Is Cardano an Eth Killer?
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The Smart contract protocols are now a bedrock of cryptocurrency and crucial for the development of Web 3.0. The mainstay and OG in this space is obviously Ethereum. Now there are more projects who have been dubbed “Ethereum Killer” than one could count but one such project may turn out to be making a significant claim to either steal the crown from ETH or at least accrue a large portion of the “protocol pie.”
What is Cardano
Cardano (ADA) is an open-source, decentralized blockchain platform founded by ex-Ethereum founder, Charles Hoskinson to, like Ethereum, allow developers to build smart contracts, and in turn, create decentralized applications and protocols.
Like Eth, but different.
Cardano through its proof of stake hopes to solve Bitcoin’s issue with transaction speed and Ethereum’s problem with scalability by, like Ethereum 2.0, utilizing the proof of stake model. Unlike Eth, Cardano has been paving the wave for proof of stake research and implementation since its inception. IOHK Media, the blockchain engineering company behind Cardano has published over 100 papers on the subjects of proof of stake and cryptocurrency in general showing their commitment to the success of the technology.
Momentum
Hoskinson announced that Cardano, which is still very much in its early stages in terms of utilization vs. competitors, will have smart contract capabilities arriving on the platform within 90 days. If successful, transaction fees for Cardano would be a matter of cents vs. tens and hundreds of dollars on Ethereum for a similar transaction. Cardano has achieved numerous partnerships with the likes of Runtime Verification, IBM, and the country of Ethiopia.
To continue this momentum and grow the number of projects on the platform, Cardano must continue its push to grow the protocol and the announcement of smart contracts is a critical step in that. Cardano’s journey to the crypto mainstream will also face a few challenges namely its inconsistent development timeline as well as the launch of Eth 2.0
Challenges
Cardano’s advantage over Ethereum is the success of its proof of stake system, however, much of the Cardano network is still under development. If they are unable to grow the platform and allow Eth 2.0 to launch without having a functional ecosystem of their own then they could rapidly lose their advantage.