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CARDANO: what it is and direct competitors

Cardano is a decentralized public Proof-of-Stake (PoS) blockchain. It works on the Ouroboros proof-of-stake consensus protocol. It is designed as a more efficient alternative to Proof-of-Work (PoW) networks. It is flexible, durable and scalable allowing its developers and users to have a wide range of decentralized financial apps, new crypto tokens, games and much more. ADA is Cardano’s main cryptocurrency. Former Ethereum co-founder Charles Hoskinson began developing this blockchain in 2015 and launched it in 2017.

Cardano Use Cases

  • Cardano calls itself the third-generation cryptocurrency. It solves the scaling and infrastructure problem that first appeared in bitcoin, the first-generation cryptocurrency.
  • It also solves the problem of high fees and the problem of network slowdown during high-volume transactions.
  • How to use it?
  • The Cardano blockchain can be used to create smart contracts and create decentralized applications and protocols.
  • Users can send and receive money quickly with minimal fees.
  • Cardano cryptocurrency can be used as an investment for purchases and exchanges.
  • Like other blockchains, Cardano cryptocurrency holders can use their ADA to vote for any protocol changes and developments.

Cardano competitors

Ethereum: Cardano is also known as the Ethereum killer. Ethereum is Cardano’s main competitor, as both blockchains are consensus mechanisms for verifying proof-of-stake (PoS) transactions. However, ETH is less flexible while Cardano allows users to earn rewards for validating transactions on the network.

Algorand: It also uses the Proof of Stake blockchain protocol, just like Cardano, which provides security, decentralization, and scalability.

Solana: In many ways, Solana is like Cardano. Both are smart contract-enabled projects, which allow their community to have many features in their decentralized financial ecosystem.

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