Ethereum will be facing a lot of competition this year with 5 MainNet launches that have been launched or are set to launch before the end of the year. These MainNet include Tron (TRX), EOS (EOS), Zilliqa (ZIL), VeChain (VEN) and Cardano (ADA).
Tron and EOS have already launched their MainNet and users are now waiting for the networks to go live. Zilliqa, on the other hand, has launched its TestNet which has shown a lot of promise and the development team will soon announce when it will launch its Mainnet. The Zilliqa TestNet has recorded promising results in terms of sharding, with an increase in transaction speed per second in comparison with other networks.
Cardano has already launched its MainNet, with the decentralization of the network the only thing left and the team is working on it. Rumors have surfaced that VeChain is set to release its MainNet by the end of the month.
Asides from the above-listed projects, Oyster Pearls (PRL) has already launched its MainNet last month, Ontology (ONT)’s MainNet will be launched this month and Aeternity (AE) will launch its MainNet by next month or early August.
What this means is that these projects will be claiming independence from the Ethereum network and will migrate their users to their own network. Tron has concluded plans to migrate its users to its network which has over 100 million users as soon as its Genesis block is launched on the 25th of June.
Asides from reducing the number of users on the Ethereum network, these MainNets, especially those of EOS and Tron, will provide heavy competition to the Ethereum platform. EOS platform works similar to that of Ethereum as it allows decentralized apps to be created on its platform, with some claiming that EOS even has better qualities compared to Ethereum.
The Tron network also has some advantages that include allowing the use of Java programming language that is user-friendly. Zilliqa platform that makes use of Scilla and sharding, also has this feature.
The speed of Tron is much better compared to that of Ethereum. The Ethereum network can handle just 25 transactions per second while Tron processes 2,000 within a second. Recent demonstrations shows that the Zilliqa platform can process 2,828 transactions per second. With all these numbers and features available on networks like Zilliqa and Tron, the Ethereum network will find it very hard to retain its position as the leading smart contract and ICO platform.