As popular as Ethereum is, people are already looking toward the next blockchain platform that will replace its older competitor. This new generation of cryptocurrencies looking to beat Ethereum at its own game, known as “Ethereum killers,” is getting a lot of traction right now. One is Polkadot.
Polkadot isn’t the only potential “Ethereum killer” out there. A case can be made for other projects, like Cardano. However, a lot of crypto fans think Polkadot will reign supreme. Here’s why.
What’s wrong with Ethereum?
Ethereum has had a several-year headstart and has entrenched itself as the dominant smart contract platform. However, the Ethereum network's architecture is already starting to crack. For one, Ethereum can handle only 14 transactions per second. While that was fine back in 2015, that’s nowhere near enough transactional bandwidth to handle the current market demand.
For the average user, this means paying a fortune in gas fees, which is what’s happening right now. While the planned Ethereum 2.0 rollout is expected to help improve this situation, we still need to wait on that. And even with this planned upgrade, it's uncertain whether it's better to improve Ethereum's architecture or go with another, newer platform instead.
Why Polkadot could take over Ethereum
Polkadot was started by three Ethereum co-founders—Gavin Wood, Robert Habermeier, and Peter Czaba—who came together and created a new platform to solve some of Ethereum’s problems. Polkadot's main technical innovation is the parachain. These structures operate alongside each other and can freely interact with one another. They're similar to traffic lanes on an expressway, where drivers can switch back and forth between them.
Why Ethereum will probably stick around for a while
On paper, Polkadot may seem like the perfect “Ethereum killer.” However, in reality, it’s going to take some time for that to happen. Expect at least a few more years before Polkadot threatens Ethereum’s position as the top smart contract network.