You may be tempted to purchase Ethereum or convert ETH to INR to profit from the possibility that Ethereum will soon be the decentralized cryptocurrency of choice. However, Ethereum’s system has a flaw as decentralized assets gain popularity. It is more expensive than ever to use the Ethereum blockchain technology due to the volume of transactions, and gas fees increase as the number of users increases.
Trading, purchasing, and selling NFTs on Ethereum is becoming more complex. Additionally, developing new projects is more expensive. This issue also exists with non-fungible tokens, which are the most common application of Ethereum. Investors and creators are looking for more affordable options as NFTs gain popularity. To assist investors, we’ve compiled a list of four cryptocurrencies that will annihilate Ethereum by the end of 2022 and beyond.
Avalanche
Avalanche is a famous blockchain that uses innovative contract technology trends to challenge Ethereum’s dominance. Avalanche’s transactional speed is significantly faster (around 6,500 transactions per second). It features a one-of-a-kind three-chain architecture that enables the development of decentralized applications (DApps) and other Decentralized Finance (DeFi) use cases.
According to Avax-projects.com, Avalanche hosts over 400 NFT projects. According to nonfungible.com, this position puts blockchain in a solid position to benefit from recent growth in NFT transaction volumes, which increased from $82.5 million last year to $17.7 billion this year; according to nonfungible.com.
Additionally, Avalanche has attracted investors. Since January, the asset’s market capitalization has increased by $7 billion, while the price has risen by 32%. According to CoinMarketCap data, Ethereum’s market capitalization increased by $24 billion, while its price increased by 8%. If you’re not interested in Avalanche, you could consider purchasing litecoin in India and adding it to your portfolio.
Chainlink
Chainlink is a blockchain abstraction layer that enables the creation of universally connected intelligent contracts. Additionally, it can connect to other networks without jeopardizing security or reliability.
Chainlink is currently developing practical applications for its technology. Chainlink, for example, partnered with AccuWeather to produce more accurate methods for measuring crop resilience. Eric Schmidt, Google’s former CEO, was recently appointed to the company’s board of directors as a strategic adviser. He brings his experience growing technology companies to the table.
Chainlink’s price has remained relatively stable over the last week. Chainlink has seen a significant increase in trading activity in recent days, according to CoinMarketCap data. Over $550 million worth of Chainlink was traded.
Before investing their first dollar, it is critical to research and understands the risks associated with digital assets.
Solana
Solana (SOL), a fourth-generation cryptocurrency and blockchain, maximizes scalability by leveraging an open infrastructure. It introduces several novel technologies that enable it to provide its users with unmatched transaction speeds and enterprise-level security. Since its inception in 2017, the network has grown significantly.
Scaling issues continue to plague the cryptocurrency market. In the early blockchains, the Proof-of-Work (PoW) consensus mechanism was used, which resulted in severe congestion issues. As congestion increased, top coins such as Ethereum and Bitcoin were created to increase transaction fees. This has posed serious problems for both of these networks. Ethereum is currently brimming with new projects due to the rise of DeFi platforms. Congestion results in increased fees for users and longer transaction times.
Solana circumvents these issues by implementing systems that enable the network’s transactions to scale proportionately to its bandwidth. Bitcoin can process approximately seven transactions per second (fps), while Ethereum is capable of processing twelve. Solana can process 50,000 transactions per second (fps), according to the developers.
Polkadot
Like many post-Bitcoin cryptocurrency tokens, Polkadot can be purchased and sold on exchanges. Additionally, it utilizes a decentralized protocol.
The Polkadot protocol enables unrelated blockchains to communicate securely with one another. This allows direct data or value transfer between the Ethereum and Bitcoin blockchains without an intermediary. Additionally, it is fast and scalable due to multiple parallel blockchains that offload a significant portion of the processing load from the main blockchain.
The Polkadot token serves two primary functions within the Polkadot network: as a governance token, giving holders a say in the future protocol’s development, and as a utility token. Additionally, it is used for staking. This is how the Polkadot networks verify transactions and generate new DOTs. It is available for purchase and sale on several popular exchanges as part of your investment strategy.
What Are Investors’ Responsibilities?
While the cryptocurrencies mentioned above are profitable and have high growth potential, it is recommended that you conduct your research before investing in any cryptocurrency.
Summery
Avalanche, Chainlink, and Chainlink are four cryptocurrencies that will annihilate Ethereum by the end of 2022 and beyond. Avalanche is a famous blockchain that uses innovative contract technology to challenge Ethermaite’s dominance. Eric Schmidt, Google’s former CEO, was recently appointed to the board of directors of Avalanche. Solana is a fourth-generation cryptocurrency and blockchain that maximizes scalability by leveraging an open infrastructure. Solana can process 50,000 transactions per second (fps), according to the developers. Polkadot Ethereum is currently brimming with new projects due to the rise of DeFi platforms.