This article comes fromCointelegraphThis article comes from
, original author: Nikolai Kuznetsov, compiled by Odaily translator Katie Ku
The dominance of Ethereum 2.0 as a pioneer is constantly being challenged. In 2020, how will Ethereum 2.0 compete with a large number of public chains?
After decades of development, Ethereum 2.0 has come a long way. Although the Medalla testnet was unstable at the beginning, everything is going according to plan so far. Prysmatic Labs developer Raul Jordan noted in a recent blog that the development of the Medalla general block layer is well under way in 2 to 3 months.
Since the platform was launched in 2015, there have been plans to update Ethereum. Ethereum 2.0 will eventually be launched successfully, but there are also many difficulties encountered.Since 2015, many developers have indeed seized the opportunity to develop their own systems, and many designed systems can also solve the problems faced by Ethereum 2.0.
There is no doubt that this is a blockchain competition full of gunpowder. After EOS went online in 2018, EOS did not replace Ethereum 1.0 as people predicted before it went online, but the recent Polkadot should not be underestimated. According to the currency price, Polkadot (DOT token) is currently second only to Ethereum (ETH). In the competitive currency circle, how will Ethereum 2.0 compete with other platforms in solving the problems existing in the blockchain?
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Cardano vs. Ethereum 2.0
For some time Cardano was the most serious competitor of Ethereum. The Cardano platform was developed by mathematician Charles Hoskinson, one of the original founders of Ethereum. He left the Ethereum team in 2014 to start the IOHK blockchain company, which also developed Cardano.
Compared with Ethereum 2.0, Cardano will eventually control the management model on the entire chain. A representative of Quantstamp (the auditing protocol), which has been reviewing Cardano’s codebase in recent months, previously told Cointelegraph that he believes the project will become the best on-chain governance platform.
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Tezos vs. Ethereum 2.0
Tezos is also second only to Ethereum as a smart contract platform.
Launched in 2018, the Tezos platform is a project that benchmarks against Ethereum. Consider the background of the foundations behind Tezos and Ethereum 2.0, both founded in Switzerland’s Crypto Valley. Tezos was jointly developed by husband and wife Arthur and Kathleen Breitman, although the relationship between the couple and the Tezos Foundation is not harmonious.
When the Breitmans first conceived of the platform, they wanted it to be self-maintaining. Similar to Cardano’s eventual plan, anyone who meets the minimum stake requirements will be entitled to vote on protocol updates, which will directly begin the upgrade. In contrast, Ethereum governance has always had off-chain coordination and will always remain so. There is currently no model that can prove to be superior to other models.
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RSK vs. Ethereum 2.0
RSK went online in the second half of 2017, bringing hope to the functionalization of Bitcoins smart contracts. The ability to conduct thousands of transactions per second makes RSK a platform that could threaten Ethereums scalability status.
RSK is merged with Bitcoin and now accounts for 48% of the total Bitcoin network hash power. In terms of decentralized network security, RSK is one of the most powerful competitors.
Earlier this year, the RSK-Ethereum synergy function bridge was launched, which allows anyone to conduct currency transactions between RSK and Ethereum. Including RSK-based stablecoins and facilitation tokens issued on developer Moneys Chain platform. Diego Gutierrez Zaldivar, CEO of IOV Labs, believes that synergy is the biggest factor affecting the implementation of the blockchain, rather than through competition. He told Cointelegrah: We believe that Bitcoin, RSK, Ethereum and other blockchains will be the most powerful in the blockchain platform network, a manifestation of the value of the Internet, and will also become the financial and social infrastructure of the future. Synergy Security plays a very important role and will ensure that blockchain technology can resist attacks and achieve large-scale implementation.”
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Qtum vs. Ethereum 2.0
Qtum has a major milestone in the development progress of this years roadmap, and Qtum successfully added the fork to the new version of the mainnet. Similar to what Ethereum 2.0 is currently testing, Qtum also runs the Proof of Stake (PoS) consensus mechanism. However, Ethereum’s minimum collateral requirement of 32 ETH creates an opportunity for Qtum. Qtums zero-threshold conditions allow anyone to participate in staking.
Qtum also runs on the Ethereum Virtual Machine. This means that this project can benefit from the development of Ethereum 2.0, such as sharding. However, unlike Ethereum, Ethereum is currently limited by the Solidity programming language for smart contracts. And Qtum developers can write decentralized applications under the choice of multiple languages.
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Matic Network vs. Ethereum 2.0
As the second layer of Ethereum, the Matic network has more advantages, such as the compatibility of ERC-20 tokens. However, its scalability will also reach 65,000 transactions per second. The project is backed by Binance’s token sale on the initial exchange offering platform and early investor Coinbase Ventures. Matic also cooperates with new projects including Decentraland to ensure high circulation.
Nailwal believes that the mere fact that Ethereum can provide high liquidity will drive higher demand, a level that blockchains will never achieve for decentralized applications. He added: The first-tier blockchain is a settlement platform, so it does not support commercial activities. As decentralized applications become more and more popular, miners fees are also getting higher and higher, so the management voting mechanism of the second-tier platform is used It can avoid the loss of users to competitor platforms.
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TRON vs. Ethereum 2.0
However, because the platform is based on delegated proof-of-stake, TRONs scalability is expensive. In 2019, Chen Zhiqiang, the co-founder of TRON, announced that he would leave the TRON project due to the deceitful decentralization of TRON. He believes that this is inconsistent with the companys concept of realizing the decentralization of the Internet.
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Elrond vs. Ethereum 2.0
According to Daniel Serb, head of business development at Elrond, the platform will be sharded in a similar way to Ethereum 2.0. Both platforms separate network nodes, transactions, and blockchain state, enabling high throughput. However, Elrond has a large number of fixed shards (units of carrying data) and performs 15,000 transactions per second. But the protocol allows a large number of shards to flow dynamically. Instead, the number of shards is fixed at 64 on Ethereum. Developers found that compared with developing Ethereum, the rewards for developing Elrond in the long run will be more than Ethereum. Just as Serb told Cointelegraph: The most competitive feature of Elrond is that smart contract authors can get 30% of the mining fee from users who use their contracts, and there is no need to pay additional fees. Elronds smart contracts are scalable Yes, this will make the project operation easier.
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Algorand vs. Ethereum 2.0
Algorand is the invention of Silvi Micali, a Turing Award winner and professor at the Massachusetts Institute of Technology Research and Institute, and it went live in 2019. The project claims to be the first to use pure proof-of-stake consensus, achieving network security by ensuring token security for holders of ALGO tokens.
Algorand’s product director, Paul Riegle, recently told Cointelegrah that the project assessed the decentralized space in terms of recent updates and found that the most interesting one was “key updates.” Currently, wallets with multiple signature technologies will have an impact on management if users want to switch to authorized private key holders. Rekeying allows users to switch from a single key to multiple signature techniques to addresses managed by smart contracts with internal spending policies. In the field of decentralization, this development will make it easier for operators of decentralized applications to keep user wallets in custody.
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Cosmos vs. Ethereum 2.0
Cosmos was launched in 2019. As the first platform with blockchain synergy, Cosmos caused an uproar in the blockchain industry at that time. Cosmos was founded by Tendermint, a development company appointed by the non-profit Interchain Foundation, to build a cross-chain ecosystem.
As synergy is getting more and more attention in the blockchain field in 2020, Cosmos also shows the potential to exceed Ethereum 2.0. But the underlying theme is joint synergistic blockchain projects: Synergistic development is in full swing. Billy Rennekamp, director of the Interchain Foundation, said that Ethereum 2.0 benefits from collaborative development in the same way as other platforms:
In the final version, there will be a large number of blockchain ecosystems in different forms, including Ethereum 2.0 through inter-chain technology (IBD) and the Internet blockchain or Interchain composed together will retain its composition. If Ethereum 2.0 utilizes cross-segment Chip communication technology is also applicable to cross-chain communication technology.”The scalability of Cosmos can pass Tendermints Byzantine consensus (Byzantine fault tolerance consensus) smoothly. According to Ethan Buchman, co-founder of Cosmos and CEO of Informal Systems,He told Cointelegraph: “Tendermint’s design separates the Byzantine consensus engine from the proof-of-stake (PoS) economics. This is more experimental in economics. Instead, the Ethereum 2.0 consensus is closely related to the rest of the Ethereum 2.0 stack.
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Ardor vs. Ethereum 2.0
Launched in early 2018, Ardor is one of the first multi-chain architecture platforms to use the Proof of Stake (PoS) consensus. Ardor also has a sub-parent chain structure, which improves the circulation capacity compared with the linear blockchains of Bitcoin and Ethereum. Compared with the sharding system of Ethereum 2.0, when the infrastructure and other functions are the same, the Beacon chain of Ethereum still has the ability to run in separate chains.However, Ardor also has a special feature that developers of blockchain code often overlook,Lior Yaffe, director and co-founder of Jelurida, the operator of the Ardor and Nxt platforms, told Cointelegraph: Ardors sub-chain bundling system allows application developers to share some of the users transaction fees. Through authorized public chains can choose Create hybrid applications that authorize sharding security. The mainnet also has these two functions. At the same time, Yaffe is also skeptical about whether the development progress of Ethereum 2.0 will be completed smoothly: No one can say when Ethereum 2.0 will be launched.
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No blockchain is omnipotent
