When it comes to smart contracts platforms Ethereum and Cardano platform comes to mind of the people. They both have significant names in the blockchain world and use innovative technologies to help users in many ways. There is strong competition among both of them to dominate the blockchain world.
While people assume them as each other’s alternatives, there is a lot of difference among both of them. So, in this blog, we will try to find out how they are different from each other and also who is better among them. But, first, we will know about them in particular terms.
Cardano is a third-generation blockchain system that is based on an Ouroboros consensus mechanism. Ouroboros divides the nodes into slots and each node can become a slot leader. It also helps developers to build decentralized apps based on smart contracts by providing smart contract execution.
Launched in 2017 by Charles Hoskinson, Co-Founder of Ethereum, the project is often referred to as an “Ethereum killer”. The platform has its native token called ADA named after the English mathematician Ada Lovelace. It has lower gas fees than the Ethereum network that’s why it is often chosen as its alternative.
It is a decentralized blockchain system and also the first platform that has executed the concept of smart contracts. It is the first blockchain system that utilizes the full efficiency of blockchain networks. It uses the Proof-of-Work Consensus mechanism but recently it has gone under a series of updates and adopted the Proof-of-Stake consensus.
Launched in 2015 by Vitalik Buterin, the platform has its one native currency called Ether (ETH). Since then, the platform has gone from a series of upgrades to continuously improving itself and emerging as the top blockchain platform. The new version of it after a series of upgrades is called “Ethereum 2.0”.
The difference between the two is based on:
Cardano employs the Ouroboros Proof-of-Stake consensus model, while Ethereum initially relied on Proof-of-Work and later transitioned to Proof-of-Stake. Cardano’s network is often considered more secure due to its consensus mechanism.
Transaction speed is another differentiator among both of them. While Cardano can process over 250 transactions per second, Ethereum is capable of handling 15 transactions per second. However, it is said that Ethereum 2.0 is capable of processing 100,000 transactions per second.
A Gas Fee is a transaction fee that is paid to the network’s validators for providing their services to the blockchain network. Cardano charges 0.16 ADA per transaction as gas fees while Ethereum gas fees are as much as 25 Gwei which means 0.000000025 ETH.
When it comes to energy efficiency, both projects are energy efficient as they use proof-of-stake consensus which is 99.5% much more energy efficient than Proof-of-Work consensus. But, Cardano is ranked no.1 among the top ten energy-efficient crypto projects.
Last but not least, both platforms have their own native tokens and coins. Cardano’s native token is called ADA which is capped at the supply of 45 billion ADA tokens. But, Ethereum is not capped at any value. Currently, its supply is 120.22 Million ETH coins.
These all are the points on which they differ from each other. Now, let’s move on to our last question: who is better or who will gain dominance in the blockchain world?
While Cardano offers more feasible features than the Ethereum network, Ethereum’s first-mover advantage has solidified its popularity. Despite this, Cardano’s advanced technology and continuous improvement make it a strong contender for future dominance in the blockchain world.
However, Cardano V/s Ethereum has also implemented it but the first mover advantage is always there for the Ethereum network. In the current scenario, it is leading the blockchain world but in the future, it can be seen that Cardano will outperform it and can lead the blockchain world.