Back in 2009, when Satoshi Nakamoto introduced the Whitepaper for Bitcoin, the world was introduced to the new asset class that we all see all over the internet today. Soon after Bitcoin, the blockchain technology surged to become one of the most talked about technologies in the last decade.
With the rise in the technology, came newer projects in crypto with varied use cases providing alternatives to the real world problems. One of the other crypto networks discussed in this article today is Cardano, which is one of the networks that has been fundamentally strong since its inception!
Introduced to the world back in 2009, by an anonymous person, Satoshi Nakamoto, Bitcoin has been the first crypto token that opened the door of the crypto ecosystem for the world. Built with the purpose of facilitating peer-to-peer transactions without any involvement of a third party has been the two most interesting factors that Bitcoin brought to the table.
In a nutshell, Bitcoin is a peer-to-peer (P2P) online currency where transactions can take place directly between two equal and independent participants of the network without the intervention of any third party. In Nakamoto’s words, Bitcoin was created to facilitate online payments between two parties without going through a lengthy and gruesome process via a financial institution.
#Bitcoin passe la barre des 28000$ 🚀 pic.twitter.com/yUmh0DfQrI
— Journal du Coin (@LeJournalDuCoin) March 21, 2023
Read More: USDC Stablecoin Depeg after SVB Collapse
Cardano’s ecosystem has been developed by highly qualified engineers and academic experts experienced with cryptography and blockchain. Founded by the co-founder of Ethereum, Cardano is a multi-layer blockchain operating on the Proof-of-Stake to validate transactions. The core of the Cardano consensus is the Ouroboros algorithm that aims for a high level of security with efficiency.
It is a third-generation blockchain after Bitcoin & Ethereum that focuses on scalability, interoperability & sustainability. Cardano also focuses on swelling costs, usage of energy and transaction time.
Deep Dive into How Cardano works?
Djed, the new overcollateralized stablecoin, from DeFi service provider COTI, has been deployed on the Cardano mainnet earlier this year; after successful auditing. This news has gotten the community pumped for the further developments!
2023 is the Year of #Cardano sidechains
– Midnight privacy sidechain
– Sidechains Toolkit EVM compatible
– Milkomeda, first Cardano sidechain
– …more to come
Do you remember what happened when people started to build sidechains/tokens on Ethereum?
Take that and make it x10. https://t.co/n8KWCX2SVh
— Cardano Hieronymus (@CardanoHumpback) January 12, 2023
CEO of Coti, Shahaf Bar-Geffen said, “Not only do we need a stablecoin, but we need one that is decentralized, and has on-chain proof of reserves.”
Did You Know? Bitcoin and Cardano energy consumption is an interesting thing. While Bitcoin works with PoW consensus, it consumes a lot of energy, while Cardano being a PoS consensus user, uses a lot less energy; as compared to Bitcoin.
|Founder||Satoshi Nakamoto||Charles Hoskinson|
|Blockchain Protocol||Bitcoin Blockchain||Ouroborous Protocol|
|Circulating Supply||19,149,231.00 BTC||34.18B ADA|
|Consensus Method||Proof of Work||Proof of Stake|
|It has good accessibility and liquidity||Peer to peer decentralized technology|
|Provides complete user anonymity and transparency||Cardano has a great development team with a pre-reviewed platform to ensure the stability|
|Total independence from a central authority||Cardano is open-sourced platform with code written in Haskell programming language|
|Has a high return potential||It is a multichain layer that uses settlement layer & computational layer to ensure unlimited scalability & quick transactions|
|It has extreme volatility||Cardano has not accomplished with development phase with a lowered pace|
|No government regulations, thus under constant risk||Limited transactions can be processed within a second|
|Irreversible – transactions are completely irreversible so hacks and illegal activities can’t be reversed||75% of ADA is not in circulation but staked|
|Limited use due to its high costs||The platform is more prone to 51% attack as the algorithm that claims to sync the ledgers appear to be unrealistic|
Bitcoin vs Cardano or BTC vs ADA has an interesting journey ongoing, given the crypto staple Bitcoin is only limited to 21 million tokens, however, Cardano’s recent Vasil Hard Fork has shaken up the ADA network and new prices are anticipated by the crypto analysts. Below is an analysis of BTC vs ADA price. Let’s take a quick look!
Additional Read: Cardano vs Dogecoin
Bitcoin price was pretty incremental after it flipped from the June lows. However, no sooner than the BTC price above $23,000, the bearish action slashed the price heavily. Additionally, the asset which formed constant higher highs & lows is now trading within a descending channel. Therefore, in the upcoming days, one can expect an extended accumulation and with a huge influx of liquidity, BTC price may range high, testing the higher targets.
Cardano’s native token, ADA is very close to breaking out of this bearish descending triangle pattern and a modest recovery over the next couple of days would provide for that and bring it into a reasonable bullish zone. It is also trading slightly above its 50 day moving average (marked in cyan) which would also help out with any bullish price action we may see going forward. The Relative Strength Index which is currently slightly above 55, which also would provide the necessary positive sentiment to support buying action as Cardano Vasil Upgrade draws nearer.
Bitcoin has been one of the most sorted after token by the crypto investor. Mainly because it has established its place within the top 10 crypto tokens for a solid amount of time. However, Cardano has also been pretty active crypto ever since its inception. The information about Cardano’s Vasil Hard Fork has also played its part in making it a token of interest for many crypto enthusiasts.
Saying that, when BTC vs ADA are compared, Bitcoin still remains within the skeleton it has been put into, since Nakamoto introduced it to us. On the other hand, Cardano have been making progress with improving itself too keep up with the evolving crypto world.
No matter the recent projects, before choosing a particular crypto token to invest into, any investor should do thorough research, reach a conclusion that is based solely on their investing interest and then invest any amount they want.
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