The launch of Ethereum in the global world has changed the face of cryptocurrency. With the crypto coin prices and reach growing rapidly, they are sure to stick around in one way or the other. However, they are no longer just a digital payment mode but have so much more to offer with the creation of Ethereum. Backed and developed using blockchain technology, Ethereum offers more of a utility tool. Even with its ability to stay transparent and have smart contracts, it is completely autonomous.
However, recent market trends have seen rapid growth in the upcoming new cryptocurrencies that are a threat to the current ones. With every developer trying to make the best digital coin, every token has the attributes that set it apart from the rest. Here are the most popular cryptos that are rivals to Ethereum.
Cardano
The top competitor is Cardona, launched in 207 by ethereum’s co-founder. It was initially developed to inculcate the features that other crypto coins, such as bitcoin and ethereum didn’t have. Today it tops the chart because it fits all the boxes from eco friendly to scalability. It has been pioneered as a proof of stake network that offers smart contracts and data-driven methods for its use and development. Currently, a lot of universities in the world have tied up with it for the use of blockchain in education. shortly
Solana
Officially launched in the year 2020, Solana has soon become a top cryptocurrency with a market cap of $62 billion. Two of its top characteristics are its scalability and the speed it offers. With the blockchain network capable of processing 50,000 transactions every second as compared to Ethereum’s 30 transactions. Furthermore, this makes it faster than credit cards and even the top crypto bitcoin. Lastly, it also boasts its uniqueness by having both proof of stake and proof of history features to ensure secure trading.
Harmony
Harmony has entered the crypto market and made a place for itself. It focuses on providing power to decentralised economies and helping them build a global market for both fungible and non-fungible virtual assets. It offers a speed of 500 transactions per second. What’s been working for this crypto, is that a conference was held to educate the public about the advantages of Harmony and to attract new developers to work on it. This has led to an increased market reach and its prices will continue to rise in the near future.
Polkadot
Polkadot too has been created and developed by an ex-Ethereum co-founder. The network boasts more than 250 projects on it. It stands out from the rest due to its design and the size of its community. What’s unique about it is that it offers users to create their blockchain on its network. Furthermore, it fits the picture perfectly for Web 3.0 advancements, by being able to decentralise and offer anonymity.
Conclusion
Although these cryptos are relatively new and promise to have advanced and updated technology, Ethereum still retains its spot on the top of the list with a market capitalization of $528 billion. Additionally, with Ethereum 2.0 launching with new features and changes, it may continue to stay at its position. Currently, none of the rivals come close to dethroning its position. The future prices and their rise will only be known with time. All that is clear is that blockchain technology is a worthy investment and you can buy and sell these coins on a cryptocurrency exchange in the market such as Wazirx. These platforms offer secure transactions and have the popular digital coins listed on them.
