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What are the Alternatives to Ethereum in 2023?

Ethereum has taken the crypto space by storm, becoming the most important altcoin – alternative to Bitcoin. But there are some alternatives to Ethereum, too.

Launched in 2015, Ethereum is today one of the most significant blockchains for non-fungible tokens (NFTs) and smart contracts. It has remained undefeated in this area, and it is understandable why the platform lures so many investors. Its new Proof-of-Stake (PoS) consensus mechanism, numerous features, inexpensiveness, and speed make the reason increasingly more individuals invest in Ethereum. The platform also distinguishes itself through the so-called dApps (decentralized applications), which is why it is the most sought-after platform by developers. Therefore, it is not too late to buy Ethereum with credit card or other payment methods, as the returns will most probably not delay appearing.

In light of this, you may wonder why you would purchase a digital currency that is not Ethereum. Well, for improved returns. When playing with crypto, it is critical to diversify your portfolio, as this provides more holding safety and privacy.

Alternatives are plentiful, but here are some of the most prominent ones that managed to stand out in the past couple of months.

Solana (SOL)

Released in 2020, Solana has emerged as a notable project within the crypto industry that provides multiple services and decentralized finance (DeFi). Solana is considered one of the most significant layer-1 blockchains, a smart contract blockchain that boasts a special feature. It stands out in the sea of virtual currencies due to its ‘Proof-of-History’ consensus mechanism, which is similar to PoS but more advanced, focusing on security, cheapness, and speed. This complex system makes it possible for the blockchain to generate unique ‘timestamps’, which validate transactions at a lightning-fast speed – 65,000 transactions per second, more exactly. And besides fastness, Solano is also an eco-friendly digital currency, which doesn’t consume much compared to other major players in the market.

Solana’s SOL native token also has a vital role in the platform’s ecosystem, facilitating multiple operations, including payment fees and network governance. As a top ten digital currency by market cap, Solana remains one of the best alternatives to Bitcoin and Ethereum.

Polkadot (DOT)

Former Ethereum developer Dr Gavin Wood created Polkadot as a smart contract blockchain. And although the platform was released in 2020, it has seen significant success. No wonder why – the British computer scientist equipped Polkadot with a complex architecture that implies various ‘Parachains’ and a central ‘Relay Chain’, which prove their value in dApp development. Plus, the platform’s DOT native token has important use cases, namely staking in the chain’s PoS algorithm, voting, and paying transaction fees.

You can get in touch with myriad dApps via the Polkadot ecosystem, but remember that Polkadot isn’t a separate ecosystem. It is rather meant to facilitate communication between blockchains.

Cardano (ADA)

What not many know about the Cardano blockchain is that it was built by former Ethereum developer Charles Hoskinson, who has aimed to make everything that Ethereum can’t be from this platform. That’s why Cardano is still technically under development, although it was released in 2017. The project’s team’s main objective is to build the most powerful blockchain based on scientific principles. For this, it has undergone numerous peer reviews to check its capacity and safety. Cardano is presumed to be less expensive, faster, and more scalable than its competitor Ethereum, and sincerely, it could be if things keep going as they do now. In order to deliver the best, Cardano has teamed up with renowned research facilities such as the University of Wyoming and the Tokyo Institute of Technology.

And speaking of partnerships, you may want to know that Cardano collaborates with the Ethiopian government to support the African education system by storing student data on its blockchain. The potential of Cardano has already surpassed expectations – we can’t wait to see what’s coming!

Big Eyes Coin (BIG)

Like Dogecoin or Akita Inu, Big Eyes Coin started as a joke. But what most don’t know about this meme coin is that it has gained ground in the crypto space, with lots of investors making the most of the coin’s presale. Big Eyes Coin has many interesting features, including a lack of transaction taxes, a comprehensive roadmap, and a massive supply (about 200 billion). This means that it allows all forms of transactions and interactions. But what makes experts compare it with the world’s second-largest cryptocurrency is its DeFi system.

The project’s developers have big plans for Big Eyes Coin, all the more so since it has just surpassed the $20 million mark set by the team at the moment of its launch. At the time being, BIG has reached more than $22.5 million in presale, and it’s still counting! At this rate, not only could the coin join the likes of Cardano and Stellar but also the most valuable altcoin out there.

Monero (XMR)

Monero has been around for quite a while, but it is only now that it receives the deserved attention. It distinguishes itself through a top-notch security policy, utilizing an innovative method for hiding the transaction value, sender, and recipient. This anonymity feature makes Monero one of the most preferred altcoin choices. So, if you prioritize privacy, consider adding Monero to your investment portfolio. But remember that you need a Monero wallet to navigate the network and execute simple tasks like purchasing, selling, and spending XMR, Monero’s native token.

Many virtual currencies feature privacy, such as Dash and Zcash, but nothing compares with Monero in terms of consistency. Your privacy will always be ‘on’, and you don’t have to worry about the fact that someone might alter the default settings and impact the blockchain’s transparency.

Other notable alternatives to Ethereum include:

  • Avalanche (AVAX)
  • Dogeliens (DOGET)
  • Fantom (FTM)
  • Algorand (ALGO)
  • NEAR Protocol
  • TRON (TRX)

Many of these are among the largest based on their market cap, so if none of the aforementioned ones hasn’t caught your attention, you may want to research these extra options. Whatever your choice, an alternative to Bitcoin and Ethereum will give you portfolio safety.

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