If you have been in the crypto space for more than a year you will agree with me that there is a lot of competition going on right now. The two big giants are being given a run for their money talking about bitcoin and ethereum as new projects are coming up with innovations that solve most of the problems we experience with the two giants
Bitcoin is already far ahead of other projects including ethereum not because of its efficiency but because it was the first cryptocurrency ever to be launched, the transaction fees are always very high and it has poor scalability amidst other shortcomings.
One would have thought that the next project after bitcoin would have corrected all those problems because bitcoin dominated the market for a long time alone without rivals. Then came ethereum coming behind bitcoin, they introduced smart contracts very good. Ethereum made it possible for other projects to be built under the ethereum blockchain, but at what cost?
Ethereum developers were so fast to launch the project without first testing and cross-checking all the features. One of the biggest issues with ethereum and other projects built under the ethereum blockchain is the issue of outrageous transaction fees; note that the major aim of investors in cryptocurrency is to make a profit, so having to pay outrageous fees for the cheapest transactions is already a no no and a red card for the project
The two giants were dominating and having fun in the crypto space because there were no serious competitors, bitcoin is already comfortable because it's the most popular and subsequently has the better chunk of crypto traders and investors so they don't seem bothered.
Other tech teams have been working very hard to dislodge bitcoin and ethereum because any project that will shake them from their strong foundations will have to worth it, they have to address the problems especially the fees issue. Projects like bch, xrp, and so on are all doing very well but the gap in the crypto market is still very big. The cryptocurrency market needs a lot of things to be done, even though we might not be able to pinpoint exactly what they are, we just know that a lot of work has to be done
Since I knew about ethereum, they have always advertised eth 2.0, according to the team eth 2.0 is a better version of what we have now and it's meant to correct the excess has fees in ethereum transactions amidst other things. It was projected to launch in 2020, but due to reasons best known to them, we didn't see it happen. They gave us hope once again that it will be launched this year, now we hear it won't be launched until 2023
While ethereum is taking forever to launch eth 2.0, binance blockchain(BSC) appeared from behind and swept the market with some incredible features. Scalability is out of this world and their proof-of-stake feature makes a huge difference. You no longer have to wait forever for your transactions to be confirmed, it's no longer in seconds and hours but in seconds, you don't have to pay in dollars but cents, can you beat that?!
These features have brought binance to the full limelight and a lot of projects are coming under BSC because of these amazing new features. Proof-of-work is already outdated, so will the two giants in years to come if they fail to improve and join the moving trend
Day in day out, developers are doing more research to improve on what is already existing and make innovations, Charles Hoskinson is already in the 22nd century with Cardano and incredible new features which they'll be launching gradually into the year. Aren't we so lucky to be alive at a time like this when the greatest crypto evolution and technological advancement is taking place?
If you aren't investing in cryptocurrency at this time, your generations to come will have you to blame and you'll live to regret it. Take advantage of this opportunity and invest in the greatest market of all time in the history of humanity