The last week has been an eventful one for the crypto-verse and crypto-community. Two major and highly anticipated MainNet networks were launched in a span of fewer than 3 days. First was the Tron (TRX) MainNet that was launched on the 31st of May. Then EOS (EOS) stole the headlines with double-digit gains of the token ahead of the MainNet launch that happened on the 2nd of June. Both projects have been hailed as possible Ethereum Killers and the next generation of smart contract platforms with higher transactions per second and other better features.
Will Ethereum (ETH) survive the onslaught of these two MainNets?
For now, Ethereum can be considered as being safe from any threats of Tron or EOS Mainnets taking over as the preferred platforms for Decentralized Applications and smart contracts. Ethereum has already created a foundation for dominance.
How will Ethereum (ETH) still thrive amongst the competition?
To begin with, Ethereum (ETH) is time-tested and has weathered the storm that was security vulnerabilities discovered earlier on in the year as well as the constant FUD with respect to low transactions per second. Yes, the ETH network does get congested due to DApps about animals and kitties, but there is no other stable platform out there that have been tested such as Ethereum. Also to note is the current conversation of introducing sharding on the ETH network. When this concept materializes, ETH will obliterate any competition.
EOS on the other hand recently had a very serious security issue right before the MainNet launch that left many speculating if the MainNet would launch. What was found on the EOS platform, was a vulnerability where a malicious hacker would create and execute a smart contract that would technically hijack the nodes to cause a full-blown cyber attack on other crypto networks. This issue has since been resolved but questions still linger.
When we analyze the current Tron project, the foundation has implemented a $10 Million Bug Bounty program to any developer or team of developers that can find any security vulnerabilities before the 24th of June this year. Also to note is the presence of a Tron hackathon in the Tron Project Genesis calendar to further test the Odyssey MainNet for vulnerabilities. This means the MainNet still has a long way to go in terms of gaining trust from DApp developers and showing network stability.
With respect to market dominance, Ethereum (ETH) is firmly in the number 2 position behind Bitcoin (BTC) and according to market capitalization. As a matter of fact, many Crypto analysts have predicted that ETH will flippen Bitcoin before the end of the year. This means that even crypto-traders still find favor with ETH when it comes to the crypto-markets.
In summary, both TRON and EOS MainNet platforms are a welcome addition to the crypto-verse platform arena. However, they have a long way to go for them to be considered as potential Ethereum Killers with respect to being platforms of choice and general popularity. ETH is also eons ahead when you consider its market presence with respect to both TRX and EOS.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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