Cardano Vs. Ethereum - Competition
Ethereum and Cardano are two big names in the crypto world. Over the past 12 months, both Ethereum and Cardano have experienced a meteoric rise in their value. Ethereum soared to about 700%, during the same period Cardano has seen a remarkable growth of 2350%. The cryptocurrency market capitalization as a whole has skyrocketed as well. We are indeed in unprecedented times.
What to expect from this article:
- Why we need healthy competition between Cardano and Ethereum.
- Cardano vs. Ethereum.
- Top 3 exchanges how to buy Crypto.
TL;DR, Ethereum and Cardano will both be forced to innovate and improve based on their competitors weaknesses. Cardano has considerably lower fees, Ethereum has high fees. Ethereum has huge dApp ecosystem, Cardano very small ecosystem. Asking for one of these cryptocurrencies to die is shooting yourself in the foot. The best case scenario for us is the coexistence of both the two crypto giants. Top 3 exchanges to buy cryptocurrency.
WHAT YOU GET FROM HEALTHY COMPETITION
Ethereum and Cardano are much like the rivals of the cryptocurrency world. They are compared with each other because of the similar offerings that are being provided by these technologies. There seems to be a heated battle about which one is better on the internet. It is frequently talked about that "we need an ETH killer" and "Cardano will never run any dApps."
We need to rethink these behaviors. Here is my reasoning, competition leads to innovation. Innovation creates a best-case scenario where the end product is of much higher quality. ADA and ETH holders both want their beloved cryptocurrency to succeed.
Healthy competition is always welcome in the market. The easiest way to point this out is with the $500 to $1,000 phone sitting in your hand as you read this. iPhone and Android have changed how we get information. Anything is literally at the tip of our fingers because of the innovation from the competition.
The very first smartphone pales in comparison to what we can do today with our smartphones. Once the two dominating phone operating systems were released, there became a heated battle with who would have more end users. This forced Apple and Google to innovate and improve the user experience.
The main point that I'd like to get across with this article is that Cardano and Ethereum will be forced to innovate and improve more because of their competition. Asking for one of them to die off so your preferred cryptocurrency will prevail is shooting yourself in the foot.
We ought to be cheering from the sidelines when one cryptocurrency releases something the other doesn't have. Competition means that you'll likely get that service as well and possibly get a better version.
Cardano has considerably lower fees for transactions versus Ethereums, often astronomical gas fees. Take a guess at what Ethereum is going to do about that? Ethereum 2.0. The goal with Ethereum 2.0 is to swap their whole base layer and shift to a more efficient platform and less expensive gas fee (pardon me for oversimplifying this).
Do you imagine that there is a small or a large fire under Vitaliks derriere to get Ethereum 2.0 released? Now that Cardano has a cheaper, more efficient network to run its ecosystem, you can bet your bottom dollar he is pushing to get this done faster.
On the flip side, Cardano doesn't have a large ecosystem of dApps running on its network right now. They are racing and pushing developers to build out the ecosystem so that Cardano can compete with Ethereum.
The fact of the matter is that we are to a point now where the two giants of smart contracts have shown their face and proven their place in the cryptocurrency world. We now have the opportunity to get into the trenches and see some explosive growth between the two companies.
In everyone's defense, we all get pretty fanatical about our life passions. The battle of Andriod versus iPhone has been a fantastic experience for me because I have such a great experience with my phone today. I know that this same thing will happen with cryptocurrency as Cardano and Ethereum duke it out to obtain the most end users.
The best-case scenario for us is the coexistence and striving for excellence of these two giants. Competition makes a better end product. I hate saying this because saying "wE arE StIlL eArlY" is overused, but the fact is, we are. Smart contracts were only released in 2015 by Ethereum.
Going back to my previous analogy with smartphones, the first smartphone was released in 1994. The version of smartphone we had in 2000 was still nothing to write home about, considering where we are now. We are only six years into smart contracts today. The way we do business completely change 20 years from now, thanks to smart contracts and competition will fuel the smart contract innovation.
COMPARING THE COMPETITION
There are some comparisons that the experts are making about ETH and ADA. The principal feature of the competition is the raison d'etre of their creation. Ethereum was created as a global open-source platform with the intention of it becoming the usual place for holding custom assets and a place offering new kinds of economic applications.
You may not know this, but the founder of Cardano (Charles Hoskinson) was a co-founder of Ethereum. It is important to note, especially because Charles knows some of the base layer flaws and difficulties that Ethereum has. This gives a slight leg up for Cardano as he created the cryptocurrency to be more effective based on his previous crypto experience.
Cardano's primary focus is upon the transactions powered by its cryptocurrency ADA. It also focuses on allowing developers to build secure as well as decentralized applications that would be powered by Cardano. The major problem is that Cardano is "late" to the game and has to make up for 6 years of lost time developing dApps.
The one aspect that makes Cardano unique from all the other blockchain projects is its emphasis on a research-based approach to designing. Cardano is ambitious to propel academic excellence in developing and adopting futuristic technology. However, Ethereum remains the most ambitious and fearless warrior in the cryptocurrency world. It seeks to optimize the use of blockchain technology and is working towards decentralizing products and services.
The advantages of Ethereum are many. Starting from Ethereum being versatile even than the mighty Bitcoin, it also possesses a native token named Ether. Ethereum has smart contracts and decentralized applications to back the token up. Bitcoin is mainly used as a store of wealth.
Cardano and Ethereum have many similarities. That is because Cardano was created by one of the co-founders of Ethereum. Like Ethereum, Cardano launched its smart contracts on September 12 that would give a major push to the crypto.
One major plus that Cardano has over Ethereum is that the former is an environmentally friendly technology. It also is a faster technology than Ethereum. Cardano is new to the market. It has claimed the third spot in market capitalization, and I believe it is there to stay.
Both Ethereum and Cardano make the crypto scene competitive. ADA and ETH users should learn to coexist and compete. In that way only, both Cardano and Ethereum will strive to make better end-user products for me and you.
Now that we've laid that to rest, let's get into where to buy crypto if you haven't yet. One option is to sign up just for the bonuses, which will get you some free crypto.
WHERE TO BUY CRYPTO - SIGN UP BONUSES
If you are interested in buying cryptocurrency, here are my top 3 cryptocurrency exchanges. When I first started, I didn't know how to invest into crypto. If you are in the same boat, here is a great place to start. Where to buy crypto was one of my first main questions.
Coinbase is the most popular and one of the best cryptocurrency exchanges as you can invest directly with USD from your bank account. You can currently purchase Bitcoin, Ethereum, Cardano, and about 30 other coins and tokens on their platform.
Coinbase offers a way to learn about crypto and be rewarded with cryptocurrency as you learn. Who doesn't want free crypto? The only thing is that they reward you with crypto you may not like, but it is simple to convert it to your preferred cryptocurrency.
Start using the base application to invest into crypto as you start. Then once you get comfortable, you should shift to the Coinbase pro application as the fees are lower. If you're looking for a place where to buy crypto, coinbase is a wonderful place to start.
If you want to invest in crypto using Coinbase use this link: Coinbase Sign up bonus
BlockFi is a cryptocurrency investment platform that allows you to lend and earn interest on your holdings. Also, instead of selling your coins and tokens, you can borrow against your holdings.
If you're only looking to hold your tokens, you can earn interest for leaving your holdings with BlockFi. If you're looking for a place where to buy crypto, BlockFi is a great option, especially if you want to earn interest on your cryptocurrency.
Bonus Offer: Get up to a $250 bonus when you make a $25 deposit and maintain it for the specified period, see in the sign-up details.
If you want to invest in crypto using BlockFi use this link: BlockFi sign up bonus
Leave a comment