No one can argue that Ethereum has been a dominant force in the blockchain sector. The project revolutionized what it meant to be crypto with the introduction of smart contracts, tokens standards, and much more.
While Ethereum continues to expand its ecosystem it has been met by growing competition in the market. Today, there are more advanced blockchains that provide a better performance, lower, fees, and more programmability. Here are just a few Ethereum contenders to trade in 2022.
It’s Time to Update
Ethereum is a great option for users but due to its technical layout, it’s highly susceptible to market congestion. For example, one of the main protocols within Ethereum raises the gas prices in response to higher network congestion. This system was originally meant to prevent spam. However, today’s congestion isn’t from spam but rather from an uptick in legitimate Ethereum platforms due to the growth of the DeFi sector.
The META 1 project represents the evolution of cryptocurrencies. This all-inclusive DeFi ecosystem provides users with the ability to stake their stablecoins to generate easy profits. They can also secur3e 10% APY leveraging the META BANK savings account feature. Both of these options are excellent because they offer users a way to profit without giving up their digital assets.
The METANOMICs DeFi ecosystem includes the META Exchange, META Bank, and META Card. The META Exchange is a high-performance DEX (decentralized exchange) that enables anyone to trade their tokens in a non-custodial peer-to-peer fashion. The open nature of the exchange and the fact that it can support transaction rates as high as the NASDAQ, make it a strong contender for users seeking out more responsive platforms.
The META blockchain provides more scalability thanks to the use of a Delegated Proof of Stake (DPoS) consensus mechanism. This system reduces the need for all nodes to conduct transaction processes which reduces congestion and improves transaction finality times. Additionally, the blockchain can support token creation and all the top DeFi options such as staking.
One of the best aspects of the META 1 project is its focus on freedom. The project’s creator, Robert P. Dunlap, took inspiration from all the freedom fighters before him. Dunlap believes, much like Satoshi, that every person has a right to financial freedom and the only way to obtain this goal is through the introduction of low-risk passive income generation systems.
He specifically built and structured META 1 to provide a truly open and more transparent financial system to the world. The team has even located the project outside the jurisdiction of centralized financial regulators to ensure it remains free from their influence. In this way, META 1 fulfills Bitcoin’s primary goal to unshackle people from the corrupt centralized systems in place today.
The Moonriver network was designed to operate as a companion network to Moonbeam. It’s unique in that it was originally constructed to serve as a testing network for the Moonbeam project hosted on the Kusama Network. The project enables interested parties to begin building projects that will eventually launch on the Moonbeam blockchain.
This controlled environment helps developers experiment and launch applications with real users. Users also gain the advantage of being among the first people to access these new platforms. Together the users and developers create a synergy that helps these projects fine-tune their efforts and improve the user experience.
The Kusama network is in itself a testing network for Polkadot. It has nearly duplicate coding so that developers can convert their projects to Polkadot if they wish or integrate the network separately. Notably, the Moonriver project has had so much success that the developers are now planning to take the network from testing to a live ecosystem in the market.
One of the best features of Moonriver is its community governance system. Users can stake MOVR tokens to gain access to voting rights. Notably, the community owns the majority of MOVR tokens which ensures it remains user-ran. Currently, any MOVR holders can put forth proposals to a vote. These proposals can include electing council members and proposing changes to the functionality and systems.
Polkadot remains a popular project in the market. This next-gen blockchain has some cool features that continue to make it an ideal selection for certain applications. Specifically, developers can create dapps that can integrate permissioned data from private blockchains.
The ability to access private networks and then use this data on public blockchains is a major leap forward for the technology. It improves overall interoperability within the market and drives adoption. To accomplish this task, Polkadot’s developers created the concepts of parachains and parathreads.
You can think of Parachains as sovereign blockchains networks built on Polkadot’s technology. These networks have the full flexibility of a separate ecosystem including the ability to mint digital assets and tokens. These blockchains can integrate their own governance systems and regulations.
Polkadot also hosts networks called Parathreads. These networks are like Parachains but they leverage more of Polkadot’s features and require less computation to operate. Parathread operators utilize a pay-as-you-go pricing model which helps to make them more cost-efficient for Dapps that require very little interaction with the mainnet.
Polkadot has had strong community support since its launch due to a number of factors. For one, it was founded by Ethereum co-developer, Gavin Wood. Wood invented the Solarity language that is at the core of Ethereum’s functionality. He left the Ethereum project in 2016 to pursue his goal of crafting a more advanced platform that could support the growing demands of blockchain users.
There’s More to the DeFi Market
Now that you know some top Ethereum alternatives you are ready to save on your fees and Dapp transactions. These networks represent only a small portion of the competitors making waves. You can expect even more networks to try and topple Ethereum as the year proceeds.