By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Sign In
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
  • Home
  • News
    • Cryptopedia
      • Blockchain News
      • Bitcoin News
      • Ethereum News
      • Altcoin News
    • Latest Metaverse & NFT News
      • Metaverse & NFT Games
      • Virtual Land
    • Exchanges News
    • Policy & Regulation
    • Web Stories
  • Press Release
    • Sponsored Article
    • Submit Press Release
  • Interviews
    • Opinion
  • Expert Alliance
    • About Expert Alliance
    • Expert Alliance Benefits
    • Experts List
    • Apply for Expert Alliance
  • Guide
    • NFT Review
    • Game Review
    • Submit NFT Project
  • Videos
  • Events
Search
  • Advertise with us
  • Media Kit
  • 365 Media Plan
  • Submit Press Release
  • Submit NFT Project
© 2022 NFTStudio24.com News Network. All Rights Reserved.
Reading: Is Ethereum the only blockchain with a mature Ecosystem for DAOs?
Share
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
Search
  • Home
  • News
    • Cryptopedia
    • Latest Metaverse & NFT News
    • Exchanges News
    • Policy & Regulation
    • Web Stories
  • Press Release
    • Sponsored Article
    • Submit Press Release
  • Interviews
    • Opinion
  • Expert Alliance
    • About Expert Alliance
    • Expert Alliance Benefits
    • Experts List
    • Apply for Expert Alliance
  • Guide
    • NFT Review
    • Game Review
    • Submit NFT Project
  • Videos
  • Events
Have an existing account? Sign In
Follow US
  • About us
  • Advertise with us
  • Media Kit
  • 365 Media Plan
  • Submit NFT Project
  • Careers
  • Contact us
  • Privacy Policy
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
  • Global
  • Japan
  • South Asia
  • Partners
  • Community
HOME > News > CRYPTOPEDIA > ALTCOINS NEWS > Is Ethereum the only blockchain with a mature Ecosystem for DAOs?
ALTCOINS NEWSNews

Is Ethereum the only blockchain with a mature Ecosystem for DAOs?

PR.Dept
Posted PR.Dept April 6, 2022 478 Views 3 Min Read
Updated 2023/01/25 at 9:18 PM
ethereum price, ethereum, ethereum blockchain, ethereum cryptocurrency, cryptocurrency, ethereum logo, logo
SHARE

The Crypto community picks Ethereum blockchain for DAOs due to its mature ecosystem. Is it really the only option we have to operate Decentralized Autonomous Organizations?

ethereum price, ethereum, ethereum blockchain, ethereum cryptocurrency, cryptocurrency, ethereum logo, logo

According to DAO tracker DeepDAO CEO Eyal Eithcowich, Ethereum is the only blockchain with a mature ecosystem in terms of tools for starting and managing all facets of DAOs. For Eyal, Ethereum is “the chain where the DAO movement started.”

Ethereum, primarily, operated for decentralized apps, but its universal features have given more options to form DAOs compared to other chains. The reason is simple: a mature ecosystem.

There might be other chains like Solana and Cardano with a good ecosystem, nevertheless, they don’t meet the same criteria as Ethereum’s, marking its dominance in the market.

Currently, Ethereum holds 4,200 DAOs and protocols in its chain, while Solana has only 140 and Cardano has 10 DAOs in their ecosystem. This shows the huge competition gap between the chains.

Although there are shortcomings when it comes to Ethereum, for example, the high fee, many DAOs still choose Ethereum for its practicality and more tool options that other chains might not offer. Solana offers less gas fee, but the ecosystem is nowhere near Ethereum’s quality.

Saro McKenna picks EOSIO as a better option for forming DAOs. The ecosystem might not be up-to-notch; however, the no gas fee facility is much more affordable for DAOs.

For her, the EOSIO codebase is extremely powerful as it allows dynamic collection election mechanisms and layered multisig permissions essential for the functioning of DAOs.

Despite the EOS’s powerful mechanism, crypto analysts believe it is still not enough to satisfy DAOs’ conditions. People chose to not build DAOs with EOS due to various shortcomings.

Koinos Andrew Levine, CEO of a blockchain consulting firm, says,

“The EOS database is built on something called ‘memory-mapped files,’ another vestige of the Steem design, an important consequence of which is that it is designed to use the most expensive form of storage possible: random-access memory.”

Furthermore, EOS blockchain charges an account creation fee if not the gas fee.

While many complain about Ethereum’s high gas price, the fee lessened since last August; the Ethereum users experienced lower rates for gas fees in March.

For the crypto community, Ethereum’s ecosystem is more risk-free and easier to navigate, which is why it is the best option in the market.

According to Eyal Eithcowich, this mindset might change as other chains grow in popularity in the upcoming years.

Sign Up For Daily NFT Drops

Don't miss the next NFT drops!!!
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article EOS price, EOS network, EOS, EOS blockchain, EOS cryptocurrency, cryptocurrency, EOS logo, logo From Raising $4.1 Billion, Sudden Downfall, to ENF Take Over: The Resurrection of EOS Network
Next Article polygon crypto, poly, polygon, polygon logo, logo, polygon coin, Coin Bureau, Coin Bureau and Polygon Polygon’s MATIC Might Face a Potential Decline – Says Coin Bureau
Leave a comment

Leave a Reply

You must be logged in to post a comment.

Don’t miss the NFT Drops! Sign up Now

I have read and agree to the terms & conditions

Latest News

DeFi protocol DefiLlama has resolved its internal conflicts 1
DeFi protocol DefiLlama has resolved its internal conflicts
CRYPTOPEDIA News WEB3 March 21, 2023
Crypto Fear and Greed Index has reached its highest level
Crypto Fear and Greed Index has reached its highest level
BITCOIN NEWS News March 21, 2023
Project AI Powered Trading Platform Accused of Draining 1M from Users
Project ‘AI-Powered’ Trading Platform Accused of Draining $1M from Users
AI BLOCKCHAIN NEWS News March 20, 2023
Join us
Ad imageAd image

You Might also Like

DeFi protocol DefiLlama has resolved its internal conflicts 1
CRYPTOPEDIANewsWEB3

DeFi protocol DefiLlama has resolved its internal conflicts

March 21, 2023
Crypto Fear and Greed Index has reached its highest level
BITCOIN NEWSNews

Crypto Fear and Greed Index has reached its highest level

March 21, 2023
Project AI Powered Trading Platform Accused of Draining 1M from Users
AIBLOCKCHAIN NEWSNews

Project ‘AI-Powered’ Trading Platform Accused of Draining $1M from Users

March 20, 2023
New York allows Binance Voyager deal to proceed without holdings
EXCHANGESNews

New York Judge allows Binance-Voyager deal to proceed without holdings

March 17, 2023
//

NFTStudio24 delivers the latest NFT news to its global audience. We are committed to reporting mainstream and emerging talent via exclusive press releases, podcast interviews, NFT rankings, and much more.

GET IN TOUCH

  • About us
  • Advertise with us
  • Media Kit
  • 365 Media Plan
  • Submit NFT Project
  • Careers
  • Contact us
  • Privacy Policy

Experts Alliance

  • Experts Alliance
  • About Alliance
  • Alliance Benefits
  • Membership requirements
  • Apply Alliance
//

Subscribe to our newsletter to get our newest articles instantly!

I have read and agree to the terms & conditions
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
Follow US

© 2022 NFTStudio24.com News Network. All Rights Reserved.

Removed from reading list

Undo
Join us metaverse Join us metaverse
Welcome Back!

Sign in to your account

Register Lost your password?