain for dApps and smart contracts. In addition, it uses common account names rather than a jumble of numbers and letters of traditional wallet addresses. Also, a unique consensus mechanism known as Doomslug is used.
Algorand
This might just be one of the next-generation smart contract platforms. Algorand’s main goal is to offer faster and more affordable transactions than its competitors, making it a suitable alternative to Ethereum. As a result, it uses pure proof of stake with stakeholders selected secretly and randomly based on their stake size.
Cosmos
Cosmos might not be as popular as other blockchain platforms, but it is a multi-chain solution to improve interoperability between blockchains. So, it serves as a link between various blockchains, making it easy to execute self-owned smart contracts on the platform. Cosmos uses the ATOM token, and it is currently ranked 25 on the market capitalization log.
Tron
Tron is focused on entertainment content. It is the decentralized version of YouTube, and with the help of smart contracts and their node, creators can gain control of their content without third parties. Although Tron had a bumpy start, it has regained its momentum, and the TRX token has claimed up to 28th place in terms of market capitalization.
Fantom
Fantom is more than just another platform for DeFi applications and smart contracts. It is created on the Directed Acyclic Graph or DAG mechanism, also used by IOTA. As a result, there is no need to rely on stakeholders or Proof of Work miners. It promises instant transactions with theoretically infinite scalability.
Conclusion
Ethereum is reliable and stable. However, it is expensive as it uses the Proof of Work mechanism, relying on gas fees, processing power, and energy consumption. As a result, finding an alternative might not be a bad idea. So, you can pick from the alternatives highlighted in this guide and learn more about them to see if they fit what you want to do.
