Any investor looking to invest in third generation cryptocurrencies has probably come across Cardano and EOS. They are two of the most active and talked about projects. A few weeks ago, the two coins occupied two positions on the top 3 cryptocurrencies for the future by Weiss Ratings- rating and grading agency for stocks, banks, ETFs, and mutual funds. This firm has been around since 1971 and its word is reputable. In the crypto market, the coins hold the 5th and 9th spot. These statistics go to show how competitive and robust the coins as they strive to dethrone Ethereum. By improving on Ethereum’s shortcomings, the projects believe that they can become the best projects in terms of scalability, sustainability, and security. In a market that changes for the better or worse in hours, it is good to know which of the two to get on for the long haul.
EOS; The Project, The Team And Partnerships
The EOS project was created by Dan Larimer who was looking to create a network that supports industrial-scale decentralized applications. So, very much like Ethereum. However, since its launch the project has been nicknamed “Ethereum killer” and this is because of two major differences it has against Ethereum. It has no transaction fee and it has the ability to support millions of transactions in a second.
Any Dapp looking for mass adoptions knows that to truly get ahead of its competition that scalability is vital. For this reason, many developers have been looking towards EOS than Ethereum. Secondly, to create dapps on Ethereum requires developers to pay, commonly referred to as “gas”. With EOS it is absolutely free for developers to use the blockchain network.
In addition to the two major upgrades, EOS comes ahead in that it allows parallel performance in running Dapps. This saves time and distributes the workload. EOS also uses proof-of-stake consensus, unlike the more popular proof-of-work consensus found in Ethereum.
In recent months, the project has seen some major partnerships. Most recently the project has partnered with FinLab AG, a German fintech firm which will see it fund $100 million to support outreach and future EOS projects.
At the time of writing this, EOS ranks as the fifth largest cryptocurrency trading at $5.6 with a market cap of just over 5 billion. The coin has seen a price surge of 4.56% in the last 24 hours.
Cardano; the Project The Team And Partnerships
Cardano was created by the outspoken Charles Hoskinson. He is one of the most active people in the cryptocurrency space and he likes to keep Cardano users up to date with developments happening within the project. Before we get into its working, it’s important to mention that the project will be celebrating its first anniversary since it launched its mainnet on September 29. Charles did not let the moment go unnoticed and he has been keen to remind users about the “celebrations around the world” that will be happening. As for him, he will be celebrating in Japan where he is currently working out deals for the project.
Charles significance to the success of this project cannot be understated. He was one of the original founders of Ethereum but later left the project following disagreements. He has vast experience about Ethereum’s working and knows what needs improvement.
The Cardano project is similar to Ethereum but uses Proof-of-Stake algorithm in order to enhance speed. The project does this without compromising decentralization and security of the network.
Hoskinson has always been a critic of EOS stating that the project compromises on decentralization which beats the whole point of creating it.
This year the Cardano project has partnered with major firms like Google and has been listed in multiple exchanges. The most recent one is OkCoin which announced this month it would be listing Cardano among other cryptocurrencies on its platform.
At the time of press, the coin is trading at $0.082401 with a market cap of just over 2.1 billion. The price is a surge of 2.02% in the last 24 hours.