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Cardano and Ethereum are frequently compared because both networks provide similar services. Both the Ethereum and Cardano blockchains can be used for everyday tasks, such as running custom programming logic (smart contracts) and creating programs (decentralized applications).
Cardano
Cardano is a cryptocurrency and has its blockchain designed to handle various cryptocurrency-related financial transactions. The Cardano platform’s token is the cryptocurrency ADA. Many governments have been debating centralizing virtual coins for a long time, fearing that they would be used to fund wars and other crimes. To avoid this, Cardano is included in the data chain information secured uniquely. This preserves the privacy of electronic coin holders while also allowing for efficient contact with different systems.
The Cardano platform is a decentralized platform written in Haskell. Developers can regularly build and release new apps and smart contracts while ensuring that users’ personal information is kept safe and secure. The cryptocurrency first emerged in 2015, with three major companies as its founders: Cardano Foundation, IOHK, and Emurgo.
In the Cardano ecosystem, ADA tokens may be used to vote or stake. You can conveniently stake Cardano ADA for rewards in digital currency wallets like Exodus or Daedalus. Staking your ADA coin converts it into an ADA token, which can then be used to mine for ADA. You’ll be rewarded with a stake if you find any. As of May 2021, the Cardano price is hovering in the ₹130s. It has a circulating supply of 32.1 billion coins.
Ethereum
Ethereum is a blockchain-based framework for developing online services. A platform like this has a decentralized structure and runs on smart contracts. The proposal to build it first surfaced in 2013, but the project was only launched in the summer of 2015.
The platform was developed to integrate blockchain technology into various ventures, but it eventually evolved into a payment system. Ethereum captivated the attention of the world’s most powerful firms and corporations. As a result, Ethereum is a blockchain with its cryptocurrency, Ether. You may submit a virtual coin to anyone in any part of the world, and any of the country’s governments do not control the creation of Ether.
As of May 20201, the ETH price rate is in the ₹200k range. There are currently 116 million coins in circulation.
Cardano Ethereum Differences
Let’s check out how Cardano and Ethereum differ in various aspects.
- Differences in Speed
The Ethereum network can process about 20 transactions per second, which is faster than Bitcoin’s 7 transactions per second. The transaction speed is usually determined by the amount of gas (fees) you are willing to pay.
On the other hand, Cardano can handle over a thousand transactions per second, making it faster than Ethereum. There is a gap that indicates the network could accommodate 1 million TPS in the future. This platform is constantly upgrading its network to provide the best services possible. Cardano transactions take around an average of 5-10 minutes to process.
2. Scalability
The Ethereum network’s scalability has been a significant issue lately, with its blockchain experiencing several challenges on transaction times and costs. The Ethereum network surpassed 1 Terabyte way back in 2018, and it continues to expand at a rapid pace. Hundreds of small projects in ERC-20, ERC-721, and ERC-1155 for Defi and NFTs are now available on Ethereum.
Almost every blockchain network was designed to outperform the scalability of an extensive network such as Visa. However, many networks today are not scalable, including behemoths like Bitcoin and Ethereum. The platforms, for example, only process a few transactions per second.
On the other hand, Cardano is capable of super-fast transactions and can host multiple transactions at the same time. As a result, investors of all sizes can trade-in Cardano and profit from the platform’s features. Cardano offers more scalable transactions than Ethereum and many other blockchain protocols in the cryptocurrency sector.
3. Security Protocol
Even though the Ethereum network claims to be highly stable, Ethereum smart contracts can face some theoretical risks. Reentrancy attacks, gas cap flaws, basic logic bugs, and many other issues, to name a few. But since the Ethereum public blockchain is robust, it cannot be threatened with being outright prohibited. Since the network is stable in and of itself, security is not a significant concern.
Cardano adheres to policies that help protect the platforms from guaranteeing the platform’s security. The Cardano blockchain platform is decentralized in general, but claims strict adherence to regulations. This blockchain protocol has been using point-of-sale systems to protect itself from 51 percent attacks. But even then, in 2019, a Bitrue exchange attack resulted in the theft of some Cardano currency, and the Bitrue exchange transferred blame to Cardano’s vulnerabilities. However, because the allegations were unproven, it’s fair to assume that Cardano is a trustworthy network.
4. Blockchain Frameworks
The Ethereum network debuted with its Solidity programming language. The solidity programming language was beneficial in the creation of the Ethereum virtual machine. It was the first Turingsimultaneously complete implementation in the world. But since Ethereum is only a single-layer network, the network’s scalability is limited.
Cardano developers used the Haskell and Plutus programming languages. CSL and CCL, Cardano’s dual-layer system, handle services separately. Scalability, speed, expense, and reliability are all aided by this second layer.
Conclusion
When deciding whether to buy Cardano or buy Ethereum, know that both platforms bring a great deal of progress to the industry and work well together. Whichever you want to add to your portfolio, you can get those through the WazirX platform. WazirX is the best and most reliable cryptocurrency exchange in India and offers the best trading experience.
Further Reading:
What are the Differences Between Bitcoin and Ethereum?
What are the Differences Between Ripple (XRP) and Ethereum (ETH)?
What is the difference between Litecoin and Ethereum?
What is Ethereum 2.0? Is it different from Ethereum?
Top Reasons Ethereum Momentum is Accelerating
ETH 2.0 Beacon progress, what to expect next?
Ethereum price prediction: Will it hit $5000 in 2021?
Top Things to Keep in Mind While Buying or Selling Ethereum
What is the difference between Bitcoin, Ethereum, and Ripple?
Frequently Asked Questions
Is Cardano Dead?
The answer should be an obvious 'no,' especially when we consider Cardano's past price history and algorithmic predictions. The changing global financial system, major companies investing in crypto, and expanding worldwide use of crypto imply that the current market trend will eventually reverse. And although, it seems that it may take a while before Cardano retests its previous ATH.
How To Buy Cardano Ada In India?
To buy Cardano ADA in India, you can use crypto exchanges like WazirX.
How Many Cardano To Stake?
For staking, you require a minimum amount of tokens. Talking about Cardano, it's a minimum of 5.5 ADA. Considering ADA's price, this is a low barrier to entry. But, when we compare it to other Cryptos, you may require only one token of them as they may be expensive.
How To Buy Cardano?
Cardano's native token ADA can be brought from any licensed centralized or decentralised exchange after creating an account. ADA can be stored on the exchange or cold wallets
What Is Cardano Ada?
Cardano is a decentralized virtual digital asset based on blockchain, powered by Proof of Stake consensus mechanism. It is also promoted as a scalable alternative for building dApps. ADA is the native token of the Cardano blockchain and is used as a tr
How To Buy Cardano ADA?
Here are the common steps by which you can buy Cardano (ADA) coins in India at your trusted Crypto exchange, like WazirX.
- Select a trusted Crypto exchange, like WazirX, that supports Cardano coin.
- Create an account: You can create your account by providing personal information and complying with the KYC verification.
- Add funds to your account: Exchanges support various ways by which you can add funds to your account. You can do a bank transfer or a debit/ credit card.
- Buy Cardano (ADA): You can easily trade Cardano.
How High Can Cardano Go?
Cardano has the potential to reach great heights due to its unique features, such as its proof-of-stake consensus mechanism and strong community support. Its recent partnerships and collaborations also bode well for its future growth.
Should I Invest In Cardano?
Cardano has been one of the most dynamic and busiest virtual assets in the crypto world recently. Considering this, we can say that ADA can be a viable investment option. According to experts' predictions, Cardano can have a promising future in 2023. However, please remember that Cardano and other crypto assets are highly volatile. Hence, before investing in Cardano or any other crypto asset, conducting some research is a good idea.
Is Cardano A Good Investment?
Cardano is generally considered a safe investment. However, like all cryptos, the ADA coin is volatile and carries a high risk. However, the team behind Cardano is well-trusted and reputed in the blockchain community, with founder Charles Hoskinson being a co-founder of Ethereum. Additionally, as a Layer 1 project, ADA is its own coin on a separate blockchain, providing greater independence from other projects. Staking options are also available, allowing investors to earn passive rewards while holding their ADA in staking pools.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
