Is Cardano Really Ethereum Killer?
Cardano is one of the most trusted cryptocurrencies in the crypto community with lasting staying power. Cardano (ADA) currently ranks 4th in terms of market capitalization. It has been in the top ten rankings since its launch in 2015. But we all know that the landscape is volatile and things can change quickly.
Cardano (ADA): Coin Or Token?
Cardano has a lot of good things going for it that’s why the crypto community is very confident about its future. First of all, it’s technologically superior to many of its peers, plus it also has a strong and quality community backing it up.
ADA is the digital currency associated with the Cardano platform. Input-Output Hong Kong is the research lab behind Cardano. Cardano development teams mainly consist of academics and scientists. Their main focus is on decentralization and other financial challenges around it. The Cardano Foundation and EMURGO along with Input Output Hong Kong govern Cardano.
ADA coin is the name of the cryptocurrency that is used on the Cardano platform. ADA tokens can also be used in the Cardano systems to vote or stake. Recently Graph Blockchain Inc. invested 300K USD into Cardano for staking the ADA coin. Staking is also quite popular among other altcoin investors.
Why Cardano Could Replace Ethereum?
Just like Ethereum and Polkadot, Cardano is a smart contract platform. But Cardano is much ahead of Ethereum when it comes to speed and also supports a fee-free transaction set up which generates a lot of confidence among Cardano supporters who believe that Cardano will eventually displace Ethereum.
In the past year, the value of Ethereum has soared high and generated a lot of interest in high-profile institutions. Apart from this Ethereum is also killing it in the area of NFT and DeFi projects. However, Ethereum is expensive to use and its transaction completion takes time. Cardano, due to its efficient and lightweight design is looking to beat Ethereum in both departments.
Recently Cardano undertook a major update named “Mary” which brought it closer to Ethereum. This upgrade is transitioning the Cardano ledger which will change its capability from simply holding ADA on its blockchain to allowing multiple tokens to be created and exchanged. This will help Cardano in supporting stablecoins and users to create NFTs.
ADA’s price witnessed an enormous growth of more than 2,800% in a year. With every passing day, ADA is getting more accessible to trade. Coinbase began trading Cardano(ADA) in mid-March, which really helped the popularity of the ADA.
In short, Cardano is a blockchain system with a low fee. It aims to provide a balanced and sustainable ecosystem. So Cardano’s ADA is definitely going to remain popular among crypto love and put a tough competition for Ethereum.