Cardano and Ethereum 2.0 have different technologies, different development strategies and different users, says the head of IOHK
Cardano Founder Charles Hoskinson Believes His Project is Superior to Ethereum 2.0 on at least three counts. He reported this in the interview on Yahoo Finance.
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Management and development strategy
Cardano is often called the “ether killer”. However, according to Hoskinson, Ethereum is killing itself by switching from a proof-of-work (PoW) consensus algorithm to a proof-of-stake (PoS) one. He is sure that Cardano is now the leader among PoS-blockchains.
“We are winning this race. We were the first in the market… The engine does not make a BMW car, it is part of it, part of the entire ecosystem, ” said the creator of Cardano.
Hoskinson believes that the management system implemented in Ethereum 2.0, will slow down the development of the ecosystem when its creators retire, or lose credibility. As an example of an ecosystem that is too slow to develop, he cited bitcoin, which he believes is a steam engine powered by wood.
“Bitcoin developers are desperate to develop the system, introduce improvements, add new features such as smart contracts and sidechains, but they are not able to implement much.”
Unlike Ethereum, Cardano uses a more comprehensive approach, Hoskinson said. They are concerned not only with the execution of smart contracts, but also with compliance with regulatory requirements, process automation, metadata, on-chain management, and much more.
He also believes that Ethereum interacts worse with other protocols than Cardano, Polkadot, Cosmos and other similar blockchains that actively develop sidechain technology.
Philosophy and users
And finally, according to him, Cardano and Eth 2.0, in addition to different technologies and philosophies, have different target audiences:
“We’re targeting the millions of people in Africa that the ether doesn’t seem to care about.”
Cardano focuses primarily on developing countries, offering simple and cost-effective solutions for the financial industry. According to Hoskinson, this is now the fastest growing segment with great potential.
At the time of writing, Cardano (ADA) ranks fifth in the cryptocurrency rating according to CoinMarketCap with a capitalization of $54.7 billion, ADA/USD is trading at $1.7. During the day, the coin fell by 2.6% amid bearish sentiment in the cryptocurrency market.
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