A Comparison Between Cardano and Ethereum: Insights from Charles Hoskinson - COINTURK NEWS
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A Comparison Between Cardano and Ethereum: Insights from Charles Hoskinson

2:04 am (29 days ago)
August 24, 2023

As the comparisons between Ethereum and Cardano continue in the digital asset ecosystem, Charles Hoskinson, the founder of Cardano, stepped in to defend his project against critics. On August 16th, a user named WhaleChart questioned their followers about whether Cardano could compete with Ethereum, sparking a wave of responses.

Cardano or Ethereum?

A response from OxNLY.arf claimed that Cardano is simply following Ethereum’s roadmap and will completely abandon Hoskinson’s Hydra concept within six months. Cardano unveiled its plans for Hydra as a layer two solution to increase its speed and scalability by utilizing sidechains in 2020.

In response to OxNLY.arf’s predictions, Hoskinson listed the innovations of Cardano and stated that they had launched a mainnet while continuing to experiment with new ways to address transaction fees.

Hoskinson mentioned they are going towards their dream world and added:

Hydra is live on the mainnet and developing rapidly. Mithril is also live, which is the first step towards a rich DA and lightweight client strategy. We have designed a significantly better way to perform transactions through incremental pricing and Babel fees.

Hoskinson’s response criticized Ethereum’s programming model, highlighting the vulnerabilities in the dominance of layer two solutions. He stated that with Hydra, Cardano’s sidechains would have a symbiotic relationship and bring many advantages to Cardano.

Hoskinson continued his sentences as follows:

Meanwhile, Ethereum has a garbage dump of a consensus layer, a terrible programming model that they can’t change, and they are being refreshed by their own layer two ecosystem. We are living rent-free in maxi minds. I pity them.

Cardano has faced criticism due to the slowness of its development and the lack of use cases. Hoskinson previously stated that he would adopt a slow and steady approach to development to avoid major pitfalls.

The project’s founder points to the data obtained from Cardano Scan as evidence that the ecosystem is continuing to thrive. Currently, Cardano’s blockchain processes an average of 60,000 transactions per day, compared to Ethereum’s 1 million transactions in a 24-hour period.

Santiment’s Statement on Cardano

ADA has been trading sideways above $0.266 for over a week. On-chain analytics show that ADA whales are accumulating their assets collectively, reaching their highest levels in about 12 months.

Santiment’s statement reads as follows:

As Cardano sits just above $0.2, both whales and sharks holding between 100,000 and 10 million ADA have hit their highest levels since September 2022. Additionally, transaction volume on the chain has been increasing almost every week for the past 6 months.

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