Ethereum competitors: guide to the alternative smart contract platforms (Moeller) – a summary

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.

\*NEO (NEO) was the first open-source blockchain to launch in China. Like Ethereum, NEO is decentralized and provides the opportunity to build smart contracts. NEO is more scalable (1000 transactions a second) and it supports multiple programming languages like C# and Java (while Ethereum’s only language is Solidity which looks a bit like JavaScript). Hard forks are not possible in NEO. NEO coins are not mined, but holders are given NEO GAS (Neo dividend) in their wallets.

\*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).

\*LISK (LSK) runs on JavaScript (easy for JavaScript developers!) and provides a platform for decentralized applications to run on. LISK uses side chains, paired with an SDK (Software Development Kit) with which developers can create their blockchain and application and tie it to the main LISK blockchain (this main blockchain keeps everything secure). Side chains do not effect and burden the main chain. “It allows developers to have full control over their network while still being maintained by a stronger and more secure framework”.

\*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.

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5 thoughts on “Ethereum competitors: guide to the alternative smart contract platforms (Moeller) – a summary”

  1. Pretty interesting to see the landscape change so dramatically over 4 years. As a former holder of NEO, I feel like some of the hot smart contract platforms of this recent bullrun may suffer a similar fate.

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  2. The most interesting thing is that the claims and “new capabilities” the alternatives talk about then are still what new ones talk about. 1000 tps, side chains, etc

    Reply
  3. Why post such a dated article when you know people are likely going to miss the part about it being from 2018?

    Reply

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