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Is Ethereum’s position in the market threatened by Cardano?
On a personal youtube channel with more than 253,000 followers, prominent cryptocurrency analyst Lark Davis looked at the growth potential of Cardano and Ethereum in the future.
Davis delves into the pros and cons of each platform.
The first is Ethereum, the analyst said:
“Of course, this is the leading name Altcoin, Ethereum has a huge and diverse ecosystem… Ethereum is maintained by the largest decentralized development community in the blockchain space. At the moment, before other smart contract platforms, in my opinion no one has the ability to intimidate Ethereum in this field … it is number one “
“However, Ethereum is currently experiencing many scalability problems, the upgrades on the Ethereum network are buggy and need improvement. In the past few years no significant upgrades have actually been made to the Ethereum network, are they just minor upgrades … and can’t solve the scalability problem … the Ethereum network is Really clogged, the fee is too high ”
“Luckily the Ethereum development team responded in time, they were and are in the process of implementing the biggest upgrade in history, known as Ethereum 2.0”
Davis notes that the upgrade to Ethereum 2.0 will remove the Proof of Work consensus algorithm and implementation of staking, as well as improve scalability and make building and using applications on the platform easy. easier.
According to the analyst, Ethereum’s current rival might just be Cardano.
“Not EOS or anyone else, only Cardano is a real competitor of Ethereum.”
“Cardano uses a newer and easier to work coding language, it is designed to open the world of blockchain to more users and increase adoption”
“However, due to the gradual and multi-stage implementation of IOHK, the technology company behind the Cardano ecosystem, there is not yet a fully functional smart contract environment on the Cardano blockchain.”
“Everything that is being developed at IOHK is based on transparent, peer-reviewed academic research. Now this is done to allow developers to use only evidence-based methods. Sounds pretty cool, doesn’t it? However, this has led to a slow market access strategy for Cardano… which is why it still has no smart contracts four years later… despite being very close ”
Comparing the two, Davis notes that Ethereum owns more decentralized applications than any other blockchain combined. Cardano has no public applications. He also said that Cardano has fewer partnerships than Ethereum, although Cardano also has a few quality partnerships, such as professional services network PriceWaterhouseCoopers (PwC).
Operationally, however, Davis insists “Ethereum is slow and fees are too high”.
“On the contrary, the Cardano network is very cheap and fast … but you really can’t do anything about it right now except staking.”
So does Cardano in the future potentially threaten Ethereum’s position?
“I have been using Cardano and Ethereum… considering their application in many cases, and to be fair, Cardano cannot surpass Ethereum, so I think now and in the near future Ethereum will still be the leading name for decentralized applications, it will still be the leader of Altcoin ”
“Yes, things can change fast, but things are changing rapidly right now for Ethereum, so keep that in mind.”
“A massive scaling solution for Ethereum has been rolling out, probably a few weeks from now … And Ethereum 2.0 is going to be a big bang for the network to completely transform this network.”
“And will Cardano be able to catch up and overtake Ethereum in the near future? Let IOHK reply ”
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