What are the alternative for the Ethereum platform?

The Ethereum platform is very common primarily for conducting ICO. Their number is still large and the Ethereum system often experiences tremendous loads. The large volume of transactions caused by the massive influx of ICO participants led to an increase in the maximum sizes of the Ethereum transaction blocks that change dynamically, and the amount of gas (the commission unit for sending transactions on the Ethereum platform, which serves as a kind of reward for computing power), also rose to new heights.

Another disadvantage of this platform is the conduct of transactions. There are two stages:

First, the token is sent to the wallet using the transfer () method, and then this token is written into the contract with approve () + transferFrom () methods. If the token was dispatched immediately to a smart contract, then it will accept the transaction, but you will not find any tokens in your wallet. So you can irrevocably lose money, that has already happened repeatedly. Two possible solutions to the problem were presented in November 2017. These are the new ERC223 and ERC777 standards. Although the second fault can be more easily writed off as a human factor.

However, faults exist and while the developers of Ethereum are looking for an answer, the participants of the crypto community should look for an alternative, and there are such variants.

For example Ethereum Classic. This is an open source platform that contains tools for developing decentralized applications based on smart contracts. In fact, Ethereum Classic is the original version of the usual Ethereum Classic, which could have existed, if not for the split after the breaking of TheDAO fund.

Although there is the Waves platform, it works in another method but provides much of the same functionality as the smart contract of the Ethereum or Ethereum Classic network. This option is worth considering projects that want to collect small amounts. In Waves implemented  a two-tier system, in which payment processing is transferred to so-called “full nodes”  -that is, nodes that can store the entire chain of blocking transactions, while the usual “light” nodes, for improving performance, store only information, relating to themselves

Nxt

Smart contracts Nxt are available in a limited number, they can not be modified or created new ones. But working templates are successfully applied in many fields of activity. Main excellences of Nxt’s smart contracts are economy and security and ease of use.

Neo

In its smart contracts is implemented a virtual machine, similar to the Ethereum. But VM Neo calculations optimize the contract code before it is executed. Thus, the maximum efficiency is achieved when performing tasks in the detachment, but it needs less time for their preparation.

Qtum

Smart contracts Qtum are called master contracts. The Chinese platform used all the best from Ethereum and bitcoins, in which transaction management is carried out exclusively by participants.

NEM

Smart contracts NEM are executed directly in the code of the blockchain. It makes possible to update the contract after it is implemented in the blockchain. To do the same in the Ethereum, you need to create a new smart contract. Nem can also manage an intelligent asset system, through which you can create some types of blockchain applications with just a few keystrokes.

NEM use algorithm, which based on the reputation of each account – proof-of-importance (PoI). The algorithm is based on the fact that accounts with a higher reputation are more likely to generate the next block.

The POI algorithm is not as demanding on the computing power of the computers used as its alternatives. However, in order to increase its ability to collect new blocks, nodes need to achieve large volumes of network usage and the total amount of their share, which is very difficult to achieve.

Neblio

This project wants to integrate intellectual contracts in business. Neblio will use up to eight programming languages. Users for work will need to buy a purse in the form of a microcontroller “Raspberry Pi”.

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polshchak
My name is Olga. I am the editor of Crypto-gazette, a crypto enthusiast and a fan of blockchain. I write articles and reviews, news about the crypto world, sometimes analytics. I graduated from the Kiev Polytechnic Institute and by education, I am an interpreter, but by vocation a journalist. In my spare time, I like to photograph, read and stroke kittens. And to learn the crypto of course.