In the past, someone had proposed himself as Ethereum killer, that is the project capable of delivering the coup de grace to the creation of Vitalik Buterin. Among those who tried, he stood out in particular Tron, thanks to the advertising stunts of his mentor, Justin Sun.
It is now being added to the list Polkadot, at least according to what stated by Bloomberg. According to the magazine, in fact, it could have the right potential to replace Ethereum in the long term.
What is Polkadot
Polkadot is a recently born project, crowned with considerable success. After his migration on the mainnet, which took place during the month of July, attracted a large number of investors, creating an upward current which allowed it to climb the ranking of cryptocurrency in terms of capitalization, reaching the eighth position in that of CoinMarketCap.
The project has a specific link with Ethereum, the one represented by Gavin Wood, who after contributing to its foundation, then worked as Chief Technical Officer at the most famous Altcoin ever.
However, it should be emphasized that although the two projects are related, gIndustry experts say their goals are significantly different. So the success of one would not prevent that of the other.
What are the differences between Polkadot and Ethereum?
While Ethereum is proposed as a tool for developers who intend to program, run and test dApps using smart contracts, Polkadot, offers them the opportunity to create their own blockchain able to establish a link with similar structures. The developers themselves will decide independently the level of transaction fees and the speed with which they will be confirmed.
A difference that pushed Kelvin Koh, Managing Partner of Sparta Group, to state that in his opinion Polkadot not only does not represent a direct competitor of Ethereum, but that there could be important synergies between them.
Dan Morehead is not of the same opinion
On the other hand, he is absolutely opposed Dan Morehead, the CEO of Pantera Capital. Which believes that Polkadot is in fact a direct competitor of Ethereum. Despite currently having only 10% of the market capitalization of ETH, the project still has high potential, according to him.
An affirmation which draws its validity precisely from the data relating to developers. If Polkadot still boasts fewer of them than Bitcoin and Ethereum, it should however be emphasized that in the face of a decrease in those who dedicate themselves to them, it has recorded a significant increase in this sense. Equal to 44% during the second quarter of the current year.
Increase the number of Polkadot-based projects
Another figure to be evaluated is that relating to the number of projects focused on Polkadot. Which I am currently 253, which range from stablecoins, for example Tether, to social networks. Based on the tracker of PolkaProject, that number was less than 200 in early September. Moment from which one started strong acceleration which demonstrates the importance that Polkadot is assuming.
To better understand the data, it should be remembered that according to some experts in the sector, the activity of developers can be considered one powerful metric capable of reflecting the real value of a project. To understand, however, if Polkadot can actually be the Ethereum Killer predicted by Bloomberg, it will be necessary to wait for the time necessary to consolidate very promising foundations.