Killer Whale Crypto
August 8, 2021, 1:15 AM UTC
This article explains some of the major differences between ETH and ADA
Ethereum vs Cardano: Similarities and Differences
Ethereum and Cardano are two of the most exciting cryptocurrency projects created. Ethereum is ranked right behind Bitcoin as the largest adopted cryptocurrency in existence. Cardano is ranked just below Ethereum at number five. In this article, we will look at some of the similarities and differences between Ethereum (ETH) and Cardano (ADA).
Each of these cryptocurrencies have been the subject of much focus amongst many of the cryptocurrency news pages for some time now. Even though both of these projects are well known in the cryptocurrency community, ETH and ADA have seen a particularly large amount of media-focus within the last several months. These cryptocurrency projects have been doing a lot to further their own development and it has certainly caught the attention of the public.
Ethereum EIP 1559
EIP 1559 is all over the media at the moment, as it is one of the most profound things to happen to the ETH token since Ethereum Classic hard forked off the Ethereum Blockchain. EIP 1559 is currently being heavily reported on, at the time of writing this article, therefore, I will spare you the details; however, if you are unaware of what EIP 1559 entails, you can read all about it in our article – highlighting all of the awesome features of EIP 1559 – by clicking on This Link Here!
Cardano Grayscale Adoption
On July First of this year, Greyscale adopted ADA as it’s third largest holding, making up 4.26% of Grayscale’s balance sheet. Grayscale is the largest digital asset manager on wall street, boasting $46B assets under management. If you would like to learn more about ADA’s listing on Grayscale trust, you can read all about it by clicking on This Link Here!
Differences Between ETH and ADA
ETH and ADA aim to accomplish the same long-term goals, although they both go about achieving these goals in considerably different ways. The adoption and development of both cryptocurrencies is where you will see the largest degree of discrepancy between projects. Both ETH and ADA are geared towards smart contracting; however, ADA is much further behind ETH when it comes to Dapps built within its ecosystem.
The ADA blockchain is yet to enable its smart contract capabilities, while ETH – in contrast – hosts the largest ecosystem of Dapps ever created. This is because ETH puts practice before theory when it comes to on-chain development. Although this has caused some hiccups for ETH along the way, it has also given ETH a significant first mover advantage in the DeFi and Dapp marketplace.
Despite being so far behind ETH in the development of its Dapp ecosystem, ADA quickly climbed the ladder to become a top ten cryptocurrency early on and has remained a large cap coin throughout much of its existence. ADA is taking its time with implementing its smart contract capabilities. ADA is trying to work out as many bugs as possible, by rigorously testing its network before release through peer-review. ADA aims to accomplish all the same goals which ETH has already accomplished, by avoiding many of the same problems which ETH has faced over the years. Problems such as the high gas fees on the ETH blockchain, which require system improvement proposals, such as EIP 1559 and EIP 3554.
Another big difference between these two cryptocurrencies lies within their unique approaches to mainstream adoption. ETH has traditionally catered its network to the markets of developed parts of the world, which can be evidenced by the types of Dapps which have gained popularity on the ETH blockchain. Much of the ETH Dapps consist of DEXs and asset management Dapps.
ADA is banking its mainstream adoption on its ecosystems ability to benefit less developed countries, such as Ethiopia and Tanzania. ADA has focused much of its efforts towards partnering with local governments and public institutions, by using its infostructure to solve some of the problems that are commonly associated with using current fiat currency systems for the allocation of relief funds.
ETH and ADA are both incredibly bullish cryptocurrency projects. It would be a difficult decision for an investor to determine which of these cryptocurrency projects will eventually hold more long-term value. ETH is one of the most bullish projects in the cryptocurrency marketplace. The value of ADA is likely to increase exponentially, over a longer period of time. We here at Killer Whale believe that both projects can generate both short-term and long-term gains. Only time will tell which cryptocurrency will inevitably come out on top, but you can be assured that Killer Wale will be here to guide you, every step of the way!