![]() ![]() Other than few competitive features, the design, the smart contract functionality and the features that are available on Ethereum are all the same and they can be found on these competitive blockchains: Few of these networks even evolve the concept of decentralized finance further by offering a set of unique differentiating features such as: Anonymity – A private transaction mechanism, support of more computer languages than Ethereum etc. They are much faster (can handle several 1000 transactions per second) and the transaction costs are relatively cheaper. ![]() The only difference is that these blockchains offer greater speed and lower transaction costs. That is they can be transferred back and forth between any of the EVM networks – Thanks to the cross-chain bridges. Not only DApps, but ICOs, NFTs (fungible and non-fungible) and any ERC20 tokens are interchangeable. Users can use these platforms to build DApps as they do on Ethereum. They are basically a smart contract platform that can process transactions and other data similar to that of smart contracts on the Ethereum network. EVM compatibilityĮVM compatibility means nothing. Also the energy consumption per transaction is significantly lower compared to Ethereum. These networks offer greater speed, higher capacity and lower cost. Many of these Ethereum competitors are basically EVM compatible blockchains which allows users and developers to build future DApps (Decentralized Applications) which are currently hindered on Ethereum blockchain due to the massive cost of gas fees. They are mostly a code fork of Ethereum that uses a more energy efficient consensus mechanism like decentralized Byzantium Fault Tolerant or PoS instead of Proof of Work. Most of these blockchains are fully open source and are based on Ethereum. ![]() Thankfully there are other permissionless blockchains that are offering low gas fee and faster transactions. ![]()
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