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Saturday, May 28, 2022

Doubts About Ethereum To Be The Best Blockchain To Form A DAO

The whole industry and community of cryptocurrency have chosen Ethereum as the best-decentralized application (DApps) that is based on blockchain. However, as per the report, competitors of Ethereum can handle the work pressure for decentralized autonomous organizations (DAOs). 

Ethereum, The Best Blockchain DApp In The Crypto Community

Chains of Ethereum Virtual Machine (EVM) are still working on their technical edge and transactions at a cheaper level policy and these will be the major factors for pulling more users. The compatibility of EVM helps a network by enabling them to utilize the security features of ETH. The compatible chains and ETH have DAOs that are greater in number as compared to other chains. 

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The ecosystem of Solana contains only 140 DAOs, whereas Ethereum’s count is nearly 4,200. As per the ecosystem tracker of Cardano Cube, Cardano has only 10 DAOs whereas, Polkadot Substrate contains only eight. However, in the last week, among the high-ranked DAOs, the most number of decisions are based on SOL as per the tracker of DAO known as DeepDAO. 

Ethereum is considered to be the most experienced and developed ecosystem in managing all DAO facets and tools required for initiation. However, it can soon change as more chains are developing and becoming popular. Moreover, one drawback of ETH is its costly gas fees.

Though Solana’s transaction charge is cheap and fast, still the tools and features that are required for support are less booming. Moreover, another weak point of Solana is its very infrequent network outages. In the views of Saro McKenna, the co-founder of the NFT game, Alien Worlds, stated ETH is very pricy for voting and was constructed with a motive of general-purpose blockchain. 

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The high price of gas fees was always an issue for the ETH, however, in March, its price decreased to its lowest value since last year’s August.

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