Kraken Report Puts Cardano Above Ethereum and Other Competitors
The report compares Ethereum (ETH), the largest smart contract platform, and Cardano (ADA), dubbed the “Ethereum killer,” the largest proof-of-stake (PoS) blockchain. Kraken puts Ethereum and Cardano side by side Kraken be aware that Cardano blockchain is designed in...
The report compares Ethereum (ETH), the largest smart contract platform, and Cardano (ADA), dubbed the “Ethereum killer,” the largest proof-of-stake (PoS) blockchain.
Kraken puts Ethereum and Cardano side by side
Kraken be aware that Cardano blockchain is designed in a way that promotes its own ADA coin. It also enables developers to securely build DApps (decentralized applications). Ethereum, on the other hand, is built as a sort of operating system for any number of custom assets and programs.
The exchange points out that Ethereum was launched in 2013, and the software went live in 2015. While Cardano was even born two years after ETH in 2017, it has gained the prestige and market share of Ethereum.
The exchange further writes that Cardano got its initial investment by selling 26 billion tokens to investors.
“At the time of launch, approximately 31 billion ADA were created. Of this, nearly $26 billion was sold to investors by a Japanese company hired to manage the sale. Participants were able to purchase vouchers that could later be exchanged for ADA upon software release.”
Kraken points to a key feature of Cardano that sets the crypto apart from its competitors, especially Ethereum. The crypto exchange emphasized that unlike other projects, Cardano is being released in phases. They said the following:
“Cardano is being released in phases and has undergone 5 major platform upgrades since 2017. Among these were Byron, which first enabled portability for ADA cryptocurrency, and Voltaire, which introduced a new model for how users could fund development for software changes.”
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‘Cardano has a research-driven design approach’
“Cardano differs from other blockchain projects by emphasizing a research-driven approach to design. This one is aimed at achieving an academic rigor that he believes will drive adoption of his technology. While Cardano may not promise any new groundbreaking features, users and developers may find that the cryptocurrency offers attractive optimizations based on scientific research and formal verification, a process by which the code is verified mathematically.“
Cardano has beaten Ethereum in terms of transaction volume in the last 24 hours. For example, Cardano has processed approximately $4.02 billion in the past 24 hours and ETH has processed approximately $2.41 billion. Also, Cardano users paid “only” $63,255 in transaction fees compared to Ethereum’s $25.44 million.
The increase in activity on the Cardano blockchain requires an increase in network capacity. Cardano’s Input-Output Global wants to improve Cardano’s smart contracts platform, Plutus scalability, to realize this increase in network capacity.
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