After years of development, Ethereum 2.0 is now much closer than ever. Despite the Medalla testnet’s shaky start, development appears to be still heading in the right direction. Prysmatic Labs developer Raul Jordan suggested in a recent blog that “2-3 months before Medalla is still the ideal time frame”.
For now, what are the next three months? The idea of an upgrade has been hovering in one way or another since the platform’s launch in 2015. The time taken to reach this limit in Ethereum 2.0 implementation indicates that it is difficult to change the engine on a move. The car was built from scratch.
Since 2015, many developers have taken the opportunity to create their own engines, often designed to address the same problems that ETH 2.0 tries to solve, and in some cases more than that. While Ethereum 1.0 has made its way, the second version will launch in the now burgeoning blockchain scene.
There is no doubt that the competition will be tougher. When EOS launched in 2018, it wasn’t necessarily the Ethereum killer everyone had expected before it launched. But recently, Polkadot has made a headway: the DOT token is second only to Ethereum in the market value of the development platform’s currency. There’s a lot of competition nowadays, so how could Ethereum 2.0 be able to take on other platforms to solve some of the blockchain’s most pressing problems?
Cardano vs Ethereum 2.0
Cardano has been one of Ethereum’s most anticipated competitors for a while. The platform was developed by one of Ethereum’s early founders, mathematician Charles Hoskinson, who left Ethereum in 2014 and then founded IOHK, the company’s building in Cardano.
Cardano has been the subject of so many headlines this year as her final phase of adoption, known as Shelley, started online. This required effort on the Cardano network, which resulted in a major change in the price of the ADA token. However, like Ethereum 2.0, Cardano is a long-term app. Shelley is just a second phase with three more, after the launch of smart contracts, scaling up and managing them as follows.
Unlike Ethereum 2.0, Cardano will end up using a chain governance model. A spokesperson for Quantstamp, which has overhauled the Cardano database in recent months, told the former Cointelegraph that he believes the project will eventually outperform the chain’s other major governance platform, Tezos, and be second to Ethereum as the platform of choice. For a clever contract. …
Tezos vs Ethereum 2.0.2 update
Launched in 2018, Tezos shares a home with Ethereum, since the fund behind both projects has decided to be based in Switzerland’s Crypto Valley. Tezos was developed by Arthur and Kathleen Brightman, although the relationship between the Breitmans and the Tezos Foundation was notorious for the conflict.
Tezos is working on delegated proof of stake consensus, which it calls “liquid proof of stake”. However, the researchers found that Tezos, while not achieving the same level of decentralization as Ethereum, is more decentralized than many DPoS blockchains. This is most likely due to the fact that Tezos does not set an upper limit on the number of nodes. Hence, Tezos and Ethereum 2.0 can definitely compete for security and bandwidth. Perhaps the main difference between them is Tezos’ online governance model.
When the podium accepted Bretman, they saw that it should be self-sufficient. Similar to what was ultimately planned for Cardano, anyone who meets the minimum wagering requirements can vote on protocol updates, which are enforced immediately after they are approved. In contrast, Ethereum has always been governed outside the internet and will remain so for the foreseeable future. So far, it would be fair to say that neither model has proven superior to the other.