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Will Ethereum (ETH) Survive the TRON and EOS MainNet Onslaught?
The last week has been an eventful one for the crypto-verse and crypto-community. Two major and highly anticipated MainNet networks were launched in a span of fewer than 3 days. First was the Tron (TRX) MainNet that was launched on the 31st of May. Then EOS (EOS) stole the headlines with double-digit gains of the token ahead of the MainNet launch that happened on the 2nd of June. Both projects have been hailed as possible Ethereum Killers and the next generation of smart contract platforms with higher transactions per second and other better features.
Will Ethereum (ETH) survive the onslaught of these two MainNets?
For now, Ethereum can be considered as being safe from any threats of Tron or EOS Mainnets taking over as the preferred platforms for Decentralized Applications and smart contracts. Ethereum has already created a foundation for dominance.
How will Ethereum (ETH) still thrive amongst the competition?
To begin with, Ethereum (ETH) is time-tested and has weathered the storm that was security vulnerabilities discovered earlier on in the year as well as the constant FUD with respect to low transactions per second. Yes, the ETH network does get congested due to DApps about animals and kitties, but there is no other stable platform out there that have been tested such as Ethereum. Also to note is the current conversation of introducing sharding on the ETH network. When this concept materializes, ETH will obliterate any competition.
EOS on the other hand recently had a very serious security issue right before the MainNet launch that left many speculating if the MainNet would launch. What was found on the EOS platform, was a vulnerability where a malicious hacker would create and execute a smart contract that would technically hijack the nodes to cause a full-blown cyber attack on other crypto networks. This issue has since been resolved but questions still linger.
When we analyze the current Tron project, the foundation has implemented a $10 Million Bug Bounty program to any developer or team of developers that can find any security vulnerabilities before the 24th of June this year. Also to note is the presence of a Tron hackathon in the Tron Project Genesis calendar to further test the Odyssey MainNet for vulnerabilities. This means the MainNet still has a long way to go in terms of gaining trust from DApp developers and showing network stability.
With respect to market dominance, Ethereum (ETH) is firmly in the number 2 position behind Bitcoin (BTC) and according to market capitalization. As a matter of fact, many Crypto analysts have predicted that ETH will flippen Bitcoin before the end of the year. This means that even crypto-traders still find favor with ETH when it comes to the crypto-markets.
In summary, both TRON and EOS MainNet platforms are a welcome addition to the crypto-verse platform arena. However, they have a long way to go for them to be considered as potential Ethereum Killers with respect to being platforms of choice and general popularity. ETH is also eons ahead when you consider its market presence with respect to both TRX and EOS.
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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.
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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000. Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally. A few of the largest altcoins remain popular but the rest of the market continues to lag behind. In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive. That prediction appears to be playing out as expected. Going forward, only the best projects that have a real world need will survive. Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets. One promising project that appears to have the makings of a future winner is KaratGold Coin.
KaratGold Background
KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.
Karatbars International and GSB Gold Standard Banking Corporation…
Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.
A Change is Needed
When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:
- Constant fear of hackers
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One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.
Another huge risk is having to deal with…
When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency. It would be free from the bureaucracy of governments. And free from the tyranny of the old-world financial cartels. Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.
One of the biggest roadblocks for Bitcoin has been scalability. At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa. Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.
Libra Currency Announcement
One development that could help pave the way toward mass adoption is the launch of the Libra currency. Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement. According to Facebook, Libra will make sending money online cheaper and faster. It will also have a hand in improving access to financial services, especially for the unbanked. Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies. Additionally, it could provide the growth spark that cryptocurrency needs.
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