Ethereum: 10 blockchains that could replace Ethereum Blockchain in 2024

Can Ethereum retain its crown as the number one smart contract blockchain in 2024?

Learn more about these Ethereum alternatives.

During 2020, Ethereum reinforced its status as the most popular smart contract blockchain for dApps, but there are plenty of new technologies looking to take its crown in 2021.

In this article and through video reviews, we take a look at ten of these so-called third-generation blockchain contenders: Algorand, Avalanche, Cardano, Cosmos, Flow, Hedera Hashgraph, Harmony, Near, Polkadot, and Solana.

Algorand

Status: Live (June 2019)

Token: ALGO

Consensus: Pure Proof-of-Stake

Language: TEAL

Speed: +1,000 TPS

Block time: <5 seconds

Designed by MIT cryptography expert Silvio Micali, Algorand is designed to support dApps that can scale to billions of users and tens of millions of daily transactions with negligible transaction fees using atomic transfers. In particular, its smart contracts are integrated with layer 1 providing additional security.

Avalanche

Status: Live (September 2020)

Token: AVAX

Consensus: Proof-of-Stake

Language: Various, including Go and Solidity

Speed: +4,500 TPS

Block time: <3 seconds

Designed to be highly customizable, scalable and interoperable, Avalanche has two different consensus engines – one offering fast transactions and the other secure smart contracts. These run across separate metadata, asset and smart contract blockchains. Each dapp operates on its own custom blockchain running its own virtual machine.

Cardano

Status: Live (July 2020)

Token: ADA

Consensus: Proof-of-Stake

Language: Haskell, Plutus

Speed: 1,000 TPS per Hydra

Block time: 20 seconds

Famously started when Charles Hoskinson left the Ethereum project in 2014, the Cardano blockchain recently went live although the ability to create smart contracts is not yet operational. The blockchain consists of three elements; the Ouroboros protocol, the Cardano ledger and the Hydra off-chain scaling solution.

Cosmos

Status: Live (March 2019)

Token: ATOM

Consensus: Proof-of-Stake

Language: Various including Agoric and Ethermint

Speed: “thousands of TPS”

Block time: 1 second

Cosmos is a network of independent parallel blockchains that can scale and interoperate with each other. Developers create dApp-specific blockchains, either public or private. Cosmos also allows dApps to connect to any other ‘fast-finality’ blockchain using its IBC protocol.

Flow

Status: Live (September 2020)

Token: FLOW

Consensus: Proof-of-stake

Language: Cadence

Speed: TBA

Block time: TBA

Developed by the team behind CryptoKitties, Flow is an accessible, high-performance blockchain designed for consumer dApps such as games and collectables. It uses a multi-node architecture which splits validations into four separate stages and also allows for upgradable smart contracts.

Harmony

Status: Live (June 2019)

Token: ONE

Consensus: Effective Proof-of-stake

Language: Various including Solidity and Vyper

Speed: +200,000 TPS

Block time: 5 second

Taking a different approach, the Harmony blockchain consists of four shards, each containing 250 nodes. It also uses a novel consensus model to reduce centralization and better distribute rewards to its validators. Currently, it is focused on enabling compatibility with Ethereum via trustless bridges.

Hedera Hashgraph

Status: Live (Feb 2020)

Token: HBAR

Consensus: Proof-of-Stake

Language: Various including Solidity

Speed: 10,000 TPS

Block time: <5 seconds

Currently focused mainly on enterprise use cases, Hedera Hashgraph consists of various network services such as cryptocurrency, consensus, smart contracts and file services running on top of the hashgraph ledger. It is currently operating in a permissioned mode with some key features still in development.

Near

Status: Live (May 2020)

Token: NEAR

Consensus: Thresholded Proof-of-Stake

Language: Various including Rust and AssemblyScript

Speed: +1,000 TPS

Block time: TBA

Like Harmony, Near is a sharded blockchain design which is designed for running high-performance dApps and onboarding millions of users in a familiar manner. It is currently operating in a permissionless manner using one shard and is testing its bridge technology to Ethereum. Nevertheless, the first dApps using Near are already live.

Polkadot

Status: Live (May 2020)

Token: DOT

Consensus: Proof-of-Stake

Language: Ink!

Speed: TBA

Block time: 6 seconds

Similar in vision to Cosmos, Polkadot has an open concept in which multiple blockchains inter-operate in parallel within its network. Developers can create individual blockchains for their dapps. These chains run their own governance models but share their security with the entire Polkadot network.

Solana

Status: Live (March 2020)

Token: SOL

Consensus: Proof of History

Language: Various including C, C++, Move and Rust

Speed: 50,000 TPS

Block time: <1 second

Using a novel time-based Proof of History consensus model, Solana offers a very fast blockchain that enables developers to create their smart contracts with familiar tools such as C and Rust. It is also working on bi-directional cross-chain bridges to other blockchains starting with Ethereum.

Conclusion

The blockchain ecosystem now includes a significant amount of NFTs. They have been immediately embraced by designers, developers, and enterprises of all sizes to help spark public interest and open up new business opportunities. Consider carefully which blockchain will work best for your NFT campaign if you’re considering taking the same route.

Your choice will mostly be influenced by your needs. For instance, Ethereum offers a well-liked, secure, decentralized platform. On the other side, while alternatives like Solana and BNB Chain provide low gas costs and quick transaction costs, they come with their own compromises.

FAQs

Q. What is the most common blockchain in NFT?
A. Ethereum was the most common blockchain for NFTs (Non-Fungible Tokens). Ethereum’s ERC-721 and ERC-1155 token standards were widely used for creating and trading NFTs. However, the blockchain landscape evolves rapidly, and other blockchains like Binance Smart Chain, Flow, and Tezos have also gained popularity for NFTs. It’s essential to check the current state of the NFT market, as new blockchains may have emerged since then.

Q. What is the fastest NFT blockchain?
A. Solana was considered one of the fastest NFT blockchains. It boasted high transaction throughput and low fees, making it a popular choice for NFT creators and collectors. However, the NFT space is highly dynamic, and new blockchains and technologies may have emerged since then, so I recommend checking the latest sources for the most up-to-date information.

Q. Which blockchain created OpenSea?
A. OpenSea, one of the largest NFT (Non-Fungible Token) marketplaces, operates on the Ethereum blockchain. Ethereum’s smart contract capabilities and robust ecosystem have made it a popular choice for NFT platforms like OpenSea, allowing users to buy, sell, and trade digital assets securely and transparently. However, it’s worth noting that OpenSea could potentially integrate with other blockchains in the future to expand its offerings and reduce scalability issues associated with Ethereum.

Q. What is the third biggest NFT blockchain?
A. The third-largest NFT blockchain after Ethereum and Binance Smart Chain was Flow. Flow is known for hosting popular NFT projects like NBA Top Shot and CryptoKitties. However, the rankings in the blockchain space can change rapidly, so I recommend checking the latest data for the most up-to-date information on NFT blockchain rankings in 2023.

Q. Which blockchain is better for NFT?
A. The choice of blockchain for NFTs depends on various factors, including scalability, security, and user base. Ethereum has been a popular choice due to its widespread adoption and support for NFT standards like ERC-721 and ERC-1155. However, newer blockchains like Binance Smart Chain and Flow are gaining traction for their lower transaction fees and faster confirmation times. Ultimately, the best blockchain for NFTs depends on your specific needs and priorities.