Ethereum’s Dominance as Preferred Blockchain For DAO Significant

Crypto Community Highly Anticipating Forthcoming ETH 2.0 Update
  • Ethereum is up 0.43% in the last 24 hours.
  • CEO of blockchain consulting company Koinos has criticized EOSIO.

For most blockchain-based decentralized apps (DApps), Ethereum is the chain of choice, although alternative chains may be better suited for decentralized autonomous organizations (DAOs). Ethereum Virtual Machine (EVM) chains have yet to gain traction due to their technical benefits and lower transaction fees. However, when a network is EVM compatible, it may use Ethereum’s robust security measures.

Ethereum on Top

When it comes to the total number of decentralized autonomous organizations (DAOs), Ethereum and chains compatible with it have a clear lead. According to statistics from the blockchain voting platform Snapshot, they are home to more than 4,200 DAOs and protocols that need governance members. In comparison, the Solana ecosystem has 140 DAOs, Cardano has ten, and Polkadot substrates it has only eight, according to ecosystem tracker Cardano Cube.

However, Andrew Levine, CEO of blockchain consulting company Koinos, has criticized EOSIO, which may explain why it hasn’t gained as much traction as Ethereum. Even though EOS transactions are almost charge-free, he noted in a February article that a price is associated with creating an account. In addition, storing money in a wallet is more difficult than it is with Ethereum.

According to the CEO,

“The EOS database is built on something called ‘memory-mapped files,’ another vestige of the Steem design, an important consequence of which is that it is designed to use the most expensive form of storage possible: random-access memory.”

According to CoinMarketCap, the Ethereum price today is $3,505.76 USD with a 24-hour trading volume of $15,410,949,533 USD. Ethereum is up 0.43% in the last 24 hours.

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.