The Most Viable Alternatives To Ethereum- A Handy Guide

Ethereum- the platform is deemed to be the holy grail for the development & deployment of high-end decentralised applications. It features smart contracts, is fully autonomous, and produces a shared record of the entire transaction history that is stored by every node that’s a part of the network.

However, despite being incredibly powerful, Ethereum lags at certain parameters. It’s expensive, somewhat slow, and has scalability concerns that are difficult not to acknowledge. Moreover, the major upgrade from the Proof of Work (PoW) to Proof of Stack (PoS) is still foresighted and one can’t say when will it be floored. This has led the innovation-enchanted community to hustle more and discover some alternatives to Ethereum, which are must to know if your needs relate to Ethereum Development.

Waves Platform, NEM, EOS, and Hyperledger Fabric are some of the most dynamic contenders to Ethereum. All are making ripples in the calm, and thus considering and valuing their big time potential, Systango experts are coming up with a webinar named Discover the Most Viable Alternatives to Ethereum. The webinar will take you to an insightful journey where our Blockchain developers will cast light on 4 most sought-after platforms for developing decentralised applications. You can join the webinar live on Feb 13 8:00 PM IST. Moreover, if your schedule is already occupied for the given date, do not worry- you can replay the webinar using the same joining link!

Meanwhile, you can check this small blog post where we are sharing some worthy details of each aforesaid Ethereum alternative. Happy reading fellas!

4 Noteworthy Alternatives to Ethereum Blockchain

There is a grand world of possibilities beyond Ethereum- there are other efficient smart contract platforms that can be chosen to build decentralised apps. We are going to break top 4 of them right here-

Waves Platform

Founded by a Russian engineer Sasha Ivanov in 2016, Waves is an open source Blockchain platform that allows users to create their own custom token. It makes the ultimate choice to crowdfund a project, shape loyalty rewards programmes and build an in-app currency. Highlights of Waves Platform include-

• Security: Integrated with Ledger Nano S cryptocurrency hardware wallet.
• Fiat transfer: Tokenization of Fiat money and cryptocurrencies (like BTC, ETH).
• Scalable: The platform relies on two-tier architecture (full and light-weight node) and a leased Proof-of-Stake
• Affordability: Tokens can be used to pay transaction fees which is cheap as 0.001 Waves.
• Speed: Can handle Hundreds of transactions per second (6000 tx per second on-chain).
• Decentralized Exchange (DEX):  DEX empowers every user to sell/buy tokens using a centralized matcher.
• Accessibility: User-friendly UI options available for a browser,  mobile and a stand-alone version of Waves Client.

 

EOS

Dubbed as the Ethereum Killer, EOS is a Blockchain protocol that emulates a number of attributes of a real computer, including CPU(s) & GPU(s), RAM, and hard-disk storage. It is powered by the native cryptocurrency EOS and is intended to fuel the development of industry-scale decentralised apps that scale and perform effectively. Other highlights of EOS include-

• No transaction fees with EOS.
• Parallel Execution: The ability to do multiple tasks in parallel and faster transaction speeds.
• Able to perform Sequential Performance.
• Commercial scalability.
• A Constitution: Constitution is the set of rules on which everyone in the network agrees upon, these are linked to all blocks mined.
• Self Sufficiency & Evolution: The current model allows for a 5% inflation, which will be used to build the network further.
• Decentralised operating system.
• Supports smart contract.

 

Ethereum Vs. EOS

NEM (New Economy Movement)

Written in Java, NEM is the world’s first ‘smart asset’ blockchain which provides an exceptionally easy-to-use yet powerful API for programmers who are keen to build blockchain applications. It is designed to provide a more seamless method to maintain an organised & secure ledger of frequent transactions. Highlights of NEM include-

• Performance: NEM is fast, very fast. And cheap. (thousands of transactions per second)
• Easy to Develop:  NEM exposes its functionality through a powerful API interface.
• Maximum customization: Smart Asset System based on Powerful modular customization for virtually any application.
• Security: Transactions recorded through its unique concept of accounting, driven by consensus.
• Cost-effective: One of the lowest transaction fees(0.01%) in crypto.
• Supports both Public and Private blockchain solution.

 

Hyperledger Fabric

Underpinned by a modular architecture that ensures supreme confidentiality and scalability, Hyperledger Fabric is a business Blockchain network that lets developers build any type of private Blockchain apps. It is one of the most popular and interesting Hyperledger projects hosted by The Linux Foundation.  Highlights of Hyperledger Fabric

• Confidentiality: Private and Permissioned Network.
• Channels for partitioning data.
• Enterprise backing: Preferred platform for B2B businesses.
• Consensus Mechanism: Pluggable Consensus Algorithm: No mining required.
• Chaincode is written in Golang.
• No built-in cryptocurrency.
• Confidential transactions.
• Ideal for finance, banking, IoT,  Supply Chain, Manufacturing and Technology.

 

Ethereum Vs. Hyperledger Fabric

 

Ethereum Vs. All Alternatives

If we compare Ethereum with all competitive alternatives as per their current market dominance, that’s what we will get-

If you are keen to know more and gain insights on alternatives to Ethereum and how to plan ahead, don’t forget to join our webinar on 13 February @ 8:00 PM IST. You can also contact us to know more about the webinar or to discuss your project- we would be happy to help!