The recent huge fee saga on Ethereum blockchain has revealed the need for developers to launch ETH2 very soon. This is in addition to the Defi dramas- the Yam episode, and the zombie migration of Sushiswap. From the updates of the developers it has shown that they are doing their possible best to bring it on mainnet in the next few months so far Madella Testnet goes as smooth as possible- no pressure. Despite this, other blockchains have been out to attract developers to migrate and create exciting Dapps. The basic pitch for these blockchains is the fact that they have achieved what Ethereum is struggling to achieve- Proof of Stake.
Ethereum- A founding Father
Ethereum has solidified itself as a classical blockchain- a generation two blockchain that opened endless doors. It improved on Bitcoin by adding a layer that allows applications to run on it via smart contracts. Yes, Ethereum brought decentralized applications (Dapps). It is the home to close to 3000 Dapps and 5000 smart contracts according to stateofthedapps.com (1709 Dapps as recorded by Dapp.com). But the fact that Ethereum still consumes a lot of energy because of its consensus protocol has limited its capabilities. Only in the year 2020, Ethereum has recorded more than 20 million wallets created with more applications running on it. Decentralized Finance protocols have also found a home on it. With these achievements, the blockchain has experienced slower transactions and huge transaction fees. It was the plan of the developers all along to switch the consensus to a more suitable one which can accommodate more use cases seamlessly. But the road has been with a lot of hurdles.
We have collated a list of a few blockchains and platforms that have shown huge potential to be a contender to take over the position of blockchain with the highest number of Dapps in the nearest future.
Tron has been especially favoured in the heat of transaction congestion on Ethereum over the past few weeks. Decentralized finance protocols have been considering the blockchain to operate. Its price over the past week has gained because of the attention it has gained. It, at some point, overtook EOS in market traded volume, ranking. Earlier this year it passed EOS (393 Dapps). Though presently with approximately 663 Dapps there is still a long way for it to go if it will overtake Ethereum in the number of applications running on it. With more applications running on it, it is sure to gain more visibility and become the choice of more developers.
We believe Bridge Oracle which is the first oracle on Tron will go a long way to attract more Defis to the platform. Oracles link smart contracts to off-chain data sources like price charts and metrics, so they can operate as intended. Bridge’s IEO will be on the BW exchange on 15th September. After its launch, there is a huge expectation of an explosion of Dapp migration to Tron.
Vechain has shown a lot of activities, especially in the pandemic to aid businesses. With applications like track and trace systems and many other collaborations, it has proven itself as a stable option and a stable substitute to accommodate Defi protocols. Vechain developers have formed the habit of having a very solid relationship with developers from other projects, especially projects that are running on its protocol. Exciting applications like Safehaven, Plair, and Eight Hours Foundation have attracted the attention of many people to the beauty of launching Dapps on Vechain.
Moving forward, we foresee a lot of other relevant applications and protocols launching on Vechain to bring it close and even surpass Ethereum in the future.
Xinfin is an enterprise-ready hybrid blockchain with full support for Ethereum Virtual Machine (EVM). This support makes it very easy for developers on Ethereum blockchain to migrate their Dapps. In addition to this, it has released a bounty to attract developers to build great applications on a blockchain with greater specs than Ethereum.
Its developers have put a lot of effort in presenting and onboarding SMEs to receive ceaseless cash-flow in their businesses with cutting edge and compliant trade finance applications (Tradefinex) that will securely and transparently connect them with non-bank financiers. At its core is an innovative vision never seen before on the blockchain. The development team recently announced the burning of some of Xinfin’s ERC-20 based tokens (XDCE) to encourage users to use and store the main net coins (XDC) which will eliminate the need for huge transaction fees.
Its long years of preparation is to fulfil a vision that will help SMEs and the global Trade Fiancee. It has successfully gained recognition from top organizations in the field and there is not a doubt that it will give Ethereum a run for its money in onboarding Dapps.
It was one of the first few blockchains to offer track and trace applications for goods. Housing applications like Ecomi, Gochain has birched in Ethereum in transaction times and fees. It also fully supports EVM so everyone should watch out for it in the future.
In a few months, Cardano’s Goguen will bring support for smart contracts. Being an already established blockchain with interest in deep research Cardano developers are getting ready to overturn the tables and overtake Ethereum in performance and applications. It is built to scale as it onboards millions of users and applications in their hundreds of thousands. The Cardano community are also excited in readiness to witness what will unfold in the next few months.
“Avalanche is an open-source platform for launching highly decentralized applications, new financial primitives, and new interoperable blockchains.”
The platform can be used to create and onboard decentralized assets that have never been on the blockchain. It is a new innovation and not a competition with any existing blockchain. Instead, it can be used to launch any blockchain because it supports any blockchain consensus and virtual machines. With its testnet, validators have been able to create more than 600 assets and multiple blockchains with a huge number of transactions daily. Its testnet Validators have testified that it is super easy to create and deploy assets on the platform. Its mainnet is only a few days away. This is an innovation developers should watch out for.
Do you agree with our picks? Do you have any contra opinion? Let us know in the comments.
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