If you are in the technology field, then you need to change the way you use your technology now. The best phone that came in the market at the beginning of mobile was NOKIA. If you have taken mobile in the last decade of the 20th century, then Nokia was your first and only choice, barring a couple of other brands.
Gradually the mobile revolution started, and many mobile brands came in the market by the year 2000. NOKIA did not mind or took this competition seriously and that directly benefited Samsung. Samsung changed its phones over time and today it has become the first choice of the common man and Apple for rich ones. If NOKIA had changed its product and understood its market correctly, it would still be the number one mobile in the world today.
Speaking of the crypto market, the technology here doesn’t change every year but every week. Today, we know the need for blockchain and its use all over the world. As the world knows about Bitcoin, crypto, and blockchain, so does the demand for it. It is also growing at a rapid rate. Blockchain needs to be better, faster, and with lower fees.
After Bitcoin, if the world is going for another cryptocurrency, it is Ethereum. Now, speaking of blockchain, by the end of 2019, everyone's first choice was Ethereum blockchain. Almost all the big tokens in the market were looking for moving onto the blockchain.
Due to more transactions coming on the blockchain, the Ethereum blockchain was also forked and block time was reduced. So that the transaction could be completed quickly. There were so many transactions on Ethereum that probably the Ethereum team was not expecting. Therefore, Ethereum was not able to complete the blockchain transaction on time and at the same time, its fees were getting insane. The market was growing but investors were in a state of bewilderment.
These were some of the reasons why people in the crypto sector started looking for alternatives to Ethereum and today there are far better projects and blockchains in the market than Ethereum. Most of these projects still support the Ethereum blockchain but trying to break away in alternative markets.
The problem of Ethereum scaling side chains is getting better. The attempts to correct the problem have also been largely successful but there is a lot to be done. The Matic Network Coin had started working in this direction a little over two years before and is doing much better today.
But meanwhile, Binance brought its token BNB on its blockchain, which was earlier on the Ethereum blockchain, to the Binance Smart Chain. It started its own token as an alternative gas fee doing crypto mining as well.
If you look today, the use of Binance chains has been increasing at a very fast rate and it is becoming like a black hole where all the coins will fit. The founder of Binance, CZ, recently tweeted where he stated that Binance is doing 2x more transactions than the Ethereum network at the moment. Don’t be surprised if Binance takes everyone in its stride and Ethereum left behind like Nokia of the Crypto world.
This post is on Publishox
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