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A big inventory of Ethereum 2.0 challengers.



After several years of development, Ethereum 2.0 seems to be within reach. Although the start of the Medalla test network was not stable, the overall progress was smooth. Prysmatic Labs developer Raul Jordan noted in a recent blog post that “the Medalla genesis block is ideally two to three months away.” Since the ethereum platform was first launched in 2015, there have been thoughts of an upgrade. . Today, the process of realizing Ethereum 2.0 has taken several years, which also shows that changing the engine for a running blockchain is more challenging than building a project from scratch. Since 2015, many developers have indeed jumped at the opportunity to build their own engines designed to solve the same problems that Ethereum 2.0 is trying to solve, if not more challenging ones. Ethereum 1.0 has made groundbreaking progress, but the 2.0 version will be launched in an environment where all the heroes stand together. There is no doubt that the competition is becoming more and more fierce. EOS, which was born out of nowhere in 2018, did not become the killer of Ethereum as predicted. But recently, Polkadot has made significant progress. In the development platform token track, the market value of DOT is second only to Ethereum. This article will take stock of Ethereum's other competitors and briefly explore how Ethereum 2.0 will meet the challenges of other projects in solving some of the most pressing problems. Cardano (ADA) has been one of Ethereum’s most anticipated competitors for a long time. The platform was created by one of Ethereum's original co-founders, mathematician Charles Hoskinson, who left Ethereum in 2014 to go on to found IOHK (the development company behind Cardano). Binance Updates VIP Loan Plan: News on January 3rd, Binance will update the VIP Loan Plan from 08:00 on January 3, 2023 (Eastern Eighth District Time). Average daily net borrowing. For example, if a user has borrowed 1 million BUSD equivalent cryptocurrency in margin trading in the past 30 days, it will be calculated as 200,000 BUSD in the 30-day average daily net loan amount. [2023/1/3 22:23:29] This year, Cardano has been a hot topic in circles several times as it has launched the Shelley implementation phase on its mainnet. This stage is characterized by the introduction of a pledge mechanism in the Cardano network, which has led to a sharp increase in the price of ADA tokens. However, like Ethereum 2.0, Cardano is also working on long-term development plans. Shelley is only the second phase, and there will be three other phases to follow. The next phase will introduce smart contracts that can be expanded and governed. In contrast to Ethereum 2.0, Cardano will eventually run an on-chain governance model. A tech representative from Quantstamp, who has been auditing the Cardano codebase in recent months, believes the project will become the second-largest smart contract platform after Ethereum, dwarfing Tezos, another major on-chain governance platform. Launched in 2018, Tezos operates on DPoS, a consensus also known as "liquid proof-of-stake." According to the researchers, Tezos, while not as decentralized as Ethereum, is still much more decentralized than many DPoS blockchains. This is most likely because Tezos does not impose an upper limit on the number of nodes. Therefore, Tezos is capable of competing with Ethereum 2.0 in terms of security and throughput. The main difference between the two is mainly that Tezos belongs to the on-chain governance model. Encrypted lending platform Nexo has terminated its potential acquisition of its competitor Vauld: Jinse Finance reported that the encrypted lending platform Nexo has terminated its potential acquisition of its competitor Vauld. The potential deal fell through after six months of talks between the two sides, people familiar with the matter said. The report pointed out that the unfavorable conditions of the acquisition to Vauld's creditors and the lack of transparency of Nexo's financial situation were the main reasons for the cancellation of the transaction. [2022/12/26 22:08:30] The vision of Tezos is to achieve a self-maintaining platform. Similar to Cardano's final plan, anyone who meets the minimum staking requirements will be able to vote on protocol upgrades, which will be implemented immediately after the vote is passed. In contrast, Ethereum has always been governed off-chain and will remain so for the foreseeable future. It should be noted that, so far, neither model of on-chain governance nor off-chain governance can prove itself to be inherently superior to the other. Qtum successfully completed a fork this year and moved to a new version of the mainnet, thus completing an important milestone in the roadmap. Similar to the mechanism currently being tested in Ethereum 2.0, Qtum operates on a PoS consensus. Ethereum 2.0 staking requires at least 32 ETH, which sets a big barrier for entering the market, while Qtum has no minimum staking requirement, which ensures that anyone can participate in its staking plan. Recently, Qtum also launched offline staking, making it one of the first platforms to allow users to stake assets held in offline cold storage wallets. Jordan Earls, co-founder of Qtum, said, "The shift to PoS proof of stake confirms what we have always thought in terms of energy, user friendliness and security. In addition, we are sorry to see that with the PoW workload proof block The old saying that PoW is more secure than PoS has been proven to be incorrect due to the increase in 51% attack incidents of chains (such as Ethereum Classic). We believe that PoS proof of stake is the consensus of most non-Bitcoin blockchains. future.” ZTO continues to explore the application of “blockchain + express delivery”: Jinjin Finance News, recently, users who use ZTO’s standard express products can click on the link of “Sign Receipt Information Blockchain Deposit Certificate” on the waybill details page Download the "Blockchain Signature and Deposit Certificate". Specifically, the system will save each express receipt record on the blockchain node, automatically complete a series of on-chain actions, and permanently generate a "certificate" to improve users' credit perception of express products and services . The certificate contains blockchain identification, express waybill number, signee, sign-in time and other information, the data is reliable, and the whole process is transparent. (Tencent News) [2022/7/12 2:06:49] In addition, Qtum runs on the Ethereum Virtual Machine (EVM), which means that the project may benefit from the development of Ethereum 2.0, such as sharding. However, unlike Ethereum, which is currently limited to the Solidity programming language, developers on the Qtum chain can use a variety of more widely used languages to write decentralized applications. As the second-tier network of Ethereum, Matic Network provides many advantages, such as ERC-20token compatibility. Matic is highly scalable, up to 65,000 TPS. The project received early support from Binance, conducted an IEO token sale through its Launchpad platform, and received early investment from Coinbase Ventures. Currently, Matic has partnered with quality projects including Decentraland to achieve high throughput. If Ethereum 2.0 can bring better scalability to the platform, does it mean that second-layer projects such as Matic Network will no longer be needed? Data: The number of BTC loss addresses reached a 20-month high: According to news on January 23, according to Glassnode data, the number of BTC loss addresses reached a 20-month high, with a 7-day average of 12,166,336.024. [2022/1/23 9:08:14] Matic COO Sandeep Nailwal believes, "Ethereum 2.0 cannot provide infinite scalability. The best case is 64 shards, and its shard chain is similar to today's Ethereum Square chain. Assuming that each PoS single chain can reach a maximum of 50 TPS, then the total throughput can still only reach 3200 TPS. The higher throughput provided by Ethereum will drive greater demand, resulting in Ethereum never being able to scale to its DApp The level required for activities. The first-tier blockchain is a settlement platform, not to support commercial activities. With the upsurge of DeFi DApp and the rising gas costs, those users who use the second-tier platform for functions such as governance voting will not Migrating to a competitor’s platform.” Launched in 2017, Tron was an early competitor to ethereum. Under the leadership of Sun Yuchen, TRON acquired BitTorrent and made significant progress. In March 2019, Tether announced the launch of the TRC-20 version of USDT. Since the throughput of TRON is higher than that of Ethereum, in the following six months, TRON-based USDT has grown to 12% of the total USDT in circulation. However, since TRON is based on the DPoS proof-of-stake consensus, its scalability comes at a price. In 2019, co-founder Lucien Chen announced his decision to leave TRON due to its "pseudo-decentralization" nature, which is contrary to the project's mission of "decentralizing the web". In contrast, Ethereum 2.0 will launch with over 16,000 validators on the beacon chain, according to ConsenSys. FAW Group applied for Metaverse trademark: According to the news on December 28, Tianyancha showed that China FAW Group Co., Ltd. has recently applied for the registration of multiple trademarks of "Metaverse", "METAVERSE", "HQ METAVERSE" and "F METAVERSE". The international classification involves Means of transportation, advertising sales, etc., the current trademark status is waiting for substantive examination. At present, many car companies have applied for the registration of Metaverse-related trademarks, including SAIC, Geely, Ideal, Weilai, Xiaopeng, etc. (Golden Ten) [2021/12/28 8:09:05] Elrond is one of Ethereum's newer competitors, having launched its mainnet in July this year. In terms of scalability, Ethereum 2.0 will face the challenge of Elrond, because the project relies on its adaptive state sharding mechanism, and the TPS of its test network is as high as 260,000. Daniel Serb, head of business development at Elrond, said the platform's approach to sharding is similar to that of Ethereum 2.0: both achieve high throughput by partitioning network nodes, transactions, and blockchain state. However, Elrond starts with a fixed number of shards, and the TPS can reach 15,000, because the protocol allows the number of shards to increase dynamically according to the traffic. In contrast, the number of shards on Ethereum is fixed at 64. In the long run, developers may find that Elrond has some advantages over Ethereum. According to Daniel, “One of the most attractive features of Elrond is that the author of the smart contract can get 30% of the gas fee as a royalties, and the caller does not have to pay more. Moreover, the Elrond smart contract is scalable, This will undoubtedly make the lifecycle of any project much easier." In 2019, Turing Award winner and MIT professor Silvio Micali created and launched Algorand. The project claims to be the first to use a "pure PoS proof-of-stake" consensus to secure the network, ensuring that owners of a small fraction of ALGO tokens cannot cause any harm to the network. Where the platform can be compared to Ethereum 2.0 is in the field of platform development. Currently, the two largest mainstream stablecoins Tether and USD Coin are running on Algorand. In April, the Props Project, a decentralized application network, also migrated from a private blockchain to Algorand. Paul Riegle, head of Algorand's product, said recently, "The project has been expanding the scale of the DeFi field through the latest upgrades, the most attractive of which is "rekeying" (resetting the private key). Usually, if the user wants to change the multiple Authorized private key holders in signature wallets can be very cumbersome. Algorand users can use the built-in spending strategy to transfer a single key from a multi-signature to an address managed by a smart contract by resetting the private key. In the DeFi field , this development feature can make it easier for DApp operators hosting users’ funds.” As one of the first platforms to offer blockchain interoperability, Cosmos launched in 2019 and made waves in the blockchain space. Cosmos was created by the Tendermint development company designated by the Interchain Foundation to build a cross-chain ecosystem. With interoperability proving to be an area of focus for blockchains in 2020, Cosmos has an advantage over Ethereum 2.0 in this area. However, if interoperability is a rising tide, it will raise all interoperable projects. Interchain Foundation Manager Billy Rennekamp pointed out, "Interoperability will bring the same benefits to all platforms including Ethereum 2.0. The ultimate vision of the industry is to form a large and diverse blockchain ecosystem, including Ethereum 2.0. Each blockchain including 2.0 can be formed through inter-blockchain communication (IBC) and together form a blockchain Internet. If Ethereum 2.0 uses IBC for cross-shard communication, it will also be able to use it for cross-chain communication .” Cosmos also achieves scalability through Tendermint’s Byzantine Fault Tolerant consensus (BFT). Ethan Buchman, co-founder of Cosmos and CEO of Informal Systems, believes, "Classic BFT is arguably the most straightforward and flexible method of reaching consensus. Tendermint's design decouples the BFT consensus engine from the PoS proof-of-stake economics, allowing for In contrast, the ETH2.0 consensus is tightly integrated with the rest of the ETH2.0 stack.” Launched in early 2018, Ardor is the first multi-chain architecture operating under the PoS proof-of-stake consensus. One of the first platforms. Ardor runs on a parent-child chain structure, allowing for higher throughput compared to linear blockchains such as Bitcoin or Ethereum. We can compare this structure with the sharding mechanism of Ethereum 2.0. In the beacon chain of Ethereum, the shard chains will run in parallel with each other as substructures.


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