Ethereum includes a big problem on its hands and it starts with the letter ‘C’ and has three syllables.
Ethereum founder Vitalik Buterin needs more of it.
Have you seen that guy? His head-to-body ratio was deemed structurally unsound by the Hodl Times. I hereby vote that we encourage the V-God to appear something like this…
Anyway, Ethereum contains a bigger problem that starts with the letter “C” and has three syllables…‘Cranium’.
Just kidding. It’s Cardano. It’s Cardano always and forever.
If I had to play one project overtaking the leading smart contract platform it’d be Cardano. So let’s put these two cryptocurrencies within the ring and see which one comes out on top.
Ethereum was originally founded by five people with three more co-founders being added to the project later. Of that original squad, however, was Cardano founder and mathematician Charles Hoskinson.
Hoskinson, 33, could be a little bit of an enigmatic character. In Matthew Leising’s book “Out of the Ether” Charles is described by other Ethereum co-founders as a pathological liar, a sociopath, and as someone to ‘not trust within the company of your girlfriend.’
According to Joe Lubin — an Ethereum co-founder and founding father of Consensys and Metamask — Charles would attempt to convince people that he was Satoshi Nakamoto and would even show emails claiming he’d invented Bitcoin. Charles was fired six months into the project.
Today we see a completely different Charles Hoskinson. He’s vibrant, charismatic, profoundly philosophical, and simply one of the neatest people in cryptocurrency. He also looks like an honest guy to provide a hug too. Vitalik Buterin is additionally a weird one.
After writing for Bitcoin Magazine as a youngster, Buterin dropped out of the University of Waterloo to travel the planet and learn more about cryptocurrency.
From an early age, he distasted centralization when his favorite game “World of Warcraft” made an update against his and therefore the community’s wishes.
In 2014 with the assistance of Charles Hoskinson and Dr. Gavin Wood (creator of Polkadot), he created programmable money with Ethereum.
Vitalik and Charles are two of the foremost contentious figures in cryptocurrency, despite their massive cultish followings. and that they still have tension over their separation as both indirectly called one another immature in recent podcasts.
Technically speaking, Cardano would destroy Ethereum 1.0. Therefore we’re comparing Cardano with Ethereum 2.0.
So, how does each stack up?
Cardano is maintained by Input-Output city [IOHK], a for-profit software company created by Charles Hoskinson. Together they created a completely decentralized proof of stake blockchain network that postulates making 65,000 transactions per second within the future. Visa can only process 1,700 TPS for comparison.
There are two layers on Cardano:
1) The settlement layer, which keeps track of token balances and transfers
2) The computation layer, which executes all the smart contracts.
The backbone of all this is often Ouroboros, which is the consensus protocol running on Cardano. One of the key reasons why Cardano and Ethereum quickly rose through the ranks is thanks to their sound tokenomics. Moreover, those tokenomics are becoming better within the following few years.
Cardano encompasses a token supply of 32 billion with a max supply of 45 billion. Every 4 to five years the token reserves will halve even as within the Bitcoin halving cycle. ADA therefore may be a deflationary token. Cardano’s staking averages intent on around 7.31% APY and there’s no minimum amount needed for staking ADA.
More than 70% of the Cardano network stakes tokens making it the foremost staked blockchain on the market. Ethereum incorporates a circulating supply of 116,571,867 tokens with no maximum supply. Its rate of inflation is about 4% each year which is anticipated to be identical in ETH 2.0. One neat update coming later this month to Ethereum is the London Hard Fork, or EIP-1559. This update will burn ETH tokens after every transaction, in turn, creating a possible deflationary atmosphere for Ethereum.
Deflationary Ethereum = Skyrocketing Price Potential. Staking on Ethereum isn’t as easy as in Cardano as you would like 32 ETH to run a node on the network. Furthermore, your Ethereum is locked away for a year before you’ll retrieve your funds. However, you’ll be able to now stake ETH through popular exchanges like Coinbase and Gemini.