Ethereum Has Competition

Ethereum Competition

Note: This is a take on the blockchain platform preference shown over the past several months, and not a commentary on trading in cryptocurrencies.

I have been asked too many times on how to start a career in blockchain development and I have always pointed towards Ethereum and it’s programming language Solidity to start with.

And why not? For the major part of 2017 and 2018, Ethereum had a 100% developer market share when it came to building smart contracts.

So..Where is the Competition?

Alarm bells rang with debates in the blockchain tech circle when a recent report by Bloomberg has pointed out that as of January 2019, the developer market share for Ethereum has dropped to 28%.

That’s a massive, heart-wrenching thumbs down from the developer community. Obviously, you will ask what happened to the other 72%?

EOS ate into Ethereum’s share and currently has 48% of developer market share. Tron took away another 24%.

Why the Massive Fall?

The most important factor for business houses to choose a blockchain platform from the existing ones is “transaction speed”.

One of the fundamental differentiating factor is how many transactions can a blockchain network do in a single second. The higher the number, the better for adoption as a more transaction is directly related to improved user experience.

Ethereum Competition with TRON and EOS based on Volume
Ethereum Competition with TRON and EOS based on Volume by DAppReview
Ethereum Competition with TRON and EOS based on Transactions

Ethereum Competition with TRON and EOS based on Transactions by DAppReview

The above charts are pretty self-explanatory and should give you an indication of how well Tron and EOS have risen at Ethereum’s expenditure.

Is That It? Ethereum 2.0 Faces Competition

Say you are working on a product launch to solve a problem that will take your business to the next level.

One morning you wake up and learn that there is another guy in the neighborhood that is planning to launch another product to solve the same problem, and before your scheduled launch.

That’s serious competition!

Ethereum 2.0 is facing similar competition from Polkadot. Polkadot’s scheduled 2019-end launch promises to solve many use-cases that Ethereum 2.0 targets.

Will Polkadot launch as scheduled? Will the implementation be successful? Ethereum’s crypto fortunes will be impacted by the results.

Last Words

I have always stated that even though blockchain has been around for some time now, we are still starting out.

Ethereum is down, however, certainly not out. When newer market players emerge, the older players take a hit as enthusiasts move to experiment on the newer platforms. Having said that, Ethereum has a lot to grow and improve in order to get the users back and it might be an year or two for that too happen.

And with Ethereum, EOS and Polkadot, we may just have found the top 3. But then, who knows? What do you think? Do you see a dark horse rising somewhere down there? Do let us know!

Ethereum Has Competition

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