Cardano and Ethereum are constantly compared in the cryptocurrency world, especially among investors. This is because they both offer similar services. Cardano is usually regarded as an Ethereum killer and is seen as one of ETH’s legitimate threats. Maybe even its biggest threat. Recently, it seems like that phrase and claims are invalid because of Ethereum's recent upgrade.
If you are interested in knowing the details about the similarities between Cardano & Ethereum, Cardano's price, Ethereum's price, Cardano & Ethereum's history, if Cardano is truly an Ethereum killer, and the effects of Ethereum's upgrade on Cardan's price, then you should keep on reading this article.
Cardano's price is currently around $1.25, while Ethereum's price is currently around $3,912.38 as of the time of this posting. Cardano and Ethereum are often compared because of the wide difference between Cardano's current price and Ethereum's price. Cardano's price is relatively low to ETH’s price, even as their functions are quite similar. And this difference in price makes people want to invest in Cardano more than Ethereum.
These two cryptocurrencies have a history of having the same co-founder. This is also one of the reasons users compare Ethereum and Cardano. One of the co-founders of Ethereum, Charles Hoskinson, is also the founder of Cardano. Disagreements between the co-founders of Ethereum, Vitalik, and Hoskinson, on whether to launch Ethereum as a nonprofit or an enterprise led to Hoskinson leaving the company in 2014.
This disagreement allegedly also led to Hoskinson deciding to establish his own first new cryptocurrency company, which was called Input Output Hong Kong (IOHK). This IOHK company was the company that bootstrapped the development of Cardano, which we all know today.
Most people believe that Ethereum’s long-developing upgrade project, with an Ethereum co-founder at the helm, is still the natural heir in waiting. But the price of ADA has remained the same even after the launch of the new version. While other similar blockchain cryptocurrencies continue to skyrocket in value and adoption.
Over the years, Cardano refuses to compromise their other attributes in favor of scalability. They are one of the few blockchain cryptocurrencies that maintain this value. Cardano is a worthy, straightforward cryptocurrency that has a grand vision for the future like Ethereum. Therefore, they have genuine support from a vast and loyal community.
These two cryptocurrencies are similar to each other because both networks provide similar offerings. Cardano and Ethereum can both be used by developers for similar features. For example, smart contracts i.e., running custom programming logic and building decentralized applications programs.
Also, the proof-of-stake approach is used to mine both Cardano and the new Ethereum cryptocurrency. Therefore, allowing individuals to stake their assets to validate transactions.
Cardano is like Ethereum's upgraded version as earlier, but they differ in that Cardano emphasizes a research-driven approach to design. Whereas, Ethereum was built to be a type of operating system for a wide variety of custom assets and programs.
Ethereum's upgraded version and Cardano have similar layers of use. Cardano uses a dual-layer design while Ethereum 2.0 uses a single-layer solution. Cardano's layers include smart contracts functionality and a currency that powers financial transactions. While Ethereum's layer manages smart contracts and decentralized apps. Therefore, Cardano will remain more relevant. Plus, it will become a more viable choice for mass adoption due to the change in the Ethereum blockchain.
Ethereum's recent upgrade cannot affect Cardano. Even as the new version will migrate the network from a proof-of-work to a proof-of-stake system, like that of Cardano. This new design makes Ethereum look more similar to Cardano and other cryptocurrencies whose functions are similar to Ethereum’s. They are trying to produce more efficient and value-adding cryptocurrencies that use smart contracts.
The differences and similarities between Ethereum and Cardano are not really compromised despite the recent upgrade of Ethereum. This is because Ethereum will still have no coin limits, while Cardano will still incorporate its peer-review, academic paper system for managing value changes. These recent upgrades of Ethereum and the evolution of the crypto fields are interesting to investors to observe and monitor.
Ethereum's upgrade was necessary because it was experiencing new and stiff competition from other cryptocurrencies. They are aiming to take over Ethereum'ss spot as the top smart contract platform. Cardano has become popular because of its proof-of-stake approach to mining. It also uses a dual-layer system for operation. Ethereum's upgrade will differentiate itself from its earlier version by using the proof-of-stake system that is like Cardano’s.