Cardano vs Algorand: A Detailed Comparison of ADA vs ALGO Crypto

Cardano vs Algorand: A Comparative Analysis

What is Cardano?

Cardano is one of the most competing blockchains within the Proof-of-Stake & smart contract space. The blockchain was co-founded by Ethereum brainchild, Charles Hokinshon who previously co-founded Ethereum Network. The blockchain aims to be a decentralized platform facilitating the developments of dApps along with multi-asset ledger & verifiable smart contracts. 

The blockchain runs on the Proof-of-Stake Ouroboros consensus protocol which is the first PoS protocol designed to reduce the energy expenditure carried out by the PoW chains. The native token of the platform, ADA which is named after Augusta Ada King, empowers the ecosystem. Cardano is considered to be the most competitive Ethereum killer that is built to address the loopholes of the Ethereum protocol.  

Deep dive into What is Cardano & How it works?

Cardano’s Vasil Hard Fork 

The Cardano platform is progressing towards the Vasil Hard Fork as the platform is less than 2 weeks away from the event. The hard fork intends to draw huge changes within the network in terms of transaction speed & cost within the circumference of decentralization. The update on the Plutus Scripts is the main highlight of the fork, along with this, it will feature additional CIP Mechanisms, Extended Unspent Transaction Outputs(UTXO) support, & Hydra integration. 

The hard fork was earlier scheduled for June 2022, which was delayed and currently is supposed to happen on 21st September 2022, a week after the Ethereum Merge. After extensive testing, version 1.35.3 was chosen to be the final node candidate for the Vasil Hard Fork. The network is required to advance a minimum of 75% threshold to trigger the fork of which more than 95% of blocks have already been mined at the moment.

Therefore, the event is expected to turn the tables for the ADA price which has remained highly stagnant for a long time now.

Latest News on Cardano Blockchain

  • Cardano’s upcoming Vasil Harf Fork is named as the top crypto project with respect to the technology development as per the data from Contora, a blockchain tracking platform. 

So whether Cardano blockchain is better than Algorand? Let’s check it out!

What is Algorand?

Algorand is an open source blockchain that operates on a Pure Proof-of-Stake(PPoS) which is designed to function similarly to a major payment processor like Mastercard or VISA. In the modified version of PoS, Pure-PoS recruits validators from the pool of ALGO holders.

The chain is highly efficient & scalable as it can finalize transactions immediately in a decentralized way. The platform uses relay nodes to enable efficient communication paths and later incorporates the participating nodes to vote & confirm new blocks. The chain also prohibits forking to ensure the transactions remain unchanged.  

Algorand & Ethereum are considered as one of the tough competitors but both intend to empower the Decentralized space with enhanced security. The network participants who stake their tokens are rewarded in the form of ALGO, the native token. 

Algorand Network Upgrade

Algorand recently rolls out some major changes to the blockchain which introduces a quantum-secure interoperability speed of 6000 transactions per second(TPS) from the current 1200 TPS. Now live on mainnet, the upgraded Proof-of-Stake mainly focuses on trustless cross-chain communication, while new tools are in the pipeline development that may introduce on-chain capabilities for dApps. 

“This upgrade marks another major milestone on Algorand’s roadmap achieved,” says Paul Riegle, the Chief Product Officer of Algorand. “ From State Proofs, which are a game-changing blockchain interoperability security feature, to increased TPS, we are unlocking the tools required for Web3 applications to fulfill their vast potential,”

These strong features will strengthen the Algorand platform as the leading Layer-1 blockchain for the real world Web3 applications which may range from sports to music & CBDC’s to DeFis. 

Latest News on Algorand Blockchain

  • The Algorand foundation’s $35 million in USDC remained stuck with a crypto lender Hodlnaut as it paused its withdrawals. However, the platform is pursuing all legal remedies to maximize asset recovery

Cardano vs Algorand: Comparative Analysis

Launch Date 27 September 2017 April – June 2019
Founder Charles Hoskinson Silvio Micali
Blockchain Protocol Cardano Blockchain  Algorand Blockchain 
Native Token   ADA ALGO
Market Cap $16.35 billion $2.07 billion
Token Type Native Native
Circulating Supply 34.18 billion 6.92 billion
Max Supply 45 billion 10 billion
Consensus Method Proof-of-Stake with Ouroboros COnsensus Pure Proof-of-Stake with Byzantine Consensus

Technical Analysis: Cardano Price vs Alogrand Price

Source: Tradingview

  • Algorand & Cardano have forecasted a similar trend from the past 30 to 45 days, also plunging with equal intensity 
  • The market crashes have also had an equal impact on both of the assets which dragged towards the lows below -20%
  • However, the ADA/USDT & ALGO/USDT had maintained a significant uptrend since the beginning of the month, however, the recent price slash dragged the price lower 
  • In the short term, the ADA price is trading within a rising parallel channel, nullifying the impact of the bearish flag formed soon after the recent crash. 
  • In contrast, the ALGO price is trading within a parallel channel that may have a bearish impact in the coming days
  • However, in the long-term, ALGO & ADA continue to trade within s huge bearish triangle without attempting a breakout but constantly forming lower highs & lows. 

Cardano vs Algorand Price Prediction

Cardano Price Prediction 2022

Cardano price has been declining much since the beginning of the year 2022. While the price attempted to regain the levels above $1.2 but eventually failed to sustain for a long time and dropped hard below $0.4 to form the yearly lows. However, the price has plateaued in the past couple of months without forecasting any major price variations. Now while the year-end is fast approaching, the volatility is expected to coil up.

September is historically considered bearish and hence no major impact may be asserted from the ADA price until the end of the Q3 trade. However, the Vasil Hard Fork may induce a certain impact on the ADA price that could coil up beyond $0.5 from the current levels of around $0.472. However, the asset may intensify its volatility in Q4 and as a result, the price after settling above $0.5, may head strongly towards the next target at $0.6.

By the end of the year 2022, the Cardano ADA price prediction is to trade between $0.67 to $0.73.  

Algorand Price Prediction 2022

Algorand price had manifested a monstrous rally to reach the highs above $2.5 in the previous bull run. However, after drowning by more than 85%, the ALGO price currently maintains a stagnant descending trend, ever since the market collapsed in May 2022. While the asset remains under huge bearish pressure, the bulls manage to overhaul the bears and sustain above the lower support from long. 

In the coming days, the price may continue to experience continued bearish pressure, as the lowered pace of the bulls is hindering the recovery. By the end of the monthly trade, the price is expected to recover slightly and trade between $0.36 to $0.38. Continuing with. an extended upswing, the ALGO price could end the yearly trade within the range of $0.58 to $0.64.

Cardano vs Algorand Pros & Cons 

Cardano Pros Algorand Pros
A great development team led by the co-founders of Ethereum Algorand is faster & efficient compared to the other alternatives
Cardano uses multiple layers ensuring unlimited scalability The transaction speed is just 5 seconds
It is an open-source & a third-generation blockchain after Bitcoin & Ethereum Algorand chain does not fork even if the network is partitioned into multiple networks
The chain is completely decentralized and can host assets without the need of smart contracts Along with the features, Algorand has exceptional use cases for sports, banks, etc

Additional Read: Algorand Price Prediction 

Cardano Cons Algorand Cons
The platform is under development while the process has been delayed frequently Low-level adoption
Cardano wants to implement a voting system which may be a drawback for the asset Algorand carries similar functionalities which  are widely available in the market
The chain is facing multiple issues, but the upcoming Vasil Hard fork may address these  Ethereum drives the first-mover advantage from Algorand
Being multi-chain is old-school nowadays Transaction fees are low but not the best in the industry

Should You Buy Algorand or Cardano?

The crypto space has showcased immense strength since the beginning of 2022, by withstanding bearish pressures every now and then. While the markets were being influenced earlier with the mentions of known personalities, this year no significant impact is seen. The most prominent among them are Cardano & Algorand which managed to sustain above the support levels. 

Is Cardano a good investment or Algorand?

Whether it is Cardano crypto or Algorand, both assets have displayed a steady trend since the beginning of 2022 and are expected to coil up in the coming days. While the upcoming quarter is believed to be profitable, it is imperative to make a conscious choice of crypto tokens only after deep diving into the token history and conducting thorough research. 

How to Invest in Cardano and Algorand?

Investing in Cardano or Algorand is extremely simple & safe with the CoinDCX App. All you need to do is register on the platform. To register, follow the below-mentioned steps:

  • Download CoinDCX App
  • Register by entering your details
  • Complete your KYC
  • Once your profile is validated, fund your wallet and buy ADA or buy ALGO
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