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Tuesday, November 30, 2021

Cardano To Be The New Ethereum Killer?

Lark Davis, one of the most popular analysts of cryptocurrency has put in his two cents about Cardano being the next major Ethereum killer. According to rumors hovering in the space of cryptocurrency, the market capitalization of the largest crypto hasn’t yet come to the forefront.

In a video, the analyst talks about how the network of Ethereum is currently head and shoulders above- since it is entirely maintained by the community which encompasses the largest development of decentralization in the space for blockchain.

Cardano Might Not Have The Technology Yet To Beat Ethereum

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According to him, Ethereum has gone so far ahead of the other contract platforms that any form of activity in the developer space doesn’t have much relevance. Also, the cryptocurrency keeps upgrading over time- without being proactive. The analyst added that Ethereum has been in one of its phases of undergoing quite a large upgrade in its history.

This upgrade will definitely reduce the POW consensus algorithm to support the POS consensus algorithm.  Incidentally, Beacon Chain- considered to be the first phase to Ethereum 2.0 has already come to the market. This is a blockchain that works on Proof-of-stake and has been running along with the POW chain that Ethereum previously brought out. 

This brings to the point how Cardano could be a giant killer as it uses much newer and far simpler coding language in order to help users glean more advantage from the technology of blockchain. Nevertheless, IOHK, one of the tech firms that stands tall behind the ecosystem of Cardano, has simply failed to initiate a smart contract environment to this cryptocurrency- owing to the gradual implementation of the network. 

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In conclusion, the analyst believes that it will be pretty difficult for Cardano to go against the network effect of Ethereum- with the launch of 2.0 around the corner. 

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