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Orchid, a cryptocurrency recently listed on Coinbase has highlighted some factors it considered before choosing Ethereum blockchain.
The blockchain protocol made this revelation not long after Vertalo, an Austin-based transfer agent, made known that it is moving from Ethereum to Tezos.
The transfer agent surprised its investors by saying it would transfer all its tokens to the Tezos blockchain.
Behind Vertalo’s Decision to Move Over to Tezos from Ethereum
As revealed, Vertalo executives highlighted the beneficial characteristics of the Tezos blockchain over Ethereum.
The executives discovered that Tezos offers more flexibility than the chief of smart contract, Ethereum. Though Vertalo, which aims to tokenize the real estate, is moving its token to Tezos, it will still keep on supporting their ERC-20 tokens.
Dave Hendricks, CEO of Vertalo, who spoke on the sudden changes, said the firm was impressed by the simplicity of the Tezos blockchain, giving it the strength to simplify its tokenization processes completely.
The unmatched functionality of Tezos gives Vertalo the stand to “cover 99 percent of the security token and smart contract landscape” without hindrance.
On Twitter David Hendricks said Tezos is a proof-of-stake (PoS) blockchain, indicating that it utilizes lesser energy compared to its Proof-of-work counterparts like Ethereum or Bitcoin.
Orchid Says Ethereum is Better Off
Not long after the decision of Vertalo became widespread, Orchid Protocol took time to highlight the importance of Ethereum over others.
Orchid said when it started to design its privacy network, the team faced some though fundamental decisions selecting which blockchain Layer 1 platform to build on.
Understanding that there is no perfect system or solution, Orchid selected Ethereum been the “best blockchain for us to execute our vision of a decentralized VPN service.”
According to Orchid, Ethereum is the biggest blockchain with more than 2,700 dapps at the moment.
The protocol, which said the total dapps across blockchain protocol equals 3,292, also posited that EOS supports just 320. As well, Orchid noted that Ethereum is the second-largest cryptocurrency by market capitalization.
In the analysis, Orchid said Ethereum also has a passionate community with increasing number of developers every year.
“There are four times as many developers working on Ethereum as there are on any other protocol,” says Orchid.
Attesting to the common criticism that Ethereum network is slow, Orchid says the expected launch of Ethereum 2.0 will bring superior scalability to the network, and could make Orchid scale much further “to billions of transactions per second”.