Crypto Communities Cardano and Ethereum go H2H Once Again

News / 06.07.2021

IOHK CEO Charles Hoskinson declared on Twitter that there would be hundreds of assets, thousands of dApps, and several exciting projects in addition to the proof-of-stake blockchain.

Hoskinson commented to Twitter to shut down critics who recently pounced on his poorly aged tweet last year.

Ethereum holders and other Cardano skeptics claim none of this transpired, with only two weeks remaining to deliver on the goals. Hoskinson notes there are already “thousands” of assets on Cardano in response to the sarcastic retweets.

The proof-of-stake blockchain added native tokens back a few months ago after the much-anticipated Mary hard fork launch.

Although there are 6,859 assets on the Cardano blockchain, only two accounts have over 10,000 transactions per month (space coins and ADAX). The staggering majority of tokens issued on top of the chain see no activity.

Ether and Cardano Trading with Gains

Ether, Cardano, and other virtual tokens were trading with gains, while Bitcoin and dogecoin prices were lower today.

Ether was trading over 2% higher, above $2,300, while Cardano, XRP also gained over 1% in 24 hours, according to Coindesk. Bitcoin was down 0.5% to $34,472 after surging above $35,000 level in the last 24 hours.

Ethereum surpassed Bitcoin in the total number of daily active addresses. The addresses on a crypto network show the absolute number of senders and receivers for a particular token. Ethereum surpassing Bitcoin signifies that the world’s second-largest cryptocurrency by market value is closer to becoming the most preferred.

Same Destination with Different Approaches

Cardano (ADA) and Ethereum (ETH) are very similar such that both are types of digital currencies that also operate as programmable ecosystems. That denotes that other digital currencies and applications can be built on their networks.

The Cardano-Ethereum race is very crucial this year. Cardano intends to launch smart contracts while Ethereum will progress to a proof of stake model.

The two digital currencies intend to make these developments without any technical issues. This is because both cryptocurrencies are traveling towards the same terminal on different routes.

Ether, the second-largest cryptocurrency, was co-founded by Vitalik Buterin, while Cardano was launched by Charles Hoskinson, who also co-founded Ethereum.

Ethereum is developing its technology as it goes along and is currently rolling out  Ethereum 2.0 (Eth2) upgrade gradually.

Cardano, on the other hand, takes steps that are peer-reviewed by experts. Thus it’s developed much slower than Ethereum because of thorough testing.

Third-generation blockchain

Cardano identifies itself as a third-generation blockchain since it aims to solve some of the scalability and other challenges that both Ethereum and Bitcoin (BTC) face. However, instead of layer solutions on top of the existing technology, it began from scratch and established a new blockchain.

The “Ethereum killer” plans to fully roll out its smart contract capabilities—which will enable it to host a vast array of decentralized applications— in early September.

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Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.