Cryptocurrency is a constantly shifting landscape. That is the beauty of all technological fields; new solutions continuously challenge the status quo. Cardano and Polkadot are two projects that have legitimate expectations of shaking things up in the future.
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For context, the reason everyone is talking about Cardano and Polkadot is their potential to challenge Ethereum. Since its launch, Ethereum has dominated the decentralized applications sector. These pretenders to the throne have real promise to make a difference.
About Cardano
This project has close ties to Ethereum. Its founder, Charles Hoskinson, was part of the group of developers that launched Ethereum. He subsequently left the mother ship to contribute to another project proving to be a high flier.
The Cardano blockchain implemented a Proof-of-Stake blockchain, which is a notable departure from Ethereum that initially implemented Proof-of-Work. Hoskinson and his team took a scientific approach with the project deploying peer-reviewed solutions. This approach has worked out pretty well, with the blockchain being able to provide security and sustainability to dApps.
What’s even more fascinating is that Cardano is not even done with its rollout. Such is the reputation that the project has built in its first few years. It was until recently when, for example, it activated smart contracting via the Goguen update. Preceding this was the Shelley update. At press time, ADA is trading above $1.88 per CryptoAltum price feeds, with many traders looking at hodling in anticipation of future gains.
Accordingly, Cardano aims to redistribute power from centralized entities to the transacting parties. ADA is one of the fastest-growing cryptocurrencies, and rightfully so. Its technology has advanced rapidly, and Ethereum developers are definitely keeping tabs with events in this platform.
The goal is to achieve cheaper and faster transaction speeds. Ethereum currently suffers from exorbitant transaction fees and scalability issues. To be fair, they are constantly working to find better solutions. Regardless, Cardano is significantly ahead on scalability.
Their efficiency on smart contract technology is primarily because the network has two layers. The first is the Settlement Layer, which facilitates ADA transactions and allows users to transact peer-to-peer.
Its second layer, called the Computation Layer, allows developers to create and execute smart contracts. This two-tiered approach allows for transactions to proceed smoothly without congestion on the blockchain from executing smart contracts.
Diving into Polkadot
This project is one of the most exciting in the digital currency space. Polkadot is like an internet of blockchains. It has created a sharded multi-chain architecture to enable multiple blockchains and external networks to communicate seamlessly.
This environment creates a hub that rivals the Ethereum network. The introduction of a scalable, interoperable and secure network protocol is a gamechanger. Developers could always use more efficient solutions, and an optimized solution is great. The ability to power futuristic blockchain applications and share data across blockchains and networks are the reasons why Polkadot is proving to be a hit.
At press time, you could get a DOT token for around $45. It is fast becoming a trader favorite because of its upside. The platform’s overall goal is to create a wholesome ecosystem that can integrate blockchain utility into all manner of systems. In November, the first Parachain slot auction will begin, marking the project’s scalability as a hub for quality projects.
The Big Picture
Cardano and Polkadot may not be on the level of Bitcoin and Ethereum, but they are fast catching up. The most popular deposits on CryptoAltum are still BTC and USDT, showing how much these nascent projects have to go. However, in the tech sector, more efficient solutions will always carry the day. Still, the future belongs to the bold, and the respective developers of DOT and ADA, available for trading with high leverage of up to 500X on CryptoAltum, are working towards ensuring they thrive and are able to compete favorably.
PRESS RELEASE
The information published herein corresponds to a press release of the project cited in the article. The claims are on your own, for more information visit their official site.
© 2024 Cryptopress. For informational purposes only, not offered as advice of any kind.
