Cardano – many specialists believe that this cryptocurrency is the future of the crypto world specifically and the financial world in general.
So, let us have a look at the Cardano project, and check whether ADA is as promising as many specialists believe and whether it can beat even Bitcoin and Ethereum.
Cardano vs Bitcoin
When we speak about the future of Cardano, we shall pay attention first of all to the major coins. So, whether ADA can compete with Bitcoin? And even though Bitcoin has been the major coin since its very launch, ADA looks pretty beneficial compared to the main cryptocurrency.
Bitcoin is the first successful cryptocurrency, it is also called the cryptocurrency of the first generation. It was launched with the aim to replace fiat money.
It uses the proof-of-work algorithm, and after some time after its launch, it started facing such issues as the lack of scalability, slow transactions, and rather high fees.
Cardano is a cryptocurrency of the third generation, a more advanced project. It uses the proof-of-stake algorithm that makes the blockchain more scalable, and the transactions are fast and cheap indeed. For example, while one transaction in the Bitcoin network may take up to 20 minutes, The Cardano network processes more than 200 transactions per second.
Cardano and Ethereum
Ethereum is another popular and very promising project. Now, it is one of the main networks that can be applied other than just for processing transactions. Can Cardano compete with it though? Let us have a look.
So, Ethereum. It is a network that is being developed actively and for now, offers a lot of useful options for real-world applications. The Ethereum network supports smart contracts, dapps, and now, it is one of the most popular bases for DeFi, NFT, and other tokens. However, Ethereum still works on the proof-of-work algorithm (it is in the process of moving to the proof-of-stake one).
Cardano was initially started with the Proof-of-Stake algorithm that has given it significant benefits compared to one of the major coins.
Cardano also supports smart contracts, DeFi, and dapps. While Ethereum is still more popular, the network started already facing such issues as the lack of scalability, too high fees, and similar. Cardano is successfully solving these issues. Considering that the network utilizes the Proof-of-Stake protocol while Ethereum is still in the early stages of moving to it, the benefits of Cardano are pretty evident.
Bottom Line
ADA might not be the most expensive coin for now. However, with its present approach to the development of the network, the implementation of new features, and the scientific approach, it might catch up with the best coins and even beat them in competition. So, when you are choosing a crypto wallet to keep your coins, make sure it supports ADA. If you buy some ADA coins now, it might be your smartest investment in the future because, with the adoption of blockchain, the popularity of ADA will undoubtedly be growing.