The Top 5 contenders for the coveted seat of Ethereum according to COVID-19

In the face of stress and uncertainty, which has exercised the Coronavirus to the global economy, could be one of those 5 contenders claim, finally, the coveted place of Ethereum behind Bitcoin for themselves.

Many enthusiasts were able to recognize the benefits of a decentralised currency, long before the Rest of the world could prevail. Some of these people devoted much of their time to the study of the underlying technology upon which Bitcoin was built.

A young Russian-canadian programmer named Vitalik Buterin realized that the block chain technology, was built on the Bitcoin had the potential to be so much more. Buterin suggested first the need for a new scripting language, which could facilitate the development of applications for the Bitcoin network. After he failed to win the support of the community, he set out to create his own platform.

The Ethereum block Chain, driven by Etherum (ETH), allows the use of unchanging-out of smart contracts, the development of decentralized applications (dApps), and even the introduction of new crypto-currencies.

It has held for a long time the number 2 in terms of market capitalization, but over the years, several new Kryptos have been created with the aim to expand its use cases and functionality, similar to Ethereum with Bitcoin has done.

Here we will examine 5 Kryptos, the Ethereum dethrone and take its place among the BTC could take.

EOS (EOS)

In the year 2017, the Initial Coin Offering (ICO) was of the EOS to be one of the most successful in the crypto history. Like Ethereum, it allows the development of dApps and the use of smart contracts, but it does not claim to have a much better developed infrastructure than its predecessor.

EOS was founded as a direct competitor of Ethereum, with the aim to improve, speed, cost, and scalability.

From the beginning, EOS has used the delegated Proof of Stake (DPoS) mechanism. The Proof-of-Stake is used to improve the Proof-of-Work (PoW) Protocol, by providing income and incentives for participation and at the same time offer reduced. In contrast to EOS Ethereum has used so far, the energy consumption at the end of PoW, wherein the conversion to the Staking was originally scheduled for January of this year. The date has now been postponed to a yet to announcement date. Could, therefore, allow this delay EOS to slip on square 2?

Stellar Lumens (XLM)

In contrast to EOS Stellar was created lumen as a direct competitor to Ethereum. The goal of Stellar is firmly aligned to Ripple (XRP). The co-founder of Ripple, Jed McCaleb, created stellar network and its home currency, the lumens would be similar to the behavior of Ripple, with a clear distinction.

Where Ripple is to be used by major banks and financial institutions, is Stellar to individuals, particularly to the Non-bankers who want to make smaller everyday payments.

It is obvious that the solution XLM, especially in countries that suffer from great Distress, is necessary. An increased use could let this coin is surely at the point of Ethereum occur.

Tron (TRX)

On our list Tron can really claim to have a decentralized, independent and self-managed network is created.

Tron should be up to 80,000 Times faster than Ethereum and be able to process amazing to 2,000 transactions per second that occur without any fees.

Tron supports smart treaties, as well as traditional digital contracts that are written in Javascript. It is this distinction that gives Tron a advantage over Ethereum. Java is already very popular worldwide, and the Java-compatibility increases the likelihood of a mass application for an ever-evolving network.

Cardano (ADA)

Cardano is one of the more well-known Blockchain projects that make the list. It is a serious competitor for the number 2, Ethereum.

ADA is the native Token that drives the Cardano-Blockchain, the Ethereum for the deployment of smart contracts and decentralized applications (dApps).

Cardano has improved the Ethereum model, however, in many ways, and was developed with the help of a scientific methodology of a large Team of experienced engineers and researchers. The network has a greater scalability, interoperability and sustainability as its predecessor, making it Ethereum in the near future, could displace.

The focus of Cardano is full transparency and academic research, which also makes it the most worthy thing to reach the Top 5. As an investment opportunity, the community that drives the project grows, more of the use cases to take, and it retains its Position as one of the most valuable crypto-currencies by market capitalization.

Qtum (QTUM)

Qtum is another promising competitor for the title of Ethereum. It hybridizes the technology of Bitcoin and Ethereum, and tried to take the best features of both.

Qtum is reminiscent of the Bitcoin core, and also contains an abstract book-keeping layer, which may facilitate the use of smart contracts using a complex virtual X86 machine.

Thus, a one-Off-Layer solution, similar to what was hoped to achieve Bitcoin by SegWit and lightning network is basically. Since Qtum improves the previous models, could have a claim on this crypto-currency at the current uncertainty in the market is certainly the number 2.

Conclusion

Let’s be honest: in the last years, many would-be challengers, the Ethereum wanted to displace, and so far, all of this projects failed. Ethereum is strong and evolving.

But the market leader for decentralized applications and smart contracts should not be complacent. Each of the listed crypto-currencies could overtake Ethereum, if you had the right catalyst for it. Many believe that the terrible COVID-19 that could allow our lives continue to be plagued, it’s one of those top riders, bring the fact to the full.

When this happens, it would be best to buy now while prices are still relatively low.