Ethereum competitors: guide to the alternative smart contract platforms (Moeller) – a summary
(This article had to be read for the 6th lecture of the MIT 2018 series about blockchain).
Ethereum is the number 2 after Bitcoin in terms of popularity. “Ethereum popularized the term smart contracts, houses a network for ERC-20 tokens and provides a framework for decentralized applications”. Many others want to become number two:
\*Ethereum Classic (ETC) is a fork of the original Ethereum Blockchain. It was born when a user wanted to make DAO (Decentralized Autonomous Organization; a venture capital fund for every future application on the system); but a hacker stole 50 million. This almost destroyed Ethereum as a whole. After this, a hard fork was proposed by Vitalik, in which the users could go to the new fork. However, the old fork still exists.
\*Stratis (STRAT) supports C# and is compatible with Microsoft’s .NET framework. BaaS (Blockchain as Service = companies can create their own custom decentralized applications). Stratis has smart contracts and will soon (this was 2018) their first ICO (Initial Coin Offering).
\*EOS (EOS) combines the security of Bitcoin with the smart contracts and dApp support of Ethereum. Potentially infinite scaling, shared databases, authentication system, account recovery, cloud storage and hosting are paid for by staking money in EOS tokens. EOS sees on companies that need monetization and service strategies. Blocks on EOS are structures into cycles that are sequentially verified, so that the network has laess latency and the performance is kept high.
Waves (WAVES) Through Waves, developers can create tokens for any project they can think of. The name of these tokens are CATs. There’s a DEX (decentralized exchange) for trading your newly minted coins with other coins.
Chainlink works on Oracles. Oracle = it can bring in data from outside sources and connect it to the Blockchain (like stock prices, bank transfers, the weather, conversion rates, crash data). Each data providing oracle node has to use multiple sources to ensure that the data is correct. The provider of the data will be paid with Chainlink token.