Can Cardano compete with Ethereum on the smart contract front?
The lack of trust in dealing with different parties is one of the greatest challenges for those outside the “intelligent world”. Due to the lack of transparency, people lose a lot of time and money to the middlemen before closing a deal.
Smart contracts, on the other hand, offer a solution to the above problem by eliminating intermediaries and making the system more transparent.
Since its inception, Ethereum has arguably been the king of the smart contract space. However, over time, the competition has increased and Cardano is one of the newest to hit the arena.
Ethereum’s rising gas fees have always been a major concern in the community. Just this week the fee has exceeded 250 gwei and 350 gwei a few times.
In fact, at the time of writing, the fees are quite high compared to the weekly average.
Smart contracts based on Cardano can therefore exploit the aforementioned vulnerability of Ethereum. If this is successful, smart contract users will not hesitate to switch to the Cardano network for cost reasons.
Well, Cardano is clearly new in this area and as they say – new use means new acceptance. However, there is almost nothing to prove for Cardano. The number of contracts executed is quite small.
According to the table of Statista, trading volume increased after the Alonzo hard fork. However, this level could not be maintained. In fact, it has collapsed in the past few days.
However, it should be noted that Cardano entered this room at the right time. It’s free to experiment and see what works and what doesn’t, as it has a lot of time that other platforms may not necessarily have if they decide to join later.
Cardano is the first blockchain to be developed using peer-reviewed research and evidence-based methodology. In fact, some analysts claim that its output efficiency is higher and better than Ethereum’s.
Now a new bridge is being built from Ethereum to Cardano. With this bridge, NFT creators can easily use a lot of energy to migrate from the Ethereum blockchain to Cardano, which is great for later network adoption.
Another mysterious element
Development activity is another important metric that can be used to measure the location of various networks / protocols.
Well, Cardano managed to hold a pretty high level on the developer activity table compared to Ethereum. At the time of writing, Cardano had the upper hand.
Hence, Cardano really has a golden opportunity to compete with Ethereum in the future.
However, to be a winner, Cardano must offer leading cross-chain interoperability, fast transactions, and predictable fees, among other services and utilities.
It started in the right direction, but time will tell if it can surpass Ethereum’s popularity.
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According to AMBCrypto