In the crypto universe, the number 1 is always Bitcoin and the number 2 is always Ethereum. However, third place has always changed from time to time. Ripple, Dogecoin, and Litecoin were placed number 3 until got replaced. Cardano suddenly jumped into third place in August.
So why Cardano became third place so suddenly? Is it because of approval for listing on crypto exchanges in Japan? We will find out in the article.
What is Cardano?
Cardano is an early version of a proof-of-stake cryptocurrency platform that was created in 2017. It is a research-focused community platform that focuses on sustainability, scalability, and transparency. Its cryptocurrency is ADA.
Cardano wants to create an equal opportunity financial platform that rich and poor use without any wealth gap.
Charles Hoskinson is one of the Ethereum co-founders who eventually departed from Ethereum due to whether or not the Ethereum project to be commercialized.
As Charles supported to commercialization of the Ethereum project which is different from Vitalik Buterin’s view, he got removed from Ethereum and created his own cryptocurrency platform, Cardano.
Proof of Stake
In early 2012, people realized that the Proof of Work consensus was inefficient. Scott Nadal and Sunny King (pseudonym) created Peercoin using both Proof-of-Stake and Proof-of-Work systems.
Cardano founder Charles Hoskinson accused Bitcoin was too wasteful and Ethereum was too unsafe in 2017.
Accusation came true
Bitcoin is struggling with its energy consumption even nowadays and Ethereum forces itself into Proof-of-Stake to prevent 51% attack.
So all my other articles do links from one and others.
Sounds too similar to Ethereum 2.0
Cardano did what Ethereum needed to do a long time ago but they are doing it now.
Does Cardano make a future of crypto then?
A Dapps hardfork that helps developers to build their application from Cardano smart contract.
However, the platform is too similar to Ethereum but a better version with faster speed due to low adoption.
Future of Cardano
Even Cardano realized the earlier problems of Bitcoin and Ethereum, it slowly moved to follow their footsteps that did not create identity enough to separate them. It will make it harder for developers to switch from one platform to another simply just because of a faster speed while those two competitors continue leading the evolution.
Cardano is not a future solution but a contemporary one. It works out well because it's in the early phase of adoption. When users accumulate in the platform, it may experience a similar problem that Ethereum faced. It may need a breakthrough technique to separate its identity from Ethereum.
Photo by Nejc Soklič on Unsplash
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Disclosure: I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose cryptocurrencies are mentioned in this article. This information is only for educational