Cardano & Ethereum are considered rivals. Could you explain the biggest difference between the two and do you think Caradano will catch up on Ethereum?
The biggest difference between Ethereum and Cardano is how they have approached the adoption and development of their ecosystems.
Ethereum has historically been more focused on private sector use cases in developed regions like Europe and North America. Over the last few years, Ethereum has started to gain traction in Asia, where Vitalik is referred to as the quote V God.
Cardano’s approach has been to target the developing world specifically their governments and public institutions. Rather than push for the direct adoption of Cardano, IOHK and Emurgo have been providing various African nations with permission infrastructure to prove the utility of Cardano’s core technology.
The tip of the spear is an Atala Prism, a decentralized digital identity solution that Charles argues is essential for the large-scale adoption of a smart contract cryptocurrency blockchain like Cardano.
In terms of development, Ethereum has more of a hands-on approach by putting practice before theory. Now, this is in stark contrast to Cardano where every component of its architecture is peer-reviewed and rigorously tested by academics prior to implementation.
Ethereum’s approach gave it a first-mover advantage when it launched in the summer of 2015. And ETH is now the second-largest cryptocurrency and that’s because the Ethereum blockchain hosts the largest ecosystem in the crypto space including thousands of altcoins, stable coins, dApps, NFTs, and more.
Cardano launched in the fall of 2017 and you’d be hard-pressed to list more than a couple of projects building on the Cardano blockchain at the moment.