In an earlier article, Ethereum World News had stated that Ripple (XRP) had revived the Codius project simply because it was the same guys working on the project. However, Stefan Thomas, the former Chief Technology Officer at Ripple, now runs Coil and is the man behind the revival of the Codius Smart Contract project and not as earlier indicated. Ethereum World News wanted to update its readers on this update and correction.
This announcement by Stefan, adds Codius to the budding list of Smart Contract platforms that aim to solve issues experienced on the Ethereum platform such as scaling, congestion on the network, security vulnerabilities and high ‘gas’ fees for transactions.
Which MainNets are the existing Competition for Ethereum?
Ethereum World News, with the continual assistance of its online community, has been closely tracking the MainNet platforms that have launched or are planning on launching their own blockchains this year. In the initially tally of 8 projects, the Nuls (NULS) MainNet had been left out but the Reddit community was quick to point out that it too had a MainNet launchde.
Therefore, below is a list of each of these projects battling it out with Ethereum and the launch dates of their MainNet versions:
- Tron (TRX) – 31st May
- EOS (EOS) – 2nd June
- Zilliqa (ZIL) – Q3
- VeChain (VEN) – late June
- Cardano (ADA) – September 2017, what is left is decentralization
- Oyster Pearls (PRL) – 29th May
- Ontology (ONT) – Yet to be announced date in June
- Aeternity (AE) – late July or early August
- Nuls (NULS) – 31st May
Three of these projects have been unofficially baptized as possible Ethereum Killers by the online crypto community. These are the projects of Tron, EOS and Zilliqa. All three are unique in their own respects and solve real life problems experienced on the first-in-market Ethereum Platform.
Also to note, is that the above 9 do not exhaust all the projects launching MainNet platforms in the Crypto-verse this year. With the reentry of Codius, the smart contracts arena has changed completely.
How has the game changed and will Codius be the True Ethereum Killer?
Firstly, Codius aims to use Interledger to facilitate interoperability between blockchain platforms. This capability by any one project was always a topic of discussion but never a reality. Codius plans on doing just that. No more silo barriers on the blockchain.
Secondly, Codius somewhat automatically gets the support of the Ripple community: from developers, social media fans, HODLers and Traders. Ripple has proved to being the cryptocurrency choice for lots of traders and institutions such as SBI Holdings that recently launched an XRP centered Cryptocurrency exchange known as SBI Virtual Currencies or simply VCTRADE. This support is sure to be transferred to Stefan, Coil and Codius.
Thirdly, and with the aforementioned community support, XRP could eclipse Ethereum in the cryptocurrency markets. Current market analysis indicate that the difference in market capitalization between the two coins is $33.963 Billion. XRP need only be valued at $1.54 to edge out ETH from the number 2 spot using current market values.
Fourthly, Coil – the company now working on Codius – plans on monetizing the web and will use this smart contract platform to achieve just that. This means Codius can be used by both by the blockchain community as well as that of the internet. The idea behind coil is to use micropayments to support content creators rather than the currently broken ad-supported web that relies on page views or what is famously known as ‘hits;. Coil will enhance the web in a manner where everybody can compensate and support one another. This will include curators, subscription services, content creators and the users.
In conclusion, the revival of Codius by Coil, brings in an unknown variable to the discussion of the Smart Contract dominance that has been held by Ethereum for a very long time. What then can be advised, is a go-with-the-flow approach in this whole arena of Smart Contracts. All the platforms have their own strengths and weaknesses that will be revealed with time.
[Photo source, medium.com/coil]