If you’re new to crypto, the more obscure altcoins might not be top on your list of priorities. Still, Cardano is hardly niche – and it’s worth knowing about. It’s slowly been making its way up through the ranks and has recently garnered a lot of attention. Let’s take a look at how Cardano is the one coin that can compete with Bitcoin and Ethereum.
How is Cardano different from Bitcoin and Ethereum?
Bitcoin is a decentralized peer-to-peer network that runs on a Proof-of-Work blockchain. Ethereum was built as a blockchain platform, but it can produce its tokens and host smart contracts.
Comparatively, Cardano mixes these two concepts in its blockchain-led smart contracts network. The coin has a hell of a lot of potential, and could even become one of the leading cryptocurrencies.
Cardano was designed as a way to fulfill financial processes, as well as transactions. It uses smart contracts in its blockchain, so it can also be used to run dApps.
However, what makes it really unique is that it runs on a two-layer system. So, whenever the network goes through an upgrade, it does not need major adjustments or a reboot – this allows for regular maintenance without disruption.
ADA functions on a different level, which ensures that both the blockchain and coin are totally secure and perform well.
Cardano’s native coin, ADA, is fully equipped to fulfill transactions through the use of cryptography, but both ADA and Cardano seem to be surpassing crypto.
How Cardano combines the best of Bitcoin and Ethereum
Cardano was made with features from both Bitcoin (original) and Ethereum (2nd gen), which ultimately makes it a third-generation coin. Cardano developers didn’t just rely on that to get them through either. Instead of building off a whitepaper, they first discovered ways to innovate, combining design, engineering, and philosophy to build the blockchain.
Here are some of Cardano’s best practices:
- A highly skilled team of researchers and developers, from a diverse background
- A two-layer system, which separates ADA and Smart Contracts
- Continuous network upgrades and software changes
- Looking at the blockchain’s development through the lens of social commerce
- Cardano values academia, relying on peer-reviewed research
- Accessibility is key, so it can be accessed via Mobile
- “Post-deployed” systems can be included in the network
- The network is decentralized monetarily
Cardano combines the best of the two blockchains and then improves on them both. That’s ultimately why Cardano is the one coin that can compete with Bitcoin and Ethereum. If you want to trade ADA, check out eToro – the world’s leading social trading platform.
Cardano can actually compete with Bitcoin and Ethereum
Now that we’ve looked at why Cardano is the one coin that can compete with Bitcoin and Ethereum, it’s clear that this network is something special. It’s a third-generation coin, which means that it draws inspiration from two generations of coins before it – and that’s what makes it so efficient. With truly unique properties, Cardano is unlike any other coin out there – so it could be worth investing in. With more interest circulating it, Cardano has become a recent hot topic in the industry.