- Cardano´s objective is to provide economic identity.
- Cardano claims to be the next generation of smart contracts.
- Ada – Governance and compliance of transactions is a key attribute
Charles Hoskinson is a Cardano and Ethereum Co-founder. However, he left the Ethereum project after some disagreements with Vitalik and started working on a new project with an engineering and research company. And their key project is Cardano and Hoskinson was the Brains behind this project.
Cardano’s founder has made some vital points recently in the interview with Yahoo finance about how Cardano is more sustainable and technically advanced as compared to other legacy cryptocurrencies like Ethereum and Bitcoin.
Is Cardano a revolution in the crypto market?
Charles Hoskinson stated that technology has changed over the years, in the 19th century with industrialization, in 2000 the technological era and today’s era is all about digitalization. In 2009, Bitcoin was a revolutionary concept (decentralized settlement system and easy transport of digital money around the world instantly).
However, it’s now time to evolve and bring in a more technical yet sustainable currency which Cardano seems to cater to. Cardano is a decentralized platform for changemakers and innovators, its objective is to provide economic identity by building a platform for a sustainable future and its own ecosystem built by a collection of protocols with minimal energy requirements.
Cardano claims to be the third generation blockchain. This means that the founders believe that their project is much more advanced than Ethereum, which is why it is sometimes called the Ethereum Killer.
However, Charles Hoskison in his interview with Yahoo Finance ensures that Ethereum is built on an obscure structure and is killing itself. Basically, Ethereum 2 is killing Ethereum 1. Hoskinson flagged that this is due to its transit from proof of work (PoW) to proof-of-stake (PoS). He claims that Cardano is leading that fight over Ethereum.
Charles Hoskins explains the difference between ETH & ADA.
It is true that Ethereum was the first blockchain project in the world that allowed people to create smart contracts to agree without the need for a third party. He claims that ADA operates on metadata which allows transaction data to be stored in Cardano blockchain and this makes it a proof of utility which lacks in Ethereum.
He also claims that Cardano has many technical advancements like proof of stake, governance of transactions, ecofriendly which makes Ada more evolved in comparison to other digital legacy currencies.
Charles Hoskinson mentioned that Ethereum doesn’t have a governance system and neither do they have it in their roadmap. He also stated that ADA works on a completely different philosophy, user base, time horizon and accounting models compared to Ethereum.
After a huge rally in the cryptocurrency market where Bitcoin yields 25%. However, Cardano has managed to resist this onslaught. Currently, ADA is the third most valuable currency in the crypto market with a market capitalization of $41.9 Billion, ADA/USD price was at $1.67 at the time of writing.