Cardano and Ethereum are both smart contract platforms. But which is the undisputed King? How do these two compare?
There cannot be any doubt that Ethereum is king of the smart contract and decentralized apps world. It has powerhouse decentralized applications such as Uniswap, Compound, Maker, Aave, and Curve finance firmly in its corner. And that’s just to name a few.
That’s right, their ecosystem is huge. And stablecoins such as USDT, USDC and DAI have made Ethereum their home as Ethereum’s massive user base is the envy of all its challengers. Needless to say, the Ethereum fandom is powerful.
Let’s not let the current size of the Ethereum network cloud our vision.
In this game size is everything. And Ethereum boasts the largest developer community, even bigger than Bitcoin, dedicated to strengthening Ethereum as the future of finance.
But let’s not forget Cardano’s creator is Charles Hoskinson, who is also a co-founder of Ethereum. He’s learned from Ethereum’s mistakes and is building something better and stronger. A clear advantage is that Cardano offers staking support for small balances, which is a big win for the everyday person wanting to have a place in the world’s financial future. With Ethereum, you need a minimum of 32 ETH to stake, which will price many out of the earning potential of staking.
A large stake behaves just like a guarantee so that only serious participants get to validate the system. The larger the stake, the bigger the commitment. Anyways, decentralized staking pools are rolling out that will make staking accessible for everyone. Although I have to say that the jury is out on which staking strategy will result in a more secure and stable system. Only Time is going to tell here!
And time is indeed running out for Ethereum. I’m not a programmer, but the word is that programming on Ethereum isn’t easy. On Cardano’s side there’s a proposed programming language, which will let anyone create a smart contract, even if they have no programming background. This could potentially onboard much more varied talent to the project and result in the creation of new and exciting applications previously unthought of.
The sobering reality is, Cardano is a smart contract platform that doesn’t even have smart contracts yet! It’s still swimming in the womb in terms of development compared to Ethereum, which has been supporting smart contracts since 2015.
Ethereum is the undisputed King of smart contracts for now. But we know how fast the crypto universe changes and the future is truly in anyone’s hands. A critical vulnerability might topple Ethereum, and I’m betting that Cardano will be the one to scoop up the title.