Cardano smart contract update: an outlook on the future of Cardano as the Ethereum killer

Cardano is lauded by proponents as the Ethereum killer. The two blockchains have a lot in common such as the fact that they both feature programmable ecosystems where developers can host decentralized applications. However, given that scalability is one of the biggest issues affecting blockchains at the moment, Cardano and Ethereum take on different approaches in tackling the problem.

Ethereum is already operational with a blockchain that hosts multiple decentralized applications, albeit the lack of scalability as the network grows. Cardano’s academic approach on the other hand has taken a more cautious approach that entails a variety of testnets before launching a fully-fledged programable ecosystem of dApps. 

Cardano is undoubtedly one of the most utopian crypto projects there is. 

Although the platform’s native crypto token is operational, plans are underway to launch a parallel proof of stake blockchain that will feature unlimited scalability for hosting dApps. Ethereum is only now transitioning from a less flexible proof of work blockchain to the upcoming proof of stake Ethereum 2.0 blockchain.

Cardano’s critics

Recently, lots of FUD has been flying about Cardano’s smart contracts over the fact what Cardano’s founder Charles Hoskinson, had tweeted about a year ago

In a tweet last year, Hoskinson predicted that “there will be hundreds of assets running on Cardano, thousands of dApps and tons of interesting projects and lots of unique use and utility.”

Critics were quick to point out the delay to Cardano’s smart contracts. 

Delayed upgrades are nothing new to the crypto space. Ethereum has also seen several delays in the rolls out of its network upgrades on its journey to a proof of stake blockchain. 

In his response, Hoskinson said “there are thousands of assets on Cardano not to mention tons of developers learning, training and writing” dApps that will soon launch on Cardano.

Grayscale takes note of Cardano

Cardano’s progress might be slow as it relies on an academic approach that upholds accountability and the development of repeatable processes. However, the value of the project has not gone unnoticed by Grayscale Investments.

Grayscale Digital Large Cap (GDLC) fund is one of the biggest funds managers for investors looking to get exposure to digital currencies. The fund announced the addition of ADA to its portfolio reflecting a growing interest in Cardano. 

ADA’s future

Each share in the fund’s portfolio comprises 67.47% Bitcoin (BTC), 25.39% Ether (ETH), and now 4.26% ADA as well as a mix of Bitcoin Cash, Litecoin, and Chainlink. 

Although ADA has been hovering around the $1.25 price mark, the announcement by GDLC brought about a climb to ADA’s price taking the cryptocurrency to a price of $1.45 in a near 10% spike within days. 

Furthermore, a recent regular video update on the Input-Output Hong Kong YouTube channel (co-developers of Cardano) revealed that the Cardano blockchain can now run smart contracts. This comes at a time when more than $30 billion worth of ADA has been staked in anticipation of more phases of Cardano’s major Alonzo hard fork unfold.

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