Are you looking for the best Ethereum alternatives to launch your dApp? Ethereum is considered a turning point for the entire blockchain system after its launch in 2015.
The ability to develop DApps and DeFi Apps through the use of Smart contracts stood it out. To date, it maintains its rank as the second-largest cryptocurrency after Bitcoin.
However, some investors and creators are looking out for the best Ethereum alternatives. This is mainly because of low transaction speed, upgrade difficulties, congestion, and high gas fees on the blockchain.
This article covers the best Ethereum alternatives and why they are viable alternatives.
What are the Best Ethereum Alternatives?
In no particular order, the best Ethereum alternatives at a glance are:
1. Cardano (ADA)
The popular Cardano, founded by Charles Hoskinson and Jeremey Wood in 2017, is one of the best alternatives to Ethereum on the blockchain list.
ADA is its native token and is well supported by the proof of stake (PoS) consensus algorithm. Just like Ethereum, it runs decentralized applications and features scalability and high speed, features that Ethereum is currently battling issues with.
Cardano employs an approach that is heavily driven by research and built on scientific philosophy. Charles Hoskinson, one of the founders of Ethereum, hypothesized the project and was very involved in the development phase.
Cardano is a self-acclaimed third-generation blockchain with a motive to resolve some core challenges facing contemporary blockchain technology.
Some of the issues facing Ethereum are interoperability, scalability, speed of transaction, and sustainability.
Ethereum is purely hardcore-science and promises to be greater than a Smart contract environment. Cardano boosts scalability using the Ouroboros Proof of Stake (PoS) mechanism, unlike Ethereum, which uses the proof of Work (PoW) consensus algorithm.
Remarkably, Cardano shares similar features with Ethereum and even Bitcoin. Some call Cardano a sleeping dragon with great potential to compete with the best and strongest cryptocurrencies in the crypto world.
Today, it is one of the top 20 viable and valuable cryptocurrencies and one of the best Ethereum alternatives.
2. Solana (SOL)
Solana, another young blockchain platform launched in 2020 by Anatoly Yakovenko, is a top competitor against Ethereum and one of the best Ethereum alternatives. Both currently rank among the top 10 in the crypto world today.
As an alternative to Ethereum, Solana intends to facilitate the implementation of a hybrid consensus model and support the development of Dapps.
Solana has been tagged ‘one of Ethereum assassins’ because it can be substituted for Ethereum. SOL, the native token of Solana, has recently skyrocketed.
A core aim of Solano is to resolve the issues with transaction speed and authentication times, which popular blockchains, such as Ethereum, faces. It uses Proof of History (PoH) to validate transactions.
PoH is a variation of Proof of Work (PoW), but it is speedier with the validation process and minimizes overcrowding, one of the challenges of Ethereum.
This makes Solana one of the fastest blockchain platforms, with the ability to add a new block in less than 3 seconds and process over 50,000 transactions per second.
Just like Ethereum, Ethereum, Solana is one of the most promising blockchain projects active today. It has solid fundamentals and a clear roadmap and plans for the future.
Solana implements fundamental innovations such as Archivers for data storage, the Consensus algorithm Tower BFT, The Gulf Stream protocol, and more.
3. Cosmos (ATOM)
Cosmos, launched in 2016 by Jae Kwon, Zarko Milosevic, and Ethan Buchman, is another alternative to Ethereum.
Ethermint is a clone of Ethereum, used by the Cosmos creators to support smart contracts. Cosmos is a blockchain that aims to improve interoperability between different blockchains.
Its native token is ATOM, and its holders are provided options to stake and validate blocks, make payment for transaction fees, and lend a voice (by voting) on government issues. The price of Cosmos has witnessed commendable growth since 2021.
Tendermint, Cosmos SDK, and Inter-Blockchain Communication protocol (IBC) are the three components of Cosmos.
These components are responsible for the offers of Cosmos, such as scalability, security, speed, interoperability, and a programming platform for developers to own their blockchains. Building on Cosmos is cheaper and faster than what is obtainable on Ethereum.
4. EOS (EOS)
Much has been said about EOS ever since it was launched into the crypto world in 2017 by Block.one. It has proven to be one of the most successful ICOs by raising over $1 000 000 000 in 350 days. EOS holds the longest ICO in history.
EOS is a viable Ethereum alternative as it combines the security feature of Bitcoin and Ethereum functionality. The blockchain currently offers a higher transaction per second (TPS) than Ethereum.
EOS is often marketed as “big business friendly” as it aims to resolve the scalability issues when developing applications on the Ethereum blockchain platform.
EOS.IO is EOS’s operating system that manages and controls Dapps and smart contracts on the EOS blockchain platform. EOS is the native token and is needed to stake in exchange for value.
It utilizes an ownership model that makes hosting costs predictable. This approach specifies the number of EOS tokens to stake. The transaction cost is, therefore, eliminated. It presently ranks in the top 20 most valuable cryptocurrencies.
5. Tron (TRX)
Tron is a blockchain platform that is comparable to EOS and Ethereum. TRX is the native token of Tron, and it is multi-useful.
The list of best Ethereum alternatives is incomplete without Tron because Tron is one of the foremost Ethereum competitors, as it also facilitates decentralized apps (Dapps) and smart contracts.
They both use Solidity programming language for smart contracts, but Tron outdid Ethereum in other ways.
Some of the practical features of this blockchain network that makes it one of the best alternatives to Ethereum are:
- Tron has a higher transaction per second (TPS) than Ethereum
- Tron is highly scalable and can be used in different ways
- Tron boasts of a highly effective smart contract
- The Tron network structure is very reliable
- Transaction cost is free of charge on Tron
- Its compatibility with Ethereum virtual machine (EVM) makes it possible to execute smart contracts on EVM on Tron virtual machine (TVM) and
- Provision of Dapp development services such as the integration of APIs, smart contracts, TRC-20 tokens, TRC-10 tokens, and more.
6. Polkadot (DOT)
Founded by Dr. Gavin Wood in 2020, Polkadot is one of the newest cryptocurrency platforms with promising offers.
Polkadot makes interaction among different blockchains possible and supports digital assets transfer across chains. That is why it is marketed as the blockchain of blockchains. The native token is DOT.
Polkadot has four sections that facilitate interaction among different platforms on the blockchain network. These sections are Bridges, Parachains, Relay chains, and Parathreads.
Polkadot, like Ethereum, is meant to run decentralized applications and possesses a usability feature that allows other developers to build on top of the Polkadot blockchain platform.
Importantly, it has a higher transaction per second (TPS) than Ethereum, and the fees are lower. In addition to that, it can communicate with Ethereum and other external blockchains.
As young as Polkadot is, it ranks amongst the top-ten cryptocurrencies and already hosts some Dapps such as RockX, Akropolis, Acala, and Polkastarter (owned decentralized exchange (DEX) platform) and others.
It uses the PoS consensus model to authenticate new transactions. In addition to the monetary value of DOT, the holders are eligible to vote for or against a proposed change on the network.
7. Binance (BNB)
Binance is one of the best Ethereum alternatives for investment and profit-making. It provides similar solutions as Ethereum but at a lower cost.
It uses the Proof of Authority (PoA) consensus mechanism to speed up transaction processing.
Built and launched by Binance in 2019, Binance received more attention due to Ethereum‘s high gas fees from the beginning of 2021.
It also runs Ethereum-based platforms by using Ethereum Virtual Machine (EVM). That makes it easy for developers to create and move resources on the Binance blockchain network.
Binance’s native token is BNB, and it currently ranks third on CoinMarketCap. The ultimate goal of Binance is to decentralize financial transactions.
Its good governance structure factors token holders in decision-making regarding the Binance platform.
8. Qtum (QTUM)
Qtum is a blockchain network launched in 2017 by Patrick Dai. It positions itself as one of the best Ethereum alternatives because it recapitulates Ethereum’s protocols, such as supporting Smart contracts used to develop Dapps.
Ethereum’s EVM, Proof of State (PoS), and Bitcoin’s UTXO model are combined components that makes Qtum an Ethereum alternative. Just like Ethereum and Bitcoin, Qtum fares well in functionality, governance, and technology.
One amazing way it outperforms Ethereum is that Proof of Stake can work regardless of the amount in the user’s wallet. In contrast, Ethereum requires at least 32 ethers (equivalent to thousands of dollars) in the wallet before staking is done.
Qtum’s compatibility with Lightning Network and Raiden enables Qtum to use the scalability options like plasma and state of channels, originally designed for Ethereum.
This good feature of backward compatibility can make Qtum take an improvement from other blockchains.
9. Tezos (XTZ)
Founded by Arthur Breitman and Kathleen Breitman, Tezos is a great Ethereum alternative. Tezos and Ethereum are similar in many of their functional features and components.
XTZ, the native token of Tezos, also employs a form of Proof of Stake (PoS) as a consensus model.
Tezos is a blockchain project designed to evolve. Launched in 2018, it is safe to say it is still young but has achieved commendable success.
An integral component of the Tezos blockchain network is smart contracts which enable other developers to create Dapps. What makes Tezos stand out from its peers is its different self-amending cryptographic model.
Tezos qualifies as one of the best Ethereum alternatives because it isn’t just another Ethereum clone but a blockchain that offers a unique niche.
Tezos governance model evades the dangers of forks. Aside from providing a more secure and faster environment than Ethereum, it is easily upgradable and sustainable.
Tezos boasts of popular customers, and it is convincing with its whole range of possible applications. Tezos raised over $232 million in just two weeks, making it one of the most successful ICOs.
Its advantages are especially evident in its application by governmental organizations. It intends to infiltrate the NFT and Defi markets in the future.
10. Ethereum Classic (ETC)
It is no surprise that Ethereum classic made it to this list as one of the best Ethereum alternatives. Its alternate history with the Ethereum blockchain when the DAO hack happened makes it a good alternative.
Ethereum Classic is a hard fork of Ethereum, meaning it is similar to Ethereum but without the complete network of nodes.
The first global conversation comparing Ethereum and Ethereum Classic was caused by the mayhem of the 2016 attack on the Ethereum blockchain, followed by the first blockchain hard fork.
Ethereum Classic, at the time of writing, is lagging behind Ethereum, but just like the latter, it also allows for the development of decentralized applications using smart contracts.
This means that it doesn’t require the input of a third party before the contract is executed.
Ethereum Classic, for some reason, gives its users concerns. Although Ethereum has proven to have more dollars invested into the platform, Ethereum classic has landed goals too.
11. Other Ethereum Alternatives
There are plenty of blockchain projects present in the market that offer very similar functionalities as that of Ethereum, but this article’s focus is on the top options.
Aside from those above as the best Ethereum alternative, which are the top options, there are others in the market that are viable to consider as great alternatives to Ethereum.
Some of those other alternatives to Ethereum are:
The landscape of cryptocurrencies and blockchains is diverse. There are several blockchain projects present in the market that offer qualifies for Ethereum alternatives, but those listed and discussed in this article cut the bar for good reasons.
Features such as scalability, transaction per second, reusability, and interoperability are key traits for assessing cryptocurrencies and blockchains.
These features accounted for this well-researched and carefully selected list of best Ethereum alternatives.
Ethereum, despite its flaws, is still the first of a kind, but not the last of it. The choice of the best Ethereum alternatives to opt for depends on the preference and goals of the developer and end-users.