Blockchains like Cardano, Polkadot, and Polygon among many others are racing ahead of Ethereum. In terms of fundamental development and upgrades. While it is taking ages for ETH2 to be rolled out completely. Other platforms have buckled up, for the marathon.
Consecutively, EIP 1559 has not influenced the price notably. Moreover, the gas fees and coin burn still remain a concern for many in the crypto industry. With the upgrades scheduled until 2022, it seems to be a long way home.
Cardano has been in the buzz lately, with its smart contracts and summit. The ALT coin has been rallying independently, while the market suffers. Cardano has its roadmap in place, and the upgrades are following in sequence. The roadmap is categorized into five era’s and the development for each era have been carried out in parallel.
In addition, The five eras are Byron which signifies foundation. Shelly for decentralization, Goguen for smart contracts, Basho is for scaling, and Voltaire signifies governance. The platform has recently released smart contracts, that is growing at a steady pace. The makers believe in restructuring, the space fundamentally such that the industry grows accordingly.
Polkadot is another blockchain, which has deep roots in its fundamentals and upgrades. The ecosystem has an interesting roadmap. This starts with the proof of authority mode. Which enables users to claim tokens from their Ethereum contract, and stake tokens to validate. The next stage is for nominated Proof-of-Stake. Where the network runs a decentralized set of validators.
The third stage of the roadmap involves governance and removal of sudo. With the platforms governance system. It can elect a council and technical committee, and start accepting public proposals. Once sudo is removed, root calls will be dispatched via governance. Further, the platform enables balance transfers. Currently, parachains have been made live. Future upgrades include cross-chain message passing and the launch of Parathreads.
Polygon which is profoundly regarded as Ethereum’s Internet of blockchains has vital updates underlying its ecosystem. The platform supports two major types of Ethereum compatible blockchain networks. One is the stand-alone networks, and the other is secured chains.
Under the secured chains, Polygon PoS, and zk Rollups are live. However, Optimistic rollups and Validum chains are underway. The stand-alone chains are still under development. With the implementation of application-specific chains and industry/enterprise chains in the pipeline.
Summing up, it is clearly evident that Ethereum is lacking in terms of fundamentals and rolling out updates. The most anticipated ETH2 is under development for years now, with only the beacon chain going live. Although Ethereum is in a supreme position in the De-Fi space. It falls short in terms of updates, and might possibly deter its dominance.