Cardano is one of the few L1 blockchains that refuse to compromise their other attributes in favor of scalability. And like ETH, it takes no shortcuts, has a similar grand vision for the future, and is supported by a vast, loyal community. But is it taking too long?
Brief History of Cardano and Ethereum
Cardano vs Ethereum
With such a massive gap in network valuation, can Cardano truly be the Ethereum killer its proponents convey it to be? Let’s compare the different aspects of both protocols.
See more: Cardano and ethereum
Cardano’s development model, on the other hand, prefers the “get it right the first time” approach, which relies on academic research, peer-review, and formal verification.
Academic research — a systematic approach to building a blockchain and finding solutions
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Peer review — all its codes are reviewed by panels of experts in the field before deployment
Formal verification — all its software is mathematically verified, leaving no room for guesswork and ensuring the correctness of software behavior
Cardano focuses on its three-pillar principles of scalability, interoperability, and sustainability in order to run real-world mission-critical dApps. This tortoise approach has worked out well for Cardano as evident by the large community and user base it has amassed in the last six years. However, this rigorous method has also caused development to lag behind other protocols, so much so that it took about six years to enable Cardano smart contracts after its founding date.
PoS is ultimately the better alternative for smart contract blockchains, which makes ADA ahead of ETH in this aspect. However, Ethereum is already in transition to the PoS-based ETH 2.0 and is anticipated to complete its merge sometime in 2022. Until then, ADA’s PoS system remains on top of ETH’s PoW.
Cardano’s eUTXO model is purported to simplify smart contracts and allow builders to create applications with less effort compared to Ethereum.
Although it has some shortcomings, at least we know Ethereum works. Until we see a significant amount of dapps running on Cardano, ETH is the clear winner in terms of smart contract capabilities.
For now, we have to wait and see which protocol delivers first.
Is Cardano Truly an Ethereum Killer?
No, the honest truth is that Cardano cannot be considered an Ethereum killer just yet since ETH is very much alive and still the dominant L1 in crypto. Also, Cardano is falling behind surging competitors like Solana, who’s recording rapid adoption in recent months. However, ADA has certainly captured a significant portion of ETH’s market share. Regardless, both platforms have room for growth in this bull run.
It is difficult to determine if ADA can ever surpass ETH’s market cap, let alone “kill” it. While ADA’s architecture and development approach appears to be fundamentally sound, it still has a lot to prove in terms of smart contract functionality. Another factor to note is that Cardano upgrades will take ages since each of them is thoroughly processed and reviewed before being rolled out. Ethereum is no different, which means that it might take time to get our answer.
Still, Ethereum is still top of the smart chain for a reason. If you’re an ETH holder waiting nervously as Ethereum trundles along its path to 2.0, this classic Christopher Walken monologue might bring some relief and inspiration.
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