According to Kevin Rooke, who is a cryptocurrency researcher, 94% of the total blockchain-based projects are built on the Ethereum blockchain. According to him, the Ethereum community has more than 2,50,000 developers. As a result, if 94% of the total projects are done on Ethereum blockchain, this number will go up even further.
According to him, the number of developers in the Ethereum community is increasing. Moreover, the Ethereum development framework which was by the name of Truffle has been downloaded more than 0.5 million times. This clearly indicates that more and more developers are looking to use Ethereum in order to build their the blockchain-based products.
Can other decentralized blockchains compete?
Some of the largest cryptocurrencies like Tron are built on the Ethereum blockchain. This clearly indicates that most of the smaller projects but also the larger projects are built on Ethereum. This is one of the main reasons why it is gaining such a lot of traction. The market cap of Tron currently is $ 3.4 billion.
Similarly, when you take the case of Vechain, it is also built on the Ethereum blockchain. It has a market capitalization of $ 2 billion. Also, Ontology which has a market cap of $ 1 million is also built on the Ethereum blockchain. Thus, when you look at the total number of projects which are built on Ethereum blockchain, you will realize that there are quite a few. Not just the lesser known projects but also the most popular projects are also built on Ethereum.
On the other hand, when you look at the competitors of Ethereum like Neo, Cardano, Eos, you will realize that even though they have similar offerings but they are not able to gain such a lot of traction. In many of the cases, the offerings by these cryptocurrencies and blockchains are even better as compared to Ethereum. However, they are not able to gain traction.
They are consistently launching newer features as well. A case in point is a EOS. EOS is going to launch the main net in the next 48 hours. This will bring in more new functionalities to the blockchain. However, the traction is still missing.
It seems like Ethereum is far ahead as compared to the rivals when it comes to traction. With more and more developers using Ethereum, the functionalities of the network will even increase more. This is the reason why developers are sticking to Ethereum rather than looking at any other blockchain, not cryptocurrency. It remains to be seen whether any other cryptocurrency or blockchain is able to catch up with Ethereum in the very near future.