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Cardano (ADA): The Ethereum killer

Ahead of Ethereum merge, where do ETH killers stand?

Avalanche, the so-called Ethereum-killer is trading at ₹6,314

<ul><li><keyword id="1905050" type="General" weightage="20" keywordseo="solana" source="Orion">Solana</keyword>’s blockchain platform is often touted as a possible alternative to Ethereum.</li><li>Scaling issues are common for many blockchain platforms, but Solana has suffered multiple breakdowns in less than six months.</li><li>Solana suffered an inadvertent <keyword id="1058878" type="General" weightage="20" keywordseo="ddos-attack" source="Orion">DDoS attack</keyword> less than a month ago.</li></ul>The Solana blockchain, which is often touted as a competitor to Ethereum, has suffered an outage for the third time in a matter of months. It’s unclear whether the issue was a simple network failure because of high traffic or whether the network collapsed because of a distributed denial of service (DDoS) attack by hackers. “Solana went down again at two o'clock in the morning (UTC+8) on January 4th. According to users of the official Telegram community, the attacker is suspected of using spam to conduct a DDoS attack,” <a href="https://twitter.com/WuBlockchain/status/1478164890682462211?s=20">tweeted</a> crypto journalist Colin Wu. He added that the network returned to normal after five hours, at 7 o’clock on the same day. <div type="twitter" handle="WuBlockchain" handlename="Wu Blockchain" image="http://pbs.twimg.com/profile_images/1343054286935093249/6FYHByvl_normal.jpg" favoritecount="758" retweetcount="200" status="Solana went down again at two o'clock in the morning (UTC+8) on January 4th. According to users of the official Tel… https://t.co/MsRPYFSPNc" createdat="1641256947000" id="1478164890682462211"></div> Other reports indicate that it took about four hours for the network to come back up. “Another year.. and another episode of Solana going down. Today it went down for a few hours in the early morning Asia time, and it took almost 4 hours to bring it back up. The Solana community blames it on a DDOS attack. Lol,” a post on the <a href="https://www.reddit.com/r/CryptoCurrency/comments/rvnzp3/solana_went_down_again_on_4th_jan_morning_utc_8/">subreddit</a> for Solana said less than a day ago. There have also been many reports on Twitter, which include everything from just a very slow network to a large DDoS attack that took the whole network down. The Solana Foundation has confirmed none of these yet, though it can’t really deny the fact that the network witnessed slowdown, since the same can be tracked in real time. Solana Labs co-founder Yakovenko, though, has <a href="https://twitter.com/aeyakovenko/status/1478431040620220416?s=20">tweeted</a> that the issue wasn’t a DDoS attack. “It’s not a DDoS, just pain (sic) of getting a new runtime commercialized,” he wrote. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Why does it matter?" comment="subhead" text="Why does it matter?">Why does it matter?</cmsannotation> As the Reddit post cited above said, “A network that goes down this often will never be able to attract serious traders.” Solana is often touted as the fastest blockchain network on the planet, though many argue that Algorand is a viable alternative too. Nevertheless, Solana’s adoption has seen a manifold increase in the last year. This is the third time Solana’s network suffered an attack Yesterday’s incident came less than a month after a similar slowdown. At the time, the Solana Foundation <a href="https://solana.com/news/9-14-network-outage-initial-overview">attributed</a> the slowdown to an Initial DEX offering (IDO) from Radium, a Solana-based decentralized exchange. The platform had also suffered a 17-hour outage in September this year, leading the price of its cryptocurrency to fall from $220 to $140 in less than 24 hours. “Solana Mainnet Beta encountered a large increase in transaction load which peaked at 400,000 TPS. These transactions flooded the transaction processing queue, and lack of prioritization of network-critical messaging caused the network to start forking,” the Solana Status Twitter account <a href="https://twitter.com/SolanaStatus/status/1437856638279487493?s=20">tweeted</a> at the time. Slowdowns in blockchain platforms isn’t particularly new though, and Solana isn’t the only platform that suffers from these either. However, the fact that such slowdowns have happened multiple times in less than six months could bother many decentralized app (Dapp) makers who may have otherwise considered Solana as the medium for their products and services. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/coinbase-ceo-brian-armstrong-has-bought-a-133-million-mansion-in-bel-air-a-report-says/articleshow/88690627.cms">Coinbase CEO Brian Armstrong has bought a $133 million mansion in Bel Air, a report says</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/the-sec-hires-a-senior-advisor-for-cryptocurrency-policy-after-a-blockbuster-year-for-digital-assets/articleshow/88694204.cms">The SEC hires a senior advisor for cryptocurrency policy after a blockbuster year for digital assets</a>

Solana’s network goes down for the third time in less than six months

<ul><li><keyword id="5294933" type="General" weightage="20" keywordseo="cardano" source="Orion">Cardano</keyword>’s Alonzo upgrade introduces smart contracts to the network and makes it more useful.</li><li>The ADA token has become over 100% more valuable over the past month.</li><li>The Alonzo upgrade has made Cardano the direct competitor for <keyword id="2810876" type="General" weightage="20" keywordseo="ethereum" source="Orion">Ethereum</keyword>.</li></ul>Two days after Bitcoin produced its 700,000th block amidst much fanfare, another important cryptocurrency has announced a milestone. ‘<keyword id="11993734" type="General" weightage="20" keywordseo="ethereum-killer" source="Orion">Ethereum killer</keyword>’ Cardano revealed that it has successfully rolled out the scheduled <a href="https://www.businessinsider.in/cryptocurrency/news/after-ethereum-cardano-update-alonzo-hard-fork-will-create-new-use-cases/articleshow/85592973.cms">Alonzo upgrade</a>, which introduces the much awaited ‘smart contracts’ feature — the same feature which allows for non-fungible tokens (<keyword id="902592" type="General" weightage="20" keywordseo="nfts" source="Orion">NFTs</keyword>). But the creators of the platform have warned that the first use cases may not be seen for years to come. <div type="twitter" handle="CardanoStiftung" handlename="Cardano Foundation" image="http://pbs.twimg.com/profile_images/1409583952189267992/3d-5joMC_normal.jpg" favoritecount="3532" retweetcount="730" status="&quot;The Alonzo upgrade will bring highly anticipated capabilities to Cardano... this is where the mission truly begins… https://t.co/yd6EG1tpoB" createdat="1631467052000" id="1437103093632622597"></div> The update puts Cardano in direct competition with Ethereum, giving it more flexibility in terms of applications like non-fungible tokens (<a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">NFTs</a>), automated lending and more. Like Ethereum, the Cardano blockchain is also based on the proof-of-stake system, which requires miners to put up their own stake of crypto. Only those with the largest stake will be rewarded for their services. It reduces the overall computing power required for mining on a public blockchain and hence is more environmentally sound. <cmsannotation type="cmsannotation" annotationid="The third largest cryptocurrency in the world" comment="subhead" text="The third largest cryptocurrency in the world">The third largest cryptocurrency in the world</cmsannotation> To be fair, <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">Ethereum</a> still leads Cardano in terms of overall market capitalisation. On September 12, Cardano had a market cap of around $82 billion against Ethereum’s whopping $400 billion market cap. However, Cardano has risen from being the simple underdog to being among the top five cryptocurrencies in the world in terms of market cap. It is currently placed in third position, behind Bitcoin and Ethereum. <cmsannotation type="cmsannotation" annotationid="Ethereum’s London Hard Fork" comment="subhead" text="Ethereum’s London Hard Fork">Ethereum’s London Hard Fork</cmsannotation> Ethereum’s <a href="https://www.businessinsider.in/investment/news/ethereum-london-upgrade-is-taking-place-today-heres-what-could-happen-after-the-update/articleshow/85065884.cms">London Hard Fork</a> rolled out on August 5 and is seen as the first step towards ‘version 2.0’ of the platform, which will arrive next year. The new system moves the Ethereum blockchain towards the proof-of-stake system like Cardano and reduces not only its environmental footprint but also the <a href="https://www.businessinsider.in/cryptocurrency/news/ethreums-update-has-boosted-ethers-price-but-the-cryptocurrencys-main-problem-is-yet-to-be-solved/articleshow/85269874.cms">transaction fees</a> required on the network. Ether’s price — the cryptocurrency which fuels the Ethereum blockchain — has risen from around $2,700 on August 5 to $3,200 on September 12, whereas Cardano’s price remains around the $2 mark. “It’s only just the beginning. But this is still a moment for celebration. As a community, we have been on an incredible journey together. Rightly, we should allow ourselves to acknowledge the tremendous efforts made by so many to get here. This will also be a time for reflection on the challenges we've collectively overcome,” <a href="https://iohk.io/en/blog/posts/2021/09/12/today-will-feel-like-a-destination-yet-a-new-exciting-journey-begins/">wrote</a> Tim Harrison, Marketing and Communications Director of Input Output Global, the creators of Cardano, in a blog post. <cmsannotation type="cmsannotation" annotationid="Cardano’s recent highs" comment="subhead" text="Cardano’s recent highs">Cardano’s recent highs</cmsannotation> While Cardano’s price may be a fraction of what Ethereum costs right now, the cryptocurrency has been reaching its own highs. The market cap for ADA, Cardano’s native token, has almost doubled over the past month. On August 31, the token <a href="https://economictimes.indiatimes.com/markets/cryptocurrency/cardano-returns-150-in-a-month-to-become-the-third-largest-cryptocurrency/articleshow/85617141.cms?from=mdr">defied</a> crash predictions to rise to an all time high of $2.56 — providing investors with over 150% returns. As mentioned before, introducing smart contracts makes the Cardano blockchain more flexible and useful, which in turn means it will have more usage. Which is one of the main reasons why many in the blockchain and DeFi world picked Ethereum over Bitcoin in the first place. Harrison warned that while the expectations from Alonzo are high, some may be unreasonable. “Cardano watchers may be expecting a sophisticated ecosystem of consumer-ready DApps available immediately after the upgrade. Expectations need to be managed here. We should remember that another well-known blockchain project which launched in July 2015 had to wait over two years before its first DApp (something to do with cats?) gained real user traction,” he wrote, referencing Cryptokitties, which was the first DApp built on the Ethereum blockchain. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/some-early-crypto-enthusiasts-have-bailed-on-the-sector-saying-the-movement-has-bought-into-hype-without-understanding-the-technologys-limits/articleshow/86118146.cms">Some early crypto enthusiasts have bailed on the sector, saying the movement has bought into hype without understanding the technology's limits</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/the-surge-in-altcoins-looks-unsustainable-and-has-echoes-of-the-run-up-to-mays-crypto-crash-jpmorgans-bitcoin-expert-says/articleshow/86138062.cms">The surge in altcoins looks unsustainable and has echoes of the run-up to May's crypto crash, JPMorgan's bitcoin expert says</a>

Cardano can now mint NFTs, run DApps and more — but the creators themselves are asking people to keep their expectations in check

Cardano, the most popular ‘Ethereum Killer’, is at $2.10

The crypto project behind the <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-crash-saw-solana-quant-litecoin-and-algorand-price-remain-stable/slidelist/86038623.cms">ALGO token</a> may not be as well known as <keyword id="6354947" type="General" weightage="20" keywordseo="bitcoin" source="Orion">Bitcoin</keyword>, Ethereum, <keyword id="5294933" type="General" weightage="20" keywordseo="cardano" source="Orion">Cardano</keyword> or <keyword id="1905050" type="General" weightage="20" keywordseo="solana" source="Orion">Solana</keyword> — at least in the Indian crypto ecosystem — but it’s one of the many projects to watch out for today. At the time of writing, the <keyword id="1468526" type="General" weightage="20" keywordseo="ALGO" source="Orion">ALGO</keyword> token was trading on <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-advertorial">WazirX</a> at ₹110, having moved between ₹132-140 during the recent crypto downturn, unlike larger currencies that recorded big drops. The token is ranked at number 40 on the exchange. It is also one of the few projects that has its own investment arm, called Borderless Capital. The Miami-based venture capital firm announced a new $500 million fund on November 30 to invest in the Algo DeFi ecosystem. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx"><keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">wazirx</keyword></cmsannotation> <cmsannotation type="cmsannotation" annotationid="What is Algorand?" comment="subhead" text="What is Algorand?"><keyword id="12735796" type="General" weightage="20" keywordseo="what-is-algorand" source="Orion">What is Algorand</keyword>?</cmsannotation> Like every other public blockchain platform, <keyword id="12053767" type="General" weightage="20" keywordseo="algorand" source="Orion">Algorand</keyword> is also a <a href="https://www.businessinsider.in/stock-market/news/from-solana-to-chainlink-to-chiliz-here-are-15-altcoins-headlining-a-world-of-tokens-that-extends-well-beyond-bitcoin-and-what-theyre-all-used-for/articleshow/82344809.cms">decentralised network</a>. However, this one aims to solve the ‘blockchain trilemma’, and tackles the three big problems that the ecosystem faces today — speed, scalability and security. It was launched in 2019 by Turing award winning computer scientist and MIT professor, Silvio Micali. <div type="image" title="blockchain trilemma" msid="88279202" hostid="261" caption="&amp;lt;p&amp;gt;The blockchain trilemma&amp;lt;/p&amp;gt;"></div> Micali created Algorand to be a payments focused network, not unlike Bitcoin, but with the ability to handle many more transactions — 1,200 transactions per second (TPS) — and it’s set to touch around 3,000 TPS after an upcoming update that adds ‘instant finality’ to the network. In comparison Bitcoin can handle just under 5 TPS, while Ethereum can handle approximately 13 TPS. <div type="image" title="Silvio_Micali" msid="88279234" hostid="261" caption="&amp;lt;p&amp;gt;Silvio Micali, the founder of Algorand&amp;lt;/p&amp;gt;"></div> This is an important feature, since it helps achieve scalability, one of the biggest roadblocks in the crypto space today, and also why some peg ALGO to be among the ‘<a href="https://www.businessinsider.in/investment/news/solana-cardano-polkadot-and-others-heres-a-quick-look-at-why-these-crypto-tokens-are-being-touted-as-ethereum-killers/articleshow/88045517.cms">Ethereum Killers</a>’. Existing payments systems from Visa and Mastercard can process 1,700 and 5,000 transactions, respectively, and what comes in the way of scaling crypto apps is the fact that transactions can take a long time to process. It also uses the ‘pure-proof-of-stake’ (PPoS) consensus mechanism, which means that only a select group of miners are rewarded for lending their computing power to complete transactions. This is the same system that Cardano and Solana currently use, and Ethereum is moving towards, in order to reduce gas fees on the network. Speed and low transaction fees are prerequisites in order to make public blockchain networks real payments systems that can be scaled on a worldwide level. Algorand is also inflationary, in the sense that there’s a limit to how many ALGO tokens there will be on the network. The supply is capped at 10 billion ALGO tokens, of which 3 billion will be circulated in the first five years including 25 million that were auctioned at launch. Of the rest, 1.75 billion will be distributed to miners as rewards over time, while 2.5 billion is earmarked for relay nodes (a type of mining node supported by Algorand). Another 2.5 billion has been reserved for the Algorand Foundation and Algorand Inc, which run and maintain the network, respectively. The last 0.25 billion will be distributed for end user grants. <cmsannotation type="cmsannotation" annotationid="How does Algorand work?" comment="subhead" text="How does Algorand work?">How does Algorand work?</cmsannotation> Yes, Algorand does use the proof-of-stake (PoS) consensus mechanism, but the Algorand network’s mining protocols are quite different from what you may otherwise understand about PoS. Instead, the network functions on something called pure-proof-of-stake, or PPoS, which is a more egalitarian approach than PoS and is meant to avoid the ‘rich getting richer’ phenomenon. Essentially, while PoS rewards miners with the most stake, PPoS picks miners at random and irrespective of their stake in the system. The network has two kinds of nodes — participation nodes and relay nodes. The relay nodes serve as network hubs and their job is to maintain the connection between Algorand’s all the other nodes in the system. The participation nodes are the ones that actually lend computing power to validate transactions, and these are the ones that are rewarded the most. The participation nodes use the relay nodes to communicate with each other and maintain the ledger. Algorand allows anyone to run a relay or a participation node, but while participation nodes are rewarded for their work, relay nodes aren’t allowed to ‘mine’ ALGO. Instead, the Algorand Foundation has provided a reward mechanism for relay nodes, which will vest in two to five years. They run a virtualization software called Algorand Virtual Machine (AVM) in order to connect with the Algorand network. But the network’s inner workings don’t end there. The Algorand network has its own way of managing smart contracts — a feature of top blockchain networks that allows building decentralized apps (DApps) on them. <div type="ExtQuote" text="“Smart contracts make blockchains programmable. Like a vending machine, a smart contract establishes a clearly defined procedure for transferring assets. For example, Alice wants to buy tokens issued by Bob, so she sends coins to Bob’s smart contract. The contract&amp;#39;s code counts the coins, perhaps checks that Alice is in the contract&amp;#39;s database of qualified investors, and then transfers the correct number of tokens to Alice&amp;#39;s account. The exchange is transparent: Alice can inspect the contract’s code, and the code runs without Bob’s participation.”" auname="Excerpt from Silvio Micali's blog post"></div> <cmsannotation type="cmsannotation" annotationid="The secret sauce that makes Algorand an alternative to Ethereum" comment="subhead" text="The secret sauce that makes Algorand an alternative to Ethereum">The secret sauce that makes Algorand an alternative to Ethereum</cmsannotation> Algorand handles smart contracts in two layers, on-chain and off-chain. On Layer-1, the system allows the smart contracts to be run ‘on-chain’, much the same way Ethereum does. This means that every smart contract is directly adding traffic to the network, and too many of them can slow the network down. In order to avoid that, Algorand offers layer-2 smart contracts as well, where the contract will be executed “off-chain”. This means that the smart contract doesn’t add traffic to the network, but is executed outside its purview, and then added to the blockchain ledger. <cmsannotation type="cmsannotation" annotationid="What is AVM?" comment="subhead" text="What is AVM?">What is AVM?</cmsannotation> As mentioned above, the Algorand Virtual Machine is a piece of software that runs on every node on the Algorand network, both relay and participation nodes. The AVM contains a stack engine, which is what evaluates the smart contracts on the Algorand network. The AVM evaluates all the logic inside smart contracts and decides whether to execute them. <cmsannotation type="cmsannotation" annotationid="Algorand claims to be carbon neutral, if not carbon negative" comment="subhead" text="Algorand claims to be carbon neutral, if not carbon negative">Algorand claims to be carbon neutral, if not carbon negative</cmsannotation> No, Algorand doesn’t run on some magical green power source. While there’s no reason for miners not to power their infra using green power, the Algorand Foundation has pledged to offset the carbon footprint of its network through a partnership with Spanish environmental foundation ClimateTrade. In order to create a carbon-negative network, Algorand and ClimateTrade decided to implement a sustainability oracle, which will notarise the carbon footprint generated by Algorand’s on-chain transactions for a set amount of blocks. Algorand will lock the equivalent amount of carbon credit in a smart contract, and put the same amount into a green treasury to offset its carbon footprint. <cmsannotation type="cmsannotation" annotationid="Is Algorand an Ethereum killer?" comment="subhead" text="Is Algorand an Ethereum killer?">Is Algorand an <keyword id="11993734" type="General" weightage="20" keywordseo="ethereum-killer" source="Orion">Ethereum killer</keyword>?</cmsannotation> This isn’t really a yes or no answer. There are pros and cons though, the big pros being the fact that Algorand is faster than Ethereum and that it has no concept of gas fees. The minimum transaction on Algorand is 0.001 Algos and it depends only on the size of the transaction. The Algorand Standard Asset (ASA) is also similar to the ERC-20 token, since both of them allow smart contracts to be built. However, while ERC-20 will always add traffic to Ethereum’s network and increase gas fees, ASA smart contracts can be run off-chain too and hence reduce transaction fees. In addition, bridges between ASA and ERC-20 allow applications built on Algorand to talk to those built on Ethereum. Which is why currencies like Tether and USDC can be transferred to ALGO at 1000 TPS. Algorand’s unyielding price on exchanges like WazirX is a good sign that the cryptocurrency is running on a strong foundation. <cmsannotation type="cmsannotation" annotationid="Algorand and CBDC" comment="subhead" text="Algorand and CBDC">Algorand and CBDC</cmsannotation> As mentioned earlier, Algorand’s biggest benefit is that it solves the blockchain trilemma. Which means that it’s one of the best suited networks to power central bank digital currencies (CBDCs), like the ones being formulated in countries like India right now. The Republic of Marshall Islands had selected Algorand to power its national currency earlier this year. 16 other such CBDC projects are in the works as well. Disclaimer: This is a sponsored post in partnership with WazirX. Do your own research (DYOR) before deciding to invest in any asset, cryptocurrency or otherwise. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-faqs-answered-everything-you-need-to-know-about-crypto-regulations-trading-taxes-and-cbdc-in-india/articleshow/88139203.cms">Crypto FAQs answered — everything you need to know about crypto regulations, trading, taxes and CBDC in India</a> <a href="https://www.businessinsider.in/cryptocurrency/news/facebook-and-microsoft-arent-the-only-ones-creating-a-metaverse-here-are-five-popular-coins-looking-to-create-digital-worlds/articleshow/87931051.cms">Facebook and Microsoft aren’t the only ones creating a metaverse — here are five popular coins looking to create digital worlds</a> <a href="https://www.businessinsider.in/cryptocurrency/news/what-is-bitcoin-golden-cross-and-death-cross/articleshow/87796591.cms">Bitcoin investors love the golden cross and death cross — here’s why they matter but there are other factors to keep in mind</a>

Algorand — here’s why crypto lovers are so bullish on this ‘Ethereum Killer’

<ul><li>The success of bitcoin and <keyword id="11896271" type="UNKNOWN" weightage="60" keywordseo="ether" source="Orion">ether</keyword> has led to an onslaught of new cryptocurrency coins and protocols.</li><li>There are more than 16,000 <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> tokens that have a collective market cap of about $2 trillion.</li><li>Here's why these four potential "<keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">Ethereum</keyword> killers" could disrupt ether, according to JPMorgan.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell.</a></li></ul>Ethereum's <a href="https://markets.businessinsider.com/news/currencies/ethereum-upgrade-dominance-defi-market-share-rivals-eth2-sharding-jpmorgan-2022-1">dominance is at risk,</a> as the crypto network is still a year away from receiving a key upgrade to its blockchain that would make it more competitive against newer protocols, according to <a href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan</a>.Efficiency concerns, number of transactions per second, and high gas fees are issues that have been plaguing ethereum in recent months, in part due to <a href="https://markets.businessinsider.com/news/currencies/best-selling-nft-collections-last-week-crypto-bayc-doodles-sandbox-2022-1">growing transaction volumes of NFTs</a> and other digital goods that often use ether as the preferred currency."However, crypto <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> continue to evolve and so-called 'Ethereum killers' are gaining popularity based on their improvements made versus ethereum," JPMorgan explained in a Friday note. The bank believes new <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> that improve upon Ethereum's deficiencies could "chip away at Ethereum's dominance and market value," according to the note.Ether's market value has already begin to deteriorate amid a cryptocurrency meltdown exacerbated by the Federal Reserve's recent hawkish pivot. The <a href="https://markets.businessinsider.com/news/currencies/bitcoin-bear-market-crypto-value-2-trillion-peak-cryptocurrency-btc-2022-1">cryptocurrency is down about 35%</a> from its recent high, erasing almost $200 billion in market value.Here's why these four potential "Ethereum killers" could put a further dent into ether's dominance, according to JPMorgan.1. "<keyword id="11931714" type="UNKNOWN" weightage="60" keywordseo="solana" source="Orion">Solana</keyword> is much faster.""<a href="https://markets.businessinsider.com/currencies/sol-sol">Solana</a> is one of the fastest-growing cryptocurrencies. Its developers have claimed that it can process around 50,000 transactions per second, where as Ethereum current processes 15-45 TPS. SOL has over 400 projects running on its ecosystem, including stablecoins like Circle's USD. It also runs wallets, decentralized exchanges, and other DeFI projects," JPMorgan said.2. "<keyword id="5294933" type="UNKNOWN" weightage="60" keywordseo="cardano" source="Orion">Cardano</keyword> is more scalable.""<a href="https://markets.businessinsider.com/currencies/ada-usd">Cardano</a> was launched by one of Ethereum's co-founders, Charles Hoskinson. It has taken a research-intensive approach to the development, with each stage peer-reviewed and thoroughly tested before implementation. Cardano is now also launching its smart contract capabilities. This third-generation cryptocurrency is considered more scalable than Ethereum," JPMorgan said.3. "Polkadot is more interoperable.""<a href="https://markets.businessinsider.com/currencies/dot-usd">Polkadot</a> aims to solve some of Ethereum's scalability and cost issues. But Polkadot shines in its interoperability capabilities as it enables blockchains to communicate effectively. This approach also makes it easier for developers to switch to Polkadot's system," JPMorgan said.4. Tezos"<a href="https://markets.businessinsider.com/currencies/xtz-usd">Tezos</a> is a user-focused, open-source project that allows users to weigh on project governance and the direction of the blockchain. In addition, Tezos provides well-regarded security and modularity, and is viewed as more scalable," JPMorgan said.But these four cryptos still have a long way to go before they can seriously challenge ethereum's dominance. The combined market value of all four "Ethereum killers" is still worth less than a third of ether's market value.

Here's why these 4 cryptocurrencies are considered potential 'Ethereum killers,' according to JPMorgan

<ul class="summary-list"><li>Crypto billionaire <keyword id="11167282" type="General" weightage="60" keywordseo="sam-bankman-fried" source="Orion">Sam Bankman-Fried</keyword> predicted the big blockchains of 2022.</li><li>The <keyword id="2966084" type="General" weightage="60" keywordseo="ftx" source="Orion">FTX</keyword> CEO's picks were potential ethereum-killers <keyword id="1905050" type="General" weightage="60" keywordseo="solana" source="Orion">solana</keyword> and <keyword id="108152" type="General" weightage="60" keywordseo="avalanche" source="Orion">avalanche</keyword>, Decrypt reported.</li><li>Solana and avalanche are ranked No. 7 and No. 12, respectively, according to CoinMarketCap data.</li></ul>Crypto billionaire Sam Bankman-Fried said two <keyword id="2810876" type="General" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword> killers are the most promising blockchains this year: solana and avalanche. In an <a href="https://decrypt.co/90576/ftx-sbf-gm-podcast-solana-avalanche">interview with Decrypt</a>, the FTX boss said solana, which is the seventh largest by market capitalization, has done something few others have done, which is scale. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> "They're one of the only chains that has a real plausible path forward here in scaling to the level you would need to get to if you wanted industrial-scale usage," he said to Decrypt. Solana's total value of $42 billion pales in comparison to ethereum's whopping $375 billion, according to CoinMarketCap data. But, a recent <a href="https://markets.businessinsider.com/news/currencies/solana-crypto-take-market-share-away-from-ethereum-sol-ether-2022-1">note from Bank of America</a> pointed out that the blockchain's "proof of history" mechanism allows for low transaction fees, ease of use, and scalability, relative to others like ethereum which has become known for its high gas fees. As for avalanche, Bankman-Fried said, "it is a real chain; it's a cool chain, and I think that there's a world in which it gets absolutely huge." Currently, <a href="https://markets.businessinsider.com/news/currencies/avalanche-price-deloitte-avax-ava-labs-crypto-deloitte-ethereum-bitcoin-2021-11">avalanche's native AVAX </a><a href="https://markets.businessinsider.com/news/currencies/avalanche-price-deloitte-avax-ava-labs-crypto-deloitte-ethereum-bitcoin-2021-11">cryptocurrency</a> is ranked No. 12 with an approximate $20 billion market capitalization and a six-fold increase in the last year. Avalanche's token, along with solana, cardano and polkadot, have been dubbed <a href="https://www.businessinsider.in/investment/news/solana-cardano-polkadot-and-others-heres-a-quick-look-at-why-these-crypto-tokens-are-being-touted-as-ethereum-killers/articleshow/88045517.cms">ethereum killers</a> because their rival blockchains also offer smart-contract capabilities, in which two parties can execute a transaction automatically, with no intermediary, when certain criteria are met. This capability has been key to the booming market for non-fungible tokens. To Decrypt, Bankman-Fried added that bitcoin, the founding cryptocurrency and largest by market value, is "going to remain at the center of the crypto ecosystem." But its blockchain may not be how bitcoins regularly move around, given that so-called wrappers — which allow simpler transfers of tokens like bitcoin — are likely to "keep growing over time," he said.

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