Tuesday, September 28, 2021
HomeNewsCardano vs. Ethereum: The Race for Smart Contract Dominance

Cardano vs. Ethereum: The Race for Smart Contract Dominance

Cardano is now the third largest cryptocurrency by market capitalization. Thus Cardano is already on the overtaking course before the introduction of the long-awaited smart contracts. Binance Coin (BNB) and Tether (SDT) has now caught up with Cardano (ADA).

Altcoin Season? Cardano price goes up

The Cardano team announced the implementation of the smart contract function for September. But the Cardano price is already rising and cracking the $ 2 mark. The ADA price reached its last all-time high in mid-May 2021 at $ 2.30. At the moment, however, the Cardano price is around the $ 2 mark again and could easily break the last all-time high.

Cardano price from CoinMarketCap

As the blockchain platform Cardano recently announced in an interview as the proof-of-stake platform Cardano, the hard fork Alonzo will start implementing the smart contracts on September 12, 2021. The team is currently in the middle of the test phase. Nigel Hemsley, Head of Delivery at Cardano, explains the development of the Cardano platform:

“With this hard fork, we integrate the Plutus function – our complete toolbox of smart contract functions – and then we start the iteration from there. It gives us the foundation to build on Cardano. Shortly thereafter, more and more [dezentrale Anwendungen] and other innovations come onto the market. “

Cardano price: a brief history

The Cardano project started in 2015 with Ethereum co-founder Charles Hoskinson. While Ethereum has become the most important foundation for the DeFi market in the meantime, Cardano has developed into a serious competitor in the background. The weak points of the Ethereum network also became increasingly clear: scalability and fees. These problems are to be addressed with the London Hard Fork and the upcoming ETH 2.0 upgrade.

But the developers at Cardano were not idle either and expanded the Plutus ecosystem. The smart contracts in the Cardano-Versum are based on the Plutus programming language. The developers can use the Plutus Playground to create smart contracts. This development also had an impact on the Cardano price:

Then in 2020 the Cardano price was around $ 0.09. Then, within a year, the ADA price rose to over $ 2.

Crypto analyst Lark Davis explains on Twitter:

“Cardano Smart Contracts are just around the corner, which is a long-awaited and very bullish catalyst for the asset.”

Lark Davis also sees similarities between Polygon and Cardano:

“Does that mean ADA will tighten by 50X like Matic? No. 6X alone would bring the same market capitalization as Ethereum. BUT if Cardano gets it right, we could still see a few hundred percent growth after starting and using smart contracts! “

Disclaimer of liability

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general informational purposes only. Any action that the reader takes based on the information found on our website is entirely at your own risk.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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