Cardano Is Standing Face To Face against Ethereum
Ethereum has worked its way to become the second most valuable coin in the world. The platform introduced us to smart contracts, dApps and Initial Coin Offering of ERC20 tokens. However, it has met severe competition recently after many other blockchains are coming up with newer, more lucrative solutions. One of the more prominent coins in this list is Cardano (ADA) which is considered a potential threat to ETH.
Charles Hoskinson, Founder of Cardano, recently accepted an invitation by Google to host a talk for its employees and discuss about advancements in the blockchain technology. The founder informed that the details of the meeting would soon be made public for the crypto community.
Just like Ethereum, Cardano works through a smart contract network with high-end security as its main feature. The firm claims to be the first blockchain venture developed with a logical philosophy and on peer-reviewed hypothetical research. Again, the platform can be used to support monetary apps in the current financial system used by governments and associations.
What makes the network stand out is the possibility of changing and incubating numerous improvements without the need of a fork as it has been seen in case of Ethereum and Bitcoin. The Two-Layer Network comprises of CSL – Cardano Settlement Layer and CCL Cardano Computer Layer.
Daedalus is Cardano’s wallet, a one of a kind in the market, as it allows the users to activate decentralized applications with the blockchain of the digital currency. Thus, it becomes powerful, versatile and safe at the same time. After the launch of the update 1.1.0 and the software enhancement, the company claims that it would be administering issues faced by customers while using its wallet.
It was noted, “Daedalus will detect when the time on a user’s machine is out of sync with the global time and will display an error message asking the user to fix the issue. Before this feature was added when there was a time difference of 20 seconds or more, the Cardano node was unable to connect to the network and validate the blockchain, and Daedalus would be held on the loading screen with the “Connecting to network” message.”
One should know that Cardano edges over Ethereum’s security standards as it is developed on Haskel which is in itself a more secure programming language that runs on the PoS Ouroboros protocol.
Besides all the positives, Charles Hoskinson, CEO of IOHK, has been complimented for his leadership of the Cardano development team (ADA). He has informed the crypto community about every new approach taken by his team even if it’s small.
Hoskinson was also among the original members who founded ethereum. He has all the knowledge needed to build a coin that has the potential to overthrow ETH from its throne. That’s one of the prominent reasons for people to believe in ADA.
In similar news, SEC exempted ETH of the burden of being a security a few days ago. It has now joined BTC as the only two coins not considered a security by the authority. Hence, the road for Cardano to beat ethereum is much harder it seems to be.