Some of Ethereum's top successors are failing to meet expectations, but not all – DailyCoin

Some of Ethereum's top successors are failing to meet expectations, but not all – DailyCoin" title="Some of Ethereum's top successors are failing to meet expectations, but not all – DailyCoin" />

Ethereum has been touted as “the cryptocurrency to beat” for several years now. However, it has become clear that its creeping gas rates and extremely high power consumption have made it increasingly likely that it will be outclassed in the near future.

What are the successors of Ethereum?

Before we go into detail about the different platforms that the cryptocurrency community has marked as a threat to Ethereum, it is important to first understand the main features of an “Ethereum Successor”:

• is decentralized
  
• It's safe
  
• Allows smart contracts
  
• Offers a platform of decentralized applications (DApps)
  
• It is scalable
  
• It allows transactions to take place quickly and at low cost.
  
• It can integrate with other blockchains

There are currently three main platforms involved in the battle to become the “Ethereum Killer”:

• Solana, a public blockchain platform with a native currency known as SOL. It is a Proof-of-Stake (PoS) blockchain, which allows validators to verify transactions based on how many tokens they have. It also uses a new technology called Proof-of-History (PoH), which is a proof to verify the order and passage of time between events.
• Cardano, a public blockchain platform with a native currency known as ADA. It is also a PoS blockchain.
• Polka dot, a public blockchain platform with a native currency known as DOT. It is a Nominated-Proof-of-Stake (NPoS) blockchain. In this system, nominators support the validators with their own participation as a demonstration of faith in the good behavior of the validator. However, nominators are subject to loss of participation if they nominate a bad validator.

What are the benefits of these Ethereum successors?

Undoubtedly, one of the main benefits of all three of these Ethereum rivals is that they have significantly lower carbon emissions.

Given that one of the main criticisms of cryptocurrencies last year was about their massive carbon emissions, this is huge.

Polkadot is the leader by far when it comes to efficiency. On average, it consumes around 70,237 kWh of electricity per year.

This is significantly better than Cardano and Solana, which consume 598,755 and 1,967,930 kWh of electricity per year.

Ethereum, on the other hand, lags significantly behind – consuming 17,300,000,000 kWh of electricity every year. Bitcoin is even further behind than Ethereum: it consumes a record 89,780,000,000 kWh of electricity each year. Wow.

Despite their benefits, both Solana and Cardano are experiencing growing pains

It's far from a smooth sailing for Solana and Cardano - both of whom have come under fire in recent months.

In early February, it all came crashing down for Solana after a hacker explored a cross-chain bridge called Wormhole designed to help users move digital assets between different blockchains and stole US$ 320 million. Since then, the platform has been criticized for not maintaining the security segment of the Blockchain trilemmaa concept coined by Ethereum co-founder Vitalik Buterin.

The trilemma suggests that developers encounter three main problems when it comes to building a blockchain: decentralization, security, and scalability. This suggests that they are forced to sacrifice one of the segments to enable the remaining two segments. In this case, it didn't pay off.

In the past two months, users have also complained that the Solana network has been overcrowded🇧🇷 This has led to slow speeds and even failed transactions.

Meanwhile, Cardano founder Charles Hoskinson has resorted to Warning Cardstarter and SundaeSwap – two projects built on its blockchain – to “pull your stuff together”, following mounting allegations of fraud and a “rug pulling” between the two platforms.

Now everyone is looking at Polkadot

Despite the drama between the top two competitors, Polkadot remains a strong contender as the top “Ethereum Killer”. To show its commitment, the platform recently allocated 993,286 POINTS as a way to boost your ecosystem and Web3 development.

It's still all up for play, and things could change dramatically over the course of the year. But for now, Polkadot looks like a serious competitor.