Which are Cardano’s Plans to Compete with Ethereum?

· 06 Jul 2018 in Crypto News, Home
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Cardano’s founder, Charles Hoskinson spoke with Google on how his network and cryptocurrency could overcome Ethereum’s first-mover advantage. He stirred up some speculation about his cryptocurrency and possible talks with Google and a partnership with the network. 

Charles Hoskinson is one of Cardano’s founders and has been the co-creating Ethereum. He decided to leave the company after having some disputes with Vitalik Buterin. This is why he founded Inside Outside Hong Kong, better known as IOHK, which is the parent company of Cardano and its cryptocurrency known as ADA.

Cardano’s main competitor in the crypto market is Ethereum, which focuses on decentralized applications (dApps) and smart contracts. And because of it, Ethereum became famous during the last years.

Most of the first companies and cryptos in the market, like Bitcoin and Ethereum, have an advantage, that is related with being the first in the market on their respective niches. But Hoskinson has given important insights about how Cardano is able to complete and overcome Ethereum, even after being a late competitor in the market.

Hoskinson commented on the matter:

“So how many Java, C++ or Go developers are writing code on Ethereum? You can’t, Ethereum doesn’t support any of these languages. They can’t even run a single viral app on the platform. If you look at the top 10 languages, none of them works on the system, so, by definition, all hose developers aren’t developing for the system, they have to go and learn new tools and new stuff.”

He then said that all the things that were created on Ethereum are able to be used on Cardano’s blockchain but in a cheaper and faster way because of the different consensus model.

Moreover, Hoskinson has explained that Ethereum was not able to capture a large number of smart contract developers.

“The other thing is that very few people today write smart contracts,” he said. “They play with these things, but very few people are smart contract developers. If 99% of developers aren’t in the ecosystem, how can you say a person has first-mover advantage? It’s nuts.”

Cardano’s Future

It is important to mention that the future of the price of Cardano looks bright. ADA is a token that has proven to be less volatile than other tokens in the market, which is very positive for those who are searching a token to save and store value. That means that the currency is not subject to pump and dump schemes as other tokens in the market.

If an investor is searching for a smoother option to enter the crypto market, with less volatile activity, then Cardano may be a good option to start.

At the same time, Cardano is a relatively young virtual currency that has achieved important things in its short life. It has a lot of potential to keep growing in the future and help its market capitalization and price grow.

The currency has established itself as one of the major players in the crypto market, it is being used by important companies and governments all over the world, and it has a much more stable price than other virtual currencies.

At the moment of writing this article, Cardano has a market capitalization of $3.27 billion dollars and each of the ADA tokens can be bought for $0.126 dollars. The cryptocurrency reached an all time high in January 2018 when it was traded around $1.20 dollars. Currently, it is the 8th most importan virtual currency in the market and it aims to be the next Ethereum, provide solutions and platforms to companies and developers to run their dApps.

IOHK is working day after day to offer a much better product, service and platform that will change the way in which many developers deploy their decentralized applications and platforms.

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