The Cardano Foundation promised increased network capacity and lowered costs with the upcoming Vasil hard fork on the network. The promise brings Cardano to the centerstage of crypto community, which is also bracing for a separate milestone event on Ethereum network. It really appears to be a great time despite the bearish environment that two of the biggest cryptocurrencies are going through historic upgrades.
Within a space of one week, both the networks are getting key network updates that could go a long way in their growth prospects. This is leading to a comparisons on Cardano Vs Ethereum, as the upgrades approach.
Cardano Vs Ethereum: Which Is Better?
In this context, there arises a question as to which blockchain network is better placed for the bull market. While The Ethereum Merge is focused on reducing energy costs and a renewed consensus mechanism, the Vasil hard fork is different. Ethereum’s energy consumption is set to be reduced by nearly 99.95% post Merge from proof of work to proof of stake.
On the other hand, Cardano promises to upgrade its scaling capacities and lower its costs with the upcoming hard fork. This, according to Dan Gambardello, founder of Crypto Capital Venture, is a better bet in the Cardano Vs Ethereum debate. The influencer said Ethereum’s real focus on addressing scalability is still potentially ‘months and years’ away. Meanwhile, Cardano is already addressing the scalability problem, he added.
The Cardano Foundation said Vasil is by far the most significant Cardano upgrade on the network. The hard fork upgrade is expected to enable developers to create more powerful and efficient blockchain-based applications.
The Biggest Proof Of Stake Mechanism In Crypto Currently
Gambardello also referred to the recent spike in Cardano’s (ADA) market capitalization. This makes the blockchain network the biggest proof of stake mechanism in the space currently. However, with Ethereum’s shift to proof of stake with the Merge on September 15, things are bound to change. With a market cap of $17.03 billion, Cardano currently is ranked seventh, above XRP, in terms of market size. As of writing, ADA price stands at $0.49, up 1.61% in the last 24 hours, according to CoinMarketCap.
Also, Ethereum Classic, which runs on proof of work mechanism, has been witnessing unprecedented levels of traction in recent times. In the last 24 hours, Ethereum Classic (ETC) price rose by a staggering 24.13%. It is currently trading at $40.32. Many Ethereum miners are likely to transition to ETC community with Ethereum’s conversion to the proof of stake consensus.
- About author
- Disclaimer
