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Will Cardano Overtake Ethereum in the smart contract platform race?

The founder of Cardano, Charles Hoskinson in a recent interview with Bloomberg expressed the ambitious developments and prospects for the platform. Hoskinson revealed that over 100 companies are in the process of moving from Ethereum to Cardano.

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Moving further, he speaks of his aspiration for the Defi platform. He was of the opinion that his blockchain has the potential to outperform the market leader Ethereum

“You can take your Defi and you can run it on my system for 1/100 to 1/1000 of the cost” 

Hoskinson in the interview is seen to be assertive of the largest Dex Uniswap, and popular DApp cryptokitties equating them to pet rocks and beanie babies.

“I don’t care about Uniswap cryptokitties and other things. It’s a bubble and it comes and it goes like pet rocks and beanie babies”.

Hoskinson views a wide range of possibilities than just beating Ethereum. He believes his Defi platform could run whole nations on the blockchain.

Can Cardano Take over Ethereum?

There have been conversations in the market for the possible shift to the Cardano platform by various firms. In a recent development, there was news of Singularity NET, the decentralized marketplace for AI algorithms, the social humanoid robot Sophia was ‘seriously discussing’ shifting to Cardano.

Yet, all is not rosy for the platform. Despite surging high and achieving to become the third-largest cryptocurrency by market cap, there have been concerns of the blockchain being just vapourware.

Recently CoinMetrics Nick Carter pointed out that the blockchain doesn’t have a single popular application on it.

“I am not aware of a single popular application deployed on Cardano, nor have I seen any enthusiasm for the platform among developers”.

Crypto influencer and analyst Lark Davis has brought attention to an important question of which is a better smart contracts platform, Ethereum or Cardano. Which one to place your bets on for the future.

In his latest Youtube video, he gives a complete analysis of both the platform’s pros, cons, and performance in the foreseeable future and it holds for its users.

 Etheruem has the largest network effect and is considered the birthplace of decentralized applications.it hosts a maximum of DApps. They are into everything from NFT art, derivates, stable coins, real estate, etc. it is partnered with some giants like Reddit, Microsoft, and Ernst and Young.

On the other hand, Cardano has a decent network effect too, but it does not have the scale of Dapps that Ethereum has, although it has been able to establish some great partnerships, for example, the Govt of Ethiopia and companies like price water house cooper.

The only downside to Ethereum is it’s slow and expensive. If Cardano can achieve rapid functionality when its smart contracts go live and overtake Ethereum and flip all its users to their platform, it’s a dream far-fetched to catch up with Ethereum in the race. 

Hence for the foreseeable future, Ethereum will still hold priority and be a sane bet to make.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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