Ethereum (ETH) is one of the pioneers of the cryptocurrency markets. Just like Bitcoin (BTC), there are Ethereum (ETH) pairs on most exchanges for plenty of cryptocurrencies. More than half of the crypto projects that exist to date have been built on Ethereum. In short, it is an influential cryptocurrency and truly a force to be reckoned with. It is next in dominance to Bitcoin and is still popular as a platform for Dapps. However, the recent turn of events has dealt a big blow to its reputation and some analysts believe that its current dominance and share of the overall cryptocurrency marketcap is unjustified.
This debate has become more popular as coins like Cardano (ADA), Ethereum Classic (ETC) and NEO (NEO) are increasingly being seen as better alternatives to Etheruem (ETH) in their own ways. For instance, Cardano (ADA) has a more sophisticated way of building Dapps on its platform that avoid most of the problems with Ethereum ICOs in areas like fraud, privacy and compliance. Additionally, the platform is more advanced and better suited to the long term needs of such cryptocurrency projects.
Apart from Cardano (ADA), Etheruem Classic (ETC) which is often called the real Ethereum is praised for its immutable, transparent and truly decentralized blockchain. Recent issues with Ethereum (ETH) have compelled investors, developers and miners of the Ethereum community to realize where Ethereum (ETH) is really heading. It seems to be backing out on most of its promising at a time when its competitors are seen to be honoring their promises and are gaining traction and recognition for their efforts to stick to their mission and vision. Charles Hoskinson, the mastermind behind Cardano (ADA) and Ethereum Classic (ETC) is determined to address most of the problems that Etheruem has failed to solve despite its promises. Some of these problems are scalability issues, problems with proof of stake, too much centralization, no fixed coin supply, legal issues with ICOs etc.
NEO (NEO) which until now has been focused on projecting itself as the Chinese Ethereum is gradually trying to project itself as the ultimate Ethereum as it continues to gain a foothold in the Chinese markets. They have succeeded in receiving equally matched recognition for their efforts due to their functionality edge and flexibility. Having worked with a centralized government like that of China, they understand the needs and requirements of government bodies for better compliance. In addition to that, NEO seems more focused on a comprehensive smart economy rather than just a platform for smart contracts. This means they are working to digitize identity, assets and management of assets to provide a complete framework that can be easily executed while being compliant with regulatory procedures.
Such efforts by these three Ethereum competitors and upcoming crypto projects may result in a level playing field with funds going more fairly into many projects as compared to few. When Bitcoin came into existence, it had 100% dominance but soon as other cryptocurrencies entered the market, its dominance started to decrease. Same is the case with Ethereum (ETH).