If you think that blockchain is only about Bitcoin and Ethereum, then how wrong you are! By the way, many crypto-enthusiasts are certain that many other blockchains are much more important than these two biggest players. Here are the main ones:
Ripple
Bitcoin was designed as a digital currency with the purpose of paying for services and goods. Ripple, in turn, was created for banks and payment networks as a payment settlement and currency exchange. The main idea of Ripple was to create a system of direct asset transfers which would be much more cheaper, transparent, and secure than the existing payment systems. Also, Bitcoin is a blockchain-based technology, while Ripple only uses a distributed consensus ledger using a chain of validating servers and XRP tokens. Finally, BTC was created by an anonymous group of enthusiasts, unlike Ripple, which is developed by an official organization called the Ripple company.
EOS
EOS is a blockchain platform that works using a similar model as Ethereum. While there are some connections, EOS is not the same as Ethereum, from a technical and functional aspect. This platform will serve as an ecosystem to develop and deploy different types of smart contract based applications, but the way they are managing this task differs significantly. Here are the main contrasts:
Consensus Protocols. Ethereum’s blockchain currently uses a proof-of-work, while EOS implements so-called delegated proof-of-stake (DPoS) protocol. DPoS protocols allow developers to stop the network when a defective application is found. While stopped, the developer can fix the troubled application without negatively affecting other accounts within the network.
Programming Languages. Unlike ETH, EOS allows users to use any language that can be compiled in Web Assembly (WASM).
Some crypto enthusiasts call EOS an Ethereum Killer due to the several improvements and no obvious flaws, but time will tell.
IOTA
IOTA does not use the traditional blockchain pattern used by most cryptocurrencies. Instead, it has developed a new platform called Tangle, which uses Directed Acyclic Graphs (DAG) mathematical concept. For its own transaction to be valid, each node in a DAG Tangle must accept two previous transactions at another node. First, It removes “miners” as instruments of validating transactions. Second, the network’s growth and speed become directly proportional to the total numbers of users. The Main purpose of IOTA is solving the challenges that stand in the way of the Internet of Things technology.
Tron
Tronix (TRX) currency aims to be a decentralized entertainment content sharing platform ultimately amplifying blockchain and peer-to-peer (p2p) network technology. According to the White Paper, TRON will allow authors of digital content to cut out middlemen such as the Apple Store and others. As in EOS, TRON uses DPoS consensus Algorithm. In addition, TRON also features a smart contract layer, called the TRON Virtual Machine, which competes directly with the Ethereum.
Monero
Monero’s unique killer feature is that it’s completely anonymous. After the new protocol update and Bulletproofs enabling, it became possible to hide the amounts sent and received. Besides that, the wallet balances are inaccessible, too. Also, Monero is made to be more decentralized than other cryptocurrencies. Monero mining is only available via CPUs and GPUs, so XMR cannot be in control of a selected group of people. Obviously, this coin is mainly used in the shadow economy.
These are the main Bitcoin and Ethereum competitors, but there are many other interesting and promising blockchains. If you liked our article, don’t forget to subscribe. In our next Article, we will try to figure out what happened with the Bitcoin price in 2018 and what should we expect in 2019.
