In an independent and nonregulated market, it is definite that competitors in the business will easily be going to rise and supporters of independent markets review that these challenges will aid to move platforms further, although simultaneously providing investors with a lot of funding options to choose from.
Ethereum is one of the top blockchain using platforms; it is most systematic within the market. Cryptocurrency challengers are beginning to create a serious issue in Ethereum, as the newly published article in Bloomberg. The reports shed light on an expanding number of developers selecting to create decentralized apps or DApps on the cryptocurrency such as EOS and Tron rather than on Ethereum, and other ways to make initial coin offerings on cryptocurrency networks such as Stellar.
“Long-promised projects touting better features are starting to be delivered on rival platforms and some startups are using coins such as EOS and Stellar to raise funds through initial coin offerings despite lingering regulatory concerns about the sales… The market share for dapps has shifted already. Only 28 percent of dapps users were on the Ethereum network as of January, compared with 100 percent a year earlier, according to tracker DappRadar.”
The Ethereum has also lost its values just like the cryptos in the market, Ethereum having a decreasing value of nearly $90 from the increase of $1,400. Ethereum is currently purchasing and selling up from its decreasing at the recent value of $140. Ethereum does hold the second position in the crypto market, but it actually has not gotten over functionally because of having losses as challenging blockchain platforms.
EOS is giving solid competition to Ethereum and currently purchasing and selling at $4.32, although having lows in 2018 that is below $1.70. Tron (TRX) has also posted above from its lows period of all time. The founder of cryptocurrency hedge fund Ikigai Travis Kling, speaking with Bloomberg discussing Ethereum, “Owning Ethereum today is a call option on what you think the network is going to be in the future.”
The report of Bloomberg has stated that some of the users have also chosen EOS over Ethereum, which currently counts for 48% customers and Trons holds counts of 24% customers.
Kling stated on the customer shifting, and dapps going far from the Ethereum blockchain technology, nothing it may showcases to be “detrimental” to the cryptocurrency price.
“To the extent that Ethereum competitor projects get traction with developers, with users, with Dapps build on top of the platform, that will be viewed by the market as being detrimental to the overall value of Ethereum, and that can have a negative price impact on ether,” Kling stated.
The chief working officer at DappRadar Patrick Barile explained that other protocols supply has much faster transaction speeds, that guides to a greater person advisory, “The reason why they got so much adoption, those new protocols, is that they offer considerably better speed, transactions per second… the volume of transactions they can do is considerably higher. That means if you have a DAPP, then you have a much better user experience.”