Will Cardano be the One Who Slays the Ethereum Beast?

By June 22, 2020Ethereum
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Cardano, the open-source and decentralized blockchain project with its own cryptocoin (ADA), was released 5 years ago, and it has now entered an essential part of its roadmap: The Shelley Era.

Shelley’s release is a fundamental aspect of Cardano’s roadmap toward full decentralization with the inclusion delegation, incentive schemes, increased energy efficiency, secure consensus, hard fork combinator, and other features.

The David VS Goliath Situation

With the blockchain market dominated by the Ethereum platform and its token Ether, which has a $26.3 billion market capitalization, it is difficult for many people to see Cardano as the horse worth betting on.

There are many reasons to believe this could be a David Vs Goliath situation, as the challenger might still have a big chance to get its fair share in the industry since there are plenty of possible applications, uses and advantages in the Cardano platform.

With Ethereum also moving to a new stage in its development (Ethereum 2.0) and shifting from proof-of-work to proof-of-stake, there are plenty of questions that need to be answered before deciding which of the two platforms will be the to-go option for investors and developers.

The Shelley Era is Here and the Market Noticed

Since May 25, ADA has seen its value increase by more than 50% with a current value of $0.080, transaction volume of $288,237,519 in the last 24 hours, and market capital of $2,462,189,176. This makes Cardano the 8th coin by capitalization at this time.

These numbers might not sound important when compared to other cryptocurrencies but they come at a time where only 2 of the top 10 cryptocurrencies are on the green, the other one being Tether. Tether has also seen an increase reaching an all-time high, which seems to be related to the distribution of Compound tokens.

The behavior observed for Tether in recent days is the result of a variety of factors resulting in an increase in user’s trust and market adoption, which are not all related to the Stablecoin. On the other hand, Cardano’s behavior can be attributed practically only to its announcement, which suggests interest in the incoming changes.

Cardano’s Founder is Optimist About the Platforms Future

Charles Hoskinson, Cardano’s Founder, recently expressed some of the expectations for the new era in an interview with Messari. In this interview, he mentioned that “Haskell developers aren’t JavaScript kitties but serious professionals with PhDs with over 25 years of experience working for the financial sector” when talking about his team.

Hoskinson is confident that its developers and approach to blockchain will be key to the success of the platform in the future, with the use of Haskell providing a reduction in the amount of code needed, scalability, connectivity for businesses and ease in adaption.

“I don’t have to go and tell everybody that we are gonna overcome the great Ethereum Beast I just let them do their thing let them prove that they actually are as big as they say”, added Hoskinson referring to the platform he co-founded.

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