Cardano builds strong fundamentals to flip Ethereum
- Cardano recently launched new certification levels for smart contracts on its blockchain network.
- IOHK reveals that Cardano uses 0.01% of the energy of Bitcoin, making it one of the greenest Blockchains.
- Cardano's had over 3254 GitHub commits this week, higher than most other cryptocurrencies, implying developer commitment to the project.
- Unlike Bitcoin, Ethereum and most other altcoins Cardano is directly working with the government to boost ADA acceptance and utility.
At a time when financial regulatory agencies worldwide have increased their scrutiny of cryptocurrencies and stablecoins, Cardano is forming partnerships with governments. Proponents expect Cardano to reclaim its spot in top three cryptocurrencies by market capitalization soon.
Cardano partners with governments, attempts to make blockchain applications mainstream
With the launch of smart contracts on the Cardano blockchain, new projects and developers have joined the ecosystem. At the same time, Cardano Foundation has formed partnerships with governments worldwide, working on blockchain solutions to solve real-world problems.
Cardano is popularly known as “The Green Blockchain,” as it consumes 0.01% of the energy of Bitcoin. This makes ADA blockchain one of the greenest in the crypto ecosystem. Bitcoin and Ethereum have been subjected to severe criticism on their energy inefficiency. Cardano is ahead of its competitors from the onset, with a cleaner and faster blockchain network.
The launch of Ethereum 2.0 (in early 2022) is likely to intensify the competition for the fastest blockchain network using the proof-of-stake (PoS) consensus mechanism. Until then, Cardano tops the list of fast and efficient PoS blockchain networks.
Input Output Hong Kong (IOHK), the blockchain firm behind Cardano revealed that older cryptocurrencies like Bitcoin and Ethereum are currently using more energy than Argentina. IOHK stated that Cardano uses less than 1% of the energy that the Bitcoin blockchain consumes.
Did you know that older generation blockchain platforms like Bitcoin and Ethereum are currently using more energy combined than Argentina, yet blockchain is nowhere to be found on the #cop26 agenda? The following thread explains why @cop26 should be paying attention (1/11)
— Input Output Media (@IOHKMedia) October 27, 2021
Further updates like high rate of development (identified by Github commits per week) and launch of new certification levels prepare the ADA blockchain to reclaim its spot in top three cryptocurrencies by market capitalization.
While most cryptocurrencies are currently under regulatory scrutiny, Cardano has formed partnerships with the Government of Ethiopia and Burundi to work on the country’s digital transformation.
Charles Hoskinson, founder of Cardano shared updates of the partnership on his Twitter timeline. Hoskinson tweeted:
Yes we signed a great MOU today https://t.co/6scKzs33EH pic.twitter.com/2wjavkxhZM
— Charles Hoskinson (@IOHK_Charles) October 26, 2021
Tether, Mirror Protocol, XRP and other cryptocurrencies recently made headlines for being under regulatory scrutiny alongside top crypto firms and exchanges. Cardano’s strategic roadmap of a greener blockchain with government partnerships positions ADA in the top three cryptocurrencies of the future.
Widely known as the Ethereum-killer, ADA has offered the solutions that traders and developers are waiting for (in the ETH network) over five years now.
FXStreet analysts have evaluated the Cardano price trend and predicted that the altcoin is a coin toss despite bullishness in the cryptocurrency market.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
