We can read everyday in the news that Cardano (ADA), Solana (SOL), Polkadot (DOT) or Cosmos (ATOM) are "Ethereum killers". In order not to disperse ourselves, let's focus on one of these so-called "Ethereum killers" - e.g., Polkadot (DOT), in order to compare it with Ethereum and see if it could kill it.
Comparison of Polkadot (DOT) with Ethereum (ETH)
Although Gavin Wood was cofounder of Ethereum and founder of Polkadot, these both blockchains have different architectures:
- Polkadot (DOT) architecture is composed of three components:
- Relay Chain: the heart of Polkadot, responsible for the network's security, consensus and cross-chain interoperability.
- Parachains: sovereign blockchains which can have their own tokens and are connected to relay chain (the layer-0).
- Bridges: special blockchains which allow Polkadot shards to connect to and communicate with other blockchains.
- Ethereum (ETH) is still using Proof-of-Work algorithm and will merge by 2023 with ETH 2.0 using Proof-of-Stake:
- ETH 2.0 will also make use of sharding as a scalability solution to process transactions in parallel.
- Layer-2 chains built on top of Ethereum already use Proof-of-Stake with reasonable gas fees.
- ZK rollups are being developed in order to increase the capacity of Ethereum ecosystem.
Will Polkadot (DOT) kill and replace Ethereum (ETH)?
As both blockchains strive towards the same goal of delivering a decentralized Web 3.0 solution, they are complementary to each other:
- Polkadot (DOT) sounds quite promising with tons of features but is still at the early stage and quite complex to use for beginners.
- Ethereum (ETH) starts to be overcrowded with users and try to fix it with layer-2 chains which finally all rely on Ethereum mainnet.
As we are only at the beginning of the blockchain adventure, it is likely that Ethereum and its layer-2 chains will not have the capacity to absorb all the future demand for decentralized applications. Therefore, Polkadot will be useful for some of the use cases since it can already propose Ethereum-compatible smart contract platforms like Moonbeam onto which Ethereum-compatible dapps (decentralized applications) can be exported.
Therefore, Polkadot (DOT) will not replace Ethereum (ETH) in the future. They will simply coexist as complementary platforms, with different use cases.
The same could be said about the other so-called killers like Elrond (EGLD) or Solana (SOL): Solana is working pretty well for light applications like Stepn since the gas fees are low and the transactions are fast, but when it is about decentralized finance (DeFi) for huge amounts, Ethereum will be preferred.
Some other applications like Metaverse will use several chains: although Gala Games has chosen Ethereum, it also could run on BSC, Solana or Elrond.
Below a few referral links to earn free coins and NFTs on these blockchains and apps: