The second-largest blockchain in crypto, Ethereum’s evolution has taken it from an asset to an application. Founded by Vitalik Buterin in 2013, Ethereum is a distributed blockchain platform for smart contracts and dApps (decentralized applications). With its native token, ether (ETH), users can interact with the Ethereum platform. Ether can be traded on most crypto exchanges, used to pay transaction fees, or as collateral for ERC-20 tokens, which have DeFi utility. Ethereum is a decentralized public blockchain network and the number-one smart contract platform.

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Also, Stratis has features like smart contracts and will soon be offering their first ICO on the platform, putting them in competition with Ethereum. Stratis supports C# and is also compatible with Microsoft’s .NET framework. It is a “Blockchain as a Service (BaaS)” platform that allows companies to create their own custom decentralized applications. The focus is on streamlining the development process and ensuring new projects are private and unique to the company in need. Furthermore, Polygon’s DPoS consensus mechanism has a lower barrier to entry for participation than Ethereum. PotCoin is an open-source cryptocurrency forked from the Litecoin core.

Ethereum Competitors: Guide to the Alternative Smart Contract Platforms

There are still plenty of cryptocurrencies out there that you can switch to if you want to continue in your venture, so check out the list above to see which is right for you. You can mine Ravencoin via numerous popular mining programs, such as GMiner, T-Rex, and NBMiner. Dubbed the «digital silver» to Bitcoin’s «digital gold,» Litecoin’s ethereum alternatives goal was to optimize the Litecoin asset while preserving the best parts of Bitcoin. However, there have been some altcoins that have emerged to instead improve on the flaws of Bitcoin or to achieve some other goal. For example, Litecoin was designed by former Google engineer Charlie Lee as a «lite version of Bitcoin.»

The Top 7 Ethereum Mining Alternatives

This makes it a cost-effective option for users and developers alike, as they can perform many more transactions per second than Ethereum at a cheaper rate. The platform’s rapid growth is a testament to its popularity, with users praising its fast transactions, scalability, and growing ecosystem of services. Ethereum is the go-to blockchain for dapp development and is more widely adopted than the competing smart contract platforms mentioned in this article. Various Ethereum competitors enhance user experiences by reducing transaction fees and increasing transaction throughput. These factors provide developers with a stable, cost-effective environment for developing dapps and getting them to market on time and within budget using familiar Ethereum tools. The native FTM token powers the novel Lachesis PoS consensus mechanism and is essential for protocol governance and transaction fee payments on the various dapps that support Fantom.

Understanding how altcoins work

With its fast throughput and rapid confirmation time for blocks, it is considered one of the quickest Blockchain networks in existence that utilises Smart Contracts. This technological prowess makes Fantom a top contender for those looking for an alternative to Ethereum in the years to come. Chainlink is a Blockchain platform that provides support for oracles, which are crucial components in Decentralised Applications. Among all the Blockchain networks, Chainlink is the most popular choice for this protocol.

What makes Solana a good Ethereum alternative?

Pepe Unchained’s smart contract is fully audited by Coinsult and SolidProof, guaranteeing zero critical issues in the integrity of its code. However, increased activity in these meme coins, driven by traders eager to execute transactions for FOMO reasons, can drive up gas prices. For instance, earlier this year, Pepe pushed gas prices to a 12-month high of 82.9 gwei in March. CoinCentral’s owners, writers, and/or guest post authors may or may not have a vested interest in any of the above projects and businesses. None of the content on CoinCentral is investment advice nor is it a replacement for advice from a certified financial planner. While technically, the currency is not called Ethereum, the term is often used interchangeably to describe both the network and the currency.

Ethereum Competitors

• Also, many layer-2 networks sacrifice aspects of decentralization or security for an increase in scalability.
• CoinCentral’s owners, writers, and/or guest post authors may or may not have a vested interest in any of the above projects and businesses.
• Blocks are structured into “cycles” that are sequentially verified, reducing latency on the network and keeping performance high at all times.
• Dubbed the «digital silver» to Bitcoin’s «digital gold,» Litecoin’s goal was to optimize the Litecoin asset while preserving the best parts of Bitcoin.
• Their Ethereum services now come with the same benefits as their original Bitcoin service.

It enables different Blockchains to share information and functionality, thereby promoting interoperability across the entire network. Polkadot provides shared security to all the connected parachains, ensuring a high level of security for the entire ecosystem. BNB Chain, previously called Binance Smart Chain, is a Blockchain platform developed by the renowned Cryptocurrency exchange Binance. The platform is highly regarded for its exceptional transaction speed and affordability, making it an ideal choice for DApps and DeFi initiatives. Ethereum has gained significant recognition worldwide due to its large market capitalisation and active community. Despite its widespread popularity, there are several other Ethereum Alternatives available in the market that offer better returns at a lower initial investment cost.