What Cardano (ADA) Is Doing To Gain A Competitive Advantage Over Ethereum (ETH)?
Cardano (ADA) was launched in September 2017 and mostly ran unnoticed by most cryptocurrency traders until its price rallied with an appreciation of over 1,000 percent within weeks.
Although Cardano is currently the fifth cryptocurrency coin with the largest market capitalization, its price has seen a correction over the past few weeks dipping from its previous late 2017 and early January mark of $1 to its current price below $0.6 per ADA.
Who Is Backing Cardano (ADA)
Firstly, Cardano boasts of being the only decentralized public Blockchain and cryptocurrency program built from scratch as well as being based on scientific philosophy.
Basically, the Cardano team is in the process of working on a smart contract platform that will deliver advanced features than existing solutions. Furthermore, Cardano also claims to be among the first to build a Blockchain platform based on the Haskell programming language (one of the highly advanced and secure programming languages available).
Cardano began way back in 2015 as a cryptocurrency that focuses on building sustainability in the world of cryptocurrency. Founded by Charles Hoskinson who is also a co-founder of Ethereum and a CEO at IOHK, the project is led by the Cardano foundation which is a nonprofit organization foreseeing the development of the project.
Although Cardano’s ICO already happened in 2015 with over 90 percent of its investors coming from Japan at the time such that ADA got to be referred to as the Ethereum of Japan in crypto circles.
The organization currently also partnered with universities (Lancaster University) and companies (Emurgo) that enable the actualization of its setting up a peer to peer review Blockchain platform based on scientific philosophy for the benefit of users of the platform.
What advantages does Cardano (ADA) have over Ethereum?
There is no doubt that Cardano coin is set to bring about significant improvements in the crypto world. However, one of its biggest competitors is Ethereum (boasts of being the most popular ecosystem in the crypto space.
Cardano (ADA)’s Salient Features
- Security: when it comes to security Cardano boasts of the Ourobus protocol which is a proof-of-stake algorithm that features better Blockchain security when compared to Ethereum’s. Furthermore, Cardano is built on Haskell (arguably more secure programming language).
- The Cardano (ADA) wallet: Cardano boasts of the Daedalus wallet that does not only provide secure storage but is also set to offer more support that will allow for cross chain wallet transactions among other developments including a Debit card.
- Cardano’s two-layer system: Basically the Cardano platform comes with the Cardano Settlement layer (CSL) and the Cardano Computer layer (CCL). This presents a means through which changes can be made on the platform without the need for a fork as it has been the case with Bitcoin and Ethereum.
To some crypto enthusiasts, Cardano (ADA) might seem to have just appeared in the crypto scene from thin air, however, this peer-to-peer open-source Blockchain project is currently developing beyond the ADA cryptocurrency.
The Cardano development team is looking at a long terms view that includes the integration of cryptocurrencies into mobile platforms among many other developments. In the end, the ADA team hopes to deliver services that solve major problems being faced by the top cryptocurrencies.
Whether this gives it a competitive advantage against Ethereum is unknown but ADA is definitely a must watch in 2018.