Cardano (ADA) is one of the most promising digital coins in the cryptocurrency market especially because it is built on a sustainable platform (The Cardano platform). However, it is interesting to see how it stacks up against other cryptocurrencies such as Ethereum (ETH) and Neo (NEO). In this article, we will discuss the question “Is Cardano Better than Neo or Ethereum?”
The Cardano platform offers smart contracts for the development of DApps and it also provides a programmable blockchain. While these features make it appealing, it faces heavy competition from NEO (NEO) and Ethereum. The latter has the greater advantage because it had an early start in the market, it has already managed to gain a large user base and has so far garnered a large user-base. Neo, on the other hand, supports blockchain interoperability and has a particular focus on the smart economy.
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So what makes Cardano competitive?
Image Credits: Cardano
Cardano happens to be the first platform in the blockchain industry to an open source code that is academically reviewed. This means that the platform has a network of researchers all over the world that have been involved in the creation of an advanced blockchain protocol. Cardano’s protocol technology is also subjected to a rigorous peer review process. This underscores the importance of critically evaluating a code that will be used to serve billions of people in a global economy, thus no room for error.
Cardano’s blockchain is also a third-generation decentralized ledger because it is based on relatively new technology. It is also at an advantage because it improves upon the shortcomings of first-generation blockchain (Bitcoin’s) and second generation blockchains such as Ethereum. This technically means that the Cardanoblockchain should be more advanced that Ethereum’sblockchain. However, the Neo blockchain supports multiple blockchains and this inter-compatibility puts it quite high on the list of the best decentralized ledger projects.
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ADA and its performance
Cardano’s blockchain is believed to be one of the most ideal systems for a cryptocurrency and ADA has been developed as a key part of the cryptocurrency market. The digital coin incorporates open-source technology which is why ADA is believed to be easier than other digital coins.
As far as performance is concerned ADA has not been subject to as much volatility as most of the cryptocurrencies in the market. Its value has also remained below $1 although it did manage to go past that price point in January this year before losing most of those gains. This makes it not so appealing for investors but experts now believe that the digital coin will be worth roughly $10 in the next five years. This then means it will be a great long-term opportunity for investors especially because ADA can currently be purchased at a very affordable price.
Image Credits: IOHK
A blockchain company called IOHK which develops solutions for governments, corporates, and academic institutions is responsible for developing Cardano’s digital wallet as well as the platform’s technology. At its help are Charles Hoskinson the former CEO of Ethereum and Jeremy Wood, the former executive assistant at Ethereum’s development team.
IOHK has an experienced research team that consists of 17 individuals that have all worked on developing Cardano’s technology. The company has also helped to develop technologies for other blockchain projects such as Ethereum Classic.
Currently, Cardano is mostly the organization and the company behind it. In terms of technology, a lot of the plans that the Cardano foundation aims to achieve have not yet been developed and so it is difficult to quantify whether it is better than other projects that already have up and running developments. However, Cardano has been working on making sure that everything about its ambitious projects is on track.
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. Do your own research!