Dec 7, 2018 04:35 UTC
Dec 7, 2018 at 06:17 UTC
Stellar Preying Upon Ethereum to Overtake it as the Go-To Network
The recent trend in the crypto world has seen many new, and upcoming crypto projects move from Ethereum blockchain network and migrating to Stellar Lumens. The primary reason for such a trend could be attributed to the complexity involved in the Ethereum network.
Stellar on the other hand has made things quite simple with options like the easy generation of dividends, limits who can hold the token, built-in token issuance capabilities and time found functions for transactions. The Dex functionality also help in immediate liquidity and thus eliminate any provision of seeking a third party exchange for help. These provisions have established Stellar as the primary destination for new projects in the market.
The above advantages for sure makes the stellar a go-to network, however, ethereum has its share of benefits. For the starters, ethereum boast of the most significant developer community, the broadest range of wallet acceptance, exchange pairing and the Dapp network is so vast that it is not even worth comparing with stellar or any other platform. A prominent developer community means better ways of bridging other platforms with the ethereum network. The ERC 20 token is still the first choice for the crypto world.
However, the list of positive attributes gets lost in the complexity, and the latest war of words over the Infura being a centralized layer on the Ethereum network is not helping their cause. Lets us dive a little deeper and see how Stellar is outperforming Ethereum on various measurable factors.
Speed of Transaction
The significant difference come in the form of transaction rate per second, on the one hand, ethereum network is currently capable of 15 transactions/second, while the Stellar co-founder says, their system is capable of handling 4000 transactions/second. The numbers will increase even further once the network gets fully developed and the hardware advances.
Fees for transactions
At the moment the cost of trade on the Stellar Lumens is at 0.00001 XLM, which when converted against USD comes to be $0. The price of a transaction on the Ethereum network is almost similar and costs in cents on average. However during peak traffic hours, the value might change, but the developers have promised for even lower rates in the future.
Starlight Option on Stellar
Starlight is a new program in development which would provide the user on Stellar with bidirectional payment channels. The new feature when fully developed would allow the users to complete a transaction privately, securely and zero fees.
Interaction With the Outside World
The Ethereum blockchain network has been at the forefront for quite some time now, and well known to the public. The reason for popularity could be attributed to its founder Vitalik Buterin and Joe Lubin being a public figure who very often attends the events of the crypto world and also interact with the public through their social media platforms.
On the contrary Stellar has not such a broad level of brand recognition and they often restrain from being in the public limelight.
Stellar with a small lifespan when compared to Ethereum has many prominent partners, with IBM being the top name. Apart from that, the Stellar has recently been awarded Sharia compliance Certification. This would give Stellar a market of a billion Muslims in different Sharia compliant countries such as Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE and parts of SouthEast Asia.
Ethereum with its Ethereum enterprise alliance has the world’s top banks, accounting firms, universities, corporations, governments, ministries and of course blockchain companies. So, a significant force when it comes to partnership.
Ethereum as a blockchain network has established itself with its innovative inventions such as smart contracts and Ethereum Virtual Machine (EVM). The brand needs no introduction, however rising scalability issues and complex nature of working is making it loose some potential partners and newcomers stellar on the other hand is silently working on the common issues for which people are either leaving ethereum network or giving it a thought.
With an array of developers at its behold, ethereum is working hard to get around the complexities. But, for the time being Stellar is going to eat away on the chunk of ethereum and its limitation.