on the crypto
Never underestimate the power of a strong brand. With a market cap of $ 326 billion, Ethereum represents a whopping 19% of the cryptocurrency market capitalization. While the network has lagged behind the latest blockchains in terms of speed, it can maintain dominance of the market thanks to its first-mover advantage and active development community.
Founded in 2015, Ethereum has expanded the possibilities of blockchain technology by allowing users to program self-executing smart contracts to create decentralized applications (dApps). These standalone programs range from digital art markets to decentralized exchanges where users can buy and sell cryptocurrencies. They made Ethereum a household name among cryptocurrency investors.
With a transaction capacity of just 15 per second, the Ethereum network suffers from congestion and high transaction costs. But his name recognition still allows him to attract high-impact projects like Shiba Inu - a $ 14 billion token he chose to build on the Ethereum network because, as Shiba Inu's white paper states, "it's already safe and secure. well established ".
Ethereum is also working to improve its technical capabilities through an update called Ethereum 2.0, which was designed to make the blockchain more scalable and green. The changes will include moving from a proof-of-work (PoW) consensus mechanism (where miners use enormous computing power to solve puzzles and verify transactions) to a proof-of-stake (PoS) system where miners solve puzzles using existing coins. PoS is faster and doesn't consume that much electricity.
With a market cap of $ 40 billion, Cardano is the sixth largest cryptocurrency on the planet. While it doesn't have Ethereum name recognition yet, it makes up for it with superior speed and technical capabilities. The platform is also constantly improving to keep up with the competition.
Unlike Ethereum, Cardano already has a PoS validation system that can handle around 250 transactions per second. The developer of the platform, Input Output Hong Kong (IOHK), also plans to roll out an update called Hydra that will increase Cardano's scalability by adding another layer to its blockchain. IOHK did not provide much information on when Hydra will be active or how much the speed of the platform will increase. But Cardano is already attracting its fair share of dApp development.
In January, the platform got its first decentralized finance exchange (DiFi) SundaeSwap, which allows users to trade cryptocurrencies and earn interest on their holdings without the need for a centralized broker. This project is an impressive vote of confidence in the Cardano network.
The cryptocurrency market is notoriously volatile, with several high-profile crashes since its inception in 2009. But in the long run, the Investors with diamond hands they have achieved life-changing returns. While it's impossible to know when this latest crash will occur, Ethereum and Cardano seem poised to ride the rebound thanks to their strong branding and active development communities.
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