As the teams Cardano (ADA) and IOHK are working on the previously announced novelties that are planned to take over the roadmap of ADA in the following months of the upcoming new year of 2019, ADA is currently seen rising up against the dollar.
In the most recent massive rebound where the majority of currencies are seen bouncing off against the dollar, Cardano (ADA) is seen up by 9% in the last 24 hours on September 23rd. However, there may be a matter more crucial than the current wave of the positive market trend when it comes to Cardano’s ADA.
Given the fact that Charles Hoskinson, the founder, and CEO of Cardano and IOHK, one of the dev teams working on Cardano and ADA, is also one of the co-founders of the second-largest crypto which Ethereum represents ever since it was first presented, many are wondering is Cardano able to “take over” Ethereum and in which is Cardano getting ready to challenge the second-largest crypto.
Would Cardano be Able to Replace Ethereum in the Market?
Since Charles Hoskinson is easily one of the most recognizable faces in the blockchain space, it is no wonder that this man is not responsible for a single successful blockchain-based project.
During the beginning of Ethereum, Charles Hoskinson was working side by side with Vitalik Buterin to bring the largest decentralized Dapp platform in the market that today, despite the troublesome market, still counts over 24,6 billion dollars.
Later on, Charles Hoskinson started out fresh with a new blockchain-based project called Cardano (ADA) that was said to be able to resolve some of the major issues that blockchain technology has brought.
That is how Hoskinson claims that ADA will be able to offer solutions for sustainability, interoperability, and scalability, while many projects have already tackled these issues, like Zilliqa (ZIL) for instance, which has brought Sharding into blockchain space.
In the meanwhile, Ethereum is trying to find solutions for its scalability problems as it is probably trying to take a firmer grasp of the throne it has been holding onto for quite some time now, finding solutions precisely in technology like Sharding as well as in Plasma technology.
On the other hand, it seems like Cardano is already ahead of Ethereum when it comes to scalability at this point as the network is using Ouroboros, which is an altered Proof of Stake, with Ethereum currently operating on the notoriously energy-consuming Proof of Work.
Moreover, Cardano is said to be already working on improving the scalability of the network further in the upcoming months, so that the network would be able to pick consensus nodes, which would make up for a group of nodes that would take over the work of handling large portion of data without having all the nodes in the network unnecessarily duplicating the data that needs to be processed. That is how it seems that ADA is already ahead of ETH when it comes to scalability, as Ethereum can currently process only around 15 transactions in a second.
Moreover, Cardano is designed to be built in layers, which makes the network easily scalable without the danger of having a split in the network that way resulting in a new fork like it was the case with Ethereum and Ethereum Classic. And, what about Dapp creation? Can Cardano beat Ethereum at its signature feature?
Can Cardano (ADA) Thrive in Dapp Development?
The goal of becoming the third generation crypto has already become an obvious objective of Cardano as the teams behind this crypto are already working on finding solutions for interoperability, scalability, as well as for sustainability, where any crypto able to find solutions for these problems could easily take the title of the third-gen digital currency.
Even though ADA has tackled some of these issues, already providing some solutions for scalability, in order for it to be able to challenge Ethereum, Cardano should be able to provide better options for Dapp development, since smart contract operations are a key feature of Ethereum, which makes it a second generation crypto.
Cardano has most recently launched the IELE virtual machine that enables simple Dapp development with a new programming language that enables a much easier way of creating, deploying, and maintaining decentralized applications.
However, although Cardano has enabled simplified smart contract implementation for apps, Ethereum network counts over 900 different active Dapps that are running on the chain, while Cardano (ADA) still has to find a massive use case.
In the end, there might be a tight race between the two, as although Cardano has already started to work on the solving the three major issues of the blockchain space, Ethereum has also announced resolving their active issues by increasing the overall scalability of the network.