Ninety-four out of the top 100 blockchain projects have launched on top of the Ethereum network, despite stiff competition among blockchain platforms.
According to Kevin Rooke, a cryptocurrency researcher and YouTuber, the Ethereum community already has more than 250,000 developers and 94 out of the top 100 blockchain projects have launched on top of the Ethereum network.
“You simply cannot build excellent applications and products without a big developer base behind you. But today, Ethereum has roughly 250,000 developers building on its platform. The industry is still really small [and thus], 250,000 is a shocking number. Ethereum’s development framework called Truffle already has more than 500,000 downloads and even through the price fall of 2018, development interests have continued to rise,” said Rooke.
Can Other Decentralized Application Protocols Compete?
The vast majority of cryptocurrencies and tokens apart from payment-focused blockchain networks like Bitcoin, Ripple, Bitcoin Cash, and Litecoin are built on top of the Ethereum protocol. Even Tron, the 10th largest cryptocurrency in the global market with a market valuation of $3.4 billion, is built on the ERC20 token standard of Ethereum (though it’s currently in the process of migrating to an independent blockchain).
$2 billion China-based IoT blockchain network VeChain, $1 billion high performance blockchain Ontology, $900 million South Korea-based ICON, and $850 million Sharding-focused blockchain project Zilliqa are a few examples of major blockchain projects that currently exist on the Ethereum network.
Over the past year, alternative blockchain protocols have emerged, with an aim to compete against Ethereum and evolve into the leading decentralized application platform. EOS, NEO, Cardano, Qtum, and ICON have gained significant market valuation and presence in the global market, with their focus set on decentralized applications.