Top 5 Ethereum Competitors in 2022

Ethereum is a decentralized blockchain with a native Ether ($ETH) token that empowers users to make transactions, earn interest on their holdings via staking, use and store non-fungible tokens (NFTs), trade, play games, and use social media. 

Ethereum is the strongest blockchain platform out there, one of the pioneers. Still, as a true terra incognita explorer, it has some crucial drawbacks other blockchain technologies are willing to fix and improve. Today, we will focus on different protocols to have a broader picture.

1. Solana

It’s a popular blockchain with open-source software (OSS). The project aims to create a scalable, secure, and truly decentralized platform with an opportunity to support thousands of nodes with no damage to a throughput. The blockchain uses the latest, next-generation DApps technologies.

2. Cardano

Blockchain platform designed by Input Output Hong Kong company and Charles Hoskinson, an Ethereum co-founder. The blockchain work with DApps using smart contract technology. The platform’s native token is ADA, a cryptocurrency minted on the highly secure programming language Haskell.

3. Polkadot

It’s a multi-chain platform created with the main purpose to join all existing blockchains into one global ecosystem to remove all the defects with scalability, and interaction. The project was launched by Gavin Wood, an Ethereum co-founder. Distributed ledgers built on any other blockchain can become one of Polkadot’s parachain. 

4. Avalanche

Another blockchain was created to reduce other blockchains’ failures such as slow transacting, centralization, and scalability. The project uses its own innovations for that purpose. First, a unique consensus called Avalanche, shows a low retention period, a high throughput, and strong protection against hacker attacks.

5. BSC

This blockchain was made for working with DeFi apps. The platform was born in 2021. Changpeng Zhao, a Binance founder, claimed that BSC should become a bridge between centralized and decentralized finances with rapid transactions and low fees. The platform supports compatibility with Ethereum Virtual Machine (EVM).

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