| | OCTOBER 20219purchase Ether, the digital coin used on the Ethereum platform. Several other cryptocurrency platforms use blockchain, but they are likely to consolidate into Ethereum, allowing this digital coin to survive and thrive. Ethereum has one of the most substantial developer communities and dApps are already live on it. Unfortunately, there are some scaling issues, but there is a significant advantage of being the first to a decentralized platform for smart contracts.A WAY TO MAKE A COIN THAT IS NOT MINEDBlockchain 3.0 is gaining traction. The reason is that high electricity demand is generating the need for solutions. Cardano is one such blockchain 3.0. Cardano is another realistic competitor to Ethereum for developing smart contracts. Fortunately, Cardano is an alternative digital coin that promises to be scalable, governance, and interoperable. There is another benefit of Cardona (ADA) uses that is proof of stake (PoS) mining as opposed to proof of work. In the PoS system, the coin holder generates new blocks and verifies the payouts. The PoS system is considered beneficial because it eliminates forced & brute coin mining and ensures a much smoother & more stabilized blockchain development process.THE BOTTOM LINEThe upshot is that, not all cryptocurrencies will survive. Many of them will, and the niche they handle will go a long way in determining if each will generate liquidity. The first to the market concept is very helpful and will likely keep Bitcoin and Ethereum as the lead digital coins that will consolidate other digital coins. The issue with both of these coins is their scalability and the cost to society. The proof of work concept that drives the blockchain of Bitcoin & Ethereum is very costly, it uses a lot of electricity to mine and confirm a transaction. Coins such as Cardano have found a way to confirm a trade that might gain traction and be able to compete with Ethereum despite its dominance so far in the marketplace. While Bitcoin & Ethereum are the most liquid and first to market compared to the other niche cryptocurrencies that will survive just like niche businesses flourish.
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