With scalability, security and high transaction fees an issue of the crypto space and payment market in the last few years, Ethereum seemed to be a viable solution at some point. Though the second by market cap, the cryptocurrency’s domination in the crypto space is facing constant threats.
The Ethereum blockchain seemed like it was the answer to prayers at some point as it could validate transactions at relatively faster speeds and lower rates. However, as crypto space continues to develop, there is a greater demand for faster payment system.
As a result, Ethereum is finding its place in the payments market and ICO landscape constantly threatened by the plethora of blockchain projects being launched. As blockchain platforms like Stellar offer the market a platform for ICO teams to start their projects, Ethereum’s position seems to be shrinking with time.
Stellar Has a Lot to Offer
With the Ethereum blockchain, developers seem to be struggling with different issues and as a result, they are turning to Stellar Lumens’ blockchain. Established as a decentralized platform with aims to providing viable solutions to ICO developers, Stellar is fast becoming a typical go-to for token issuers.
As earlier reported, Malaysian token Issuer, PinkExc, has announced that it will be moving services from Ethereum blockchain to Stellar blockchain. The exchange claimed that Stellar had built-in capabilities which support multi-language signature authorizations for tokens and more.
Hence, payments and transactions are easily validated on the blockchain and transaction costs are lesser. Ethereum, though, also offers a platform for ICO developments but it needs further development as tokens created necessitated further programming to function in adequate capacity.
Stellar, however, in like capacity is developed as an automatic system to Ethereum’s manual. The fact that tokens created on Stellar blockchain can be traded without relying on middlemen is a merit for the blockchain.
Earlier this year, ICO Mobius was picked out as one of the most extensive networks in the market. The network was based on Stellar blockchain and as a result, Stellar has seen more developmental projects on its blockchain.
Could Stellar Surpass Ethereum in the Near Future?
Though it is too soon to tell because despite making it to the top five position in the market, Stellar (XLM) still has a long way to go to meet up with Ethereum. However, with strategic partnerships like the IBM’s adaptation on the sidelines, it could come close.
Ethereum, however, on the other hand, appears to be fighting fit. Its development team recently announced that it will be updating its protocol from Proof-of-Work (PoW) to Proof-of-Stake (PoS). This will duly improved its epileptic transaction speeds and mining consumptions.
Subsequent developments on the sidelines mean that Ethereum is not hoping to surrender without a good fight. However, as far as the crypto space is concerned, a lot is to be expected. It is better to keep one’s finger crossed.