Two crypto platforms have consistently garnered attention: Cardano and Ethereum. While both aim to revolutionize the world of decentralized applications and smart contracts, their origins, philosophies, and technical foundations differ significantly. In this article, we delve deep into Cardano, a platform often touted for its research-driven approach, and Ethereum, the pioneering force behind programmable blockchain transactions. Is Cardano dead?
What is Cardano?
Cardano is a decentralized, open-source blockchain platform that offers a more secure and sustainable infrastructure for the development and execution of smart contracts and decentralized applications (dApps). Created with a research-driven approach, Cardano distinguishes itself by emphasizing peer-reviewed academic research to ensure scalability, sustainability, and security. It employs a unique proof-of-stake consensus algorithm known as Ouroboros, which positions Cardano as a more energy-efficient alternative compared to proof-of-work-based blockchains.
When did Cardano Start?
Cardano was introduced to the cryptocurrency community in 2017 by one of the co-founders of Ethereum, Charles Hoskinson. Through his technology company IOHK (Input Output Hong Kong), Hoskinson set out to address challenges faced by earlier blockchain platforms, particularly in terms of scalability, security, and sustainability. Cardano’s development journey began a few years earlier, with intensive research leading up to its launch.
What is Ethereum?
Ethereum is a decentralized, open-source blockchain platform that enables developers to build and deploy smart contracts and decentralized applications. It introduced the concept of programmable transactions, thereby extending the basic functionality of a blockchain. While Bitcoin, the pioneer of cryptocurrencies, is primarily a digital currency, Ethereum is more about enabling decentralized digital applications. The Ethereum network is powered by its native cryptocurrency, Ether (ETH), which is used for transaction fees and computational services on the network.
When did Ethereum Start?
Ethereum was proposed by programmer Vitalik Buterin in late 2013. Driven by his vision and in collaboration with other developers, the Ethereum platform underwent a public crowdsale in mid-2014 to secure funding for its development. Ethereum’s network officially went live on July 30, 2015, when the genesis block was mined, marking the platform’s inception. Since then, Ethereum has undergone multiple upgrades and has firmly established itself as one of the foremost platforms in the blockchain and cryptocurrency landscape.
Cardano’s TVL Challenged by a Newcomer
Ethereum enthusiast Evan Van Ness recently highlighted on a prominent platform that Base, an Ethereum Layer 2 (L2) chain released just this year, has overtaken Cardano in terms of Total Value Locked (TVL). With evidence from DeFiLlama, Van Ness labeled Cardano as a “zombie chain.” The data indicates that Cardano holds a TVL of $159 million, positioning itself at 14th place. This is in contrast to Ethereum’s massive $21.7 billion TVL.
The Rise of Base: Coinbase’s Layer 2 Chain
Launched in partnership with Optimism earlier in the year, Base, a product of Coinbase, has shown remarkable progress. Within a few months of its introduction, it has accrued a TVL of $185 million. The design principle of Layer 2 chains, such as Base, is to amplify the capabilities of the foundational blockchain – Ethereum in this instance. These Layer 2 solutions boost transaction speed, decrease transaction costs, and magnify scalability. Yet, they still retain the inherent security and decentralized traits of the primary blockchain.
Developer-Centric Design and a Powerful Application Suite
Coinbase designed Base with developers in mind. This approach has facilitated effortless synchronization with Coinbase utilities, features, and its user base. Among its diverse range of applications, BaseSwap, SwapBased, and Stargate have been significant contributors to its impressive TVL figures.
Is Cardano DEAD?
Contrarily, Cardano showcases its suite of high-performing decentralized apps such as Minswap, Indigo, and Liqwid. It’s pivotal to understand that the label of “zombie chain” applied to Cardano by some proponents of rival networks might be overlooking Cardano’s expansive ambitions and ongoing strides in the blockchain space.
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