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Ethereum killers? Think Tron (TRX) and Qtum, according to startup mentor

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Tron Qtum

The notion of “Ethereum Killers” has been floating around the cryptosphere for months now. The constant complaints Ethereum users have had about gas price and network speed has prompted this idea to surface, and nobody doubts that the smart contract dominance held by Ethereum since it came live is about to end. But by whom?

Yoav Vilner, a blockchain blogger, based out of New York and Tel Aviv who is also a startup mentor for Microsoft and Google’s “accelerator” projects, wrote a piece for Forbes in which he declared that Qtum and Tron would take over Ethereum’s dominance once and for all.

Qtum and Tron vs. Ethereum

Mr. Vilner had good things to say about Qtum’s hybrid distributed ledger technology; he called it “the next phase of the blockchain.” The Qtum project includes a new virtual machine, based on x86 technology, that’s been recently released.

It offers a better “value proposition” than Ethereum. Because this VM is x86 instead of the usual VM in the crypto community (which are usually based on a single language or technology), the new machine opens up a new world of possibilities because it allows for the chance to develop apps in a broader range of programming languages that still run on a blockchain.

Think for a moment what this means. You don’t need to learn a specialized programming language to enter the blockchain world anymore. With this VM you can use your knowledge about Perl, Python, Ruby, or even Pascal or Basic to create decentralized apps and smart contracts.

Tron has similar features. Its platform doesn’t allow for that wide range of programming languages, but it works in Java which is, maybe, the one language every competent programmer knows, so that makes it versatile and easy to work with as well.

Ethereum has none of those advantages. Developing contracts or applications on Ethereum requires learning “Solidity” which is the platform’s programming language, and most programmers in the world have never even heard about it.

Mr. Vilner also emphasized Qtum’s higher efficiency. Qtum uses a technology called SegWit (segregated witness) which separates transaction signature data from other data such as actual transactions. That makes everything quicker and saves energy.

Another point in Qtum’s favor is its ability to use the Lighting Network, which is an additional layer in blockchain technology (initially developed for Bitcoin) that allows for faster transaction speeds. Then there’s QtumX which will be launched next year, according to Mr. Vilner.

What is QtumX, we hear you ask? It’s the project’s smart contract platform for industrial users such as large corporations. In the project’s blog’s words, this platform will have “stability, and could widely increase exchange efficiency and guarantee the safety of the network at the same time.”

But the new platform is not deployed, and it hasn’t been tested in full yet. So, as things stand, it’s anybody’s guess if it will really be better than Ethereum or Bitcoin.

Mr. Vilner (who also contributes for CNBC) also wrote that Tron (founded and led by the provocative Justin Sun) would change the way in which content producers and consumers interact and transact over the web by decentralizing the internet.

Centralization at Tron

Mr. Vilner also reported Tron’s acquisition of BitTorrent, the largest P2P network on the internet. BitTorrent is becoming part of Tron’s blockchain through Project Atlas. The new torrent network will offer incentives to share files, in the form of Tronix tokens, and that will help Tron become “one of the largest decentralized networks in the world.”

But a closer look into Tron’s governance model reveals that the network will be dominated by 27 block producers, which will be the nodes that validate transactions and create new blocks. These nodes will be the engine in Tron’s blockchain, but some observers consider 27 to be a small number of nodes and it looks too much like a centralized network.

Here, at GlobalCoinReport, we’ve followed the development closely in Tron, EOS, Cardano and many other cryptocurrency projects. EOS has a similar model; it has 21 block producers, selected by the community.

This has been quite controversial as these block producers have been accused of “colluding.” This smells of centralization in a network that swears by decentralization and democracy. The same could happen at Tron.

Is Mr. Vilner nitpicking? Maybe. Keep in mind that 80% of Bitcoin’s nodes are located in China, and nobody is complaining about centralization for Bitcoin (well, Ripple is, but that’s another story you can read in GlobalCoinReport as well.)

For the time being, both Tron and Qtum are very interesting projects that could make blockchain technology useful and profitable for those who get a piece of the action early enough. You could be one of them.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pixabay

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Solana Price Outlook Amid Cautious Optimism

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Solana price has been struggling to break above the key resistance level of $21.10 over the past few days. Earlier in August, the digital asset encountered a strong rejection at the crucial resistance level of $25.45, curtailing gains above the fashionable level of $30. Even so, the smart contract token is among the best-performing cryptocurrencies so far this year, with a 102.61% jump in its year-to-date price. SOL’s total market cap has climbed by more than 5% over the last day to $8 billion, while the total volume of the asset traded over the same period increased by 40%.

Brighter Future Ahead?

Solana price faced significant challenges in 2022, including a 93% decline in its total market capitalization and a 96% drop in its total value locked (TVL). However, the SOL network has posted significant resilience in 2023, defying general market movements. Priority fees and network upgrades have contributed to a consistent 100% network uptime.

The Solana DeFi ecosystem has also shown significant recovery, with a 41% growth in the TVL. Its liquid staking derivatives have also played a role in the asset’s renaissance. The ecosystem has expanded into other sectors such as NFTs, gaming, and consumer-based applications, driven by technical advancements like state compression.

Notably, Solana recently admitted that the network has been facing difficulties in the decentralized finance (DeFi) sector. Even so, it believes that its new strategy will help it regain its foothold and…

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Cardano Price Needs to Clear Major Hurdle at $0.2785 for a Bullish Breakout

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Cardano price has been on a steep downward trajectory for the past few weeks on the back of a dull market and global macroeconomic concerns. The altcoin is down by nearly 6% in the month to date and more than 3% in the past week. Additionally, ADA price has shed more than 30% in the past six months, with its year-to-date price remaining in the red. Cardano’s total market cap has shrunk by more than 1% over the last day to $8.6 billion, while the total volume of the asset traded over the same period edged 13% lower.

Fundamentals

Cardano price has recorded significant losses in recent weeks in tandem with the global cryptocurrency market. Most of the digital assets have been treading waters over the past few weeks, with the premier cryptocurrency struggling to break above the crucial level of $27,000. The global crypto market cap has increased slightly over the past 24 hours, while the total crypto market volume decreased by 25%.

The Crypto Fear & Greed Index, which is a key measure of the emotions driving the cryptocurrency market, is a fear level of 39, slightly lower than the fear level of 42 recorded last week. A fear level usually indicates a decline in risk appetite by investors which might prompt traders to sell irrationally.

Investors have been assessing what could be ahead for the economy while weighing the outlook for interest rates after…

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Dogecoin Price: Eyes are on the Key Inflation Data

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Dogecoin price has posted significant losses over the past few weeks amid bearish crypto market sentiment. The digital asset has slumped by 18.65% in the month to date and more than 13% in the year to date. Additionally, Dogecoin has shed more than 5% in the past week in the wake of a dull market. The asset’s total market cap has declined over the last day to $8.59 billion, ranking DOGE 8th after Solana. The total volume of the digital currency traded over the same period has also decreased by more than 18%.

Economic Concerns

Dogecoin price has been in the red for the past few weeks against the backdrop of weak market sentiment, a decline in risk appetite, and macroeconomic concerns. The overall crypto market cap has also been on a downward trajectory, with the crypto market cap down to $1.03 trillion, its lowest level since June. The total crypto market volume has decreased by more than 18% over the last 24 hours.

Traders have been in jitters over the past few weeks in the wake of global economic uncertainty. Data released on Wednesday showed that the UK economy contracted by 0.5% in July, ahead of the 0.2% expected. The Bank of England (BoE) is expected to raise its interest rates by 0.25% to 5.5% in its meeting next week in a bid to curb the high inflation rates. Ahead of the BoE, the European Central…

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