The lack of trust while engaging with different parties is one of the biggest challenges that people outside the “smart world” face. Due to the lack of transparency, people end up spending a lot of time and money on intermediaries, before finalizing a deal.
Smart contracts, on the other hand, provide a solution to the aforementioned problem by eliminating intermediaries and making the system even more transparent.
The Ethereum-Cardano dilemma
Now Ethereum has been in space since its inception. He is arguably the uncrowned prince of the smart contract space. With time, however, competition has been on the rise, with Cardano being one of the latest ones to step into the arena.
Soaring Ethereum gasoline costs have always been a major concern for people in the community. This week alone, the fee has crossed 250 gwei and 350 gwei a couple of times.
In fact, compared to the weekly average, the fees, at the time of writing, were at a fairly high level.
This is because Cardano-based smart contracts can take advantage of Ethereum’s aforementioned vulnerability. If it successfully manages to do so, then smart contract clients wouldn’t hesitate to swap their networks.
Well, Cardano is obviously new to this space and as they say – New utility means new adoption. However, there’s hardly anything for Cardano to show yet. The number of contracts executed has been quite low.
According to Statista’s chart, rounded transaction volume peaked massively after Alonzo’s hard fork. However, it hasn’t been able to sustain those levels. In fact, it has been falling sharply over the past few days.
Still, it’s worth noting that Cardano entered this space at the right time. It can leisurely experiment and see what works and what doesn’t because it has the luxury of time that other platforms might not necessarily have when they decide to join later.
Cardano is the first blockchain to be developed using peer-reviewed research and evidence-based methodologies. Indeed, several analysts have already started to claim that its output efficiency is higher and better than that of Ethereum.
Now, a new bridge is being built from Ethereum to Cardano. Using this bridge, the creators of NFT will be allowed to easily move their non-fungible tokens from the energy-hungry Ethereum blockchain to Cardano. In retrospect, that would be great for the adoption of this latter network.
Another X-factor
Development activity is another key yardstick that can be used to assess where different networks/protocols stand.
Well, Cardano was able to maintain some pretty high levels on the development activity chart, compared to Ethereum. Even at the time of writing, Cardano had an upper hand when compared to its counterpart.
So, in the future, Cardano has a golden chance to give Ethereum neck-and-neck competition.
However, to emerge as a winner, Cardano would have to provide top-notch cross-chain interoperability, fast transactions, and predictable fees, among other services and facilities.
It started in the right direction, but only time will tell if it can outperform Ethereum’s popularity.
