CARDANO Use Cases and Competitors
Cardano use cases: Ethereum Killer?
Cardano is a Proof-of-Stake (PoS) decentralized public blockchain. It runs on the proof-of-stake Ouroboros consensus protocol. It is designed as a more efficient alternative to Proof-of-Work (PoW) networks. It is flexible, durable, and scalable allowing its developers and users to have a wide range of decentralized finance apps, new crypto tokens, games, and much more. ADA is Cardano’s primary cryptocurrency. Former Ethereum co-founder Charles Hoskinson started developing this blockchain in 2015 and launched it in 2017.
Cardano Use Cases
- Cardano calls itself the third-generation cryptocurrency. It solves the scaling and infrastructure problem that first appeared in bitcoin, the first-generation cryptocurrency.
- It also solves the problem of high fees and the problem of slowing down the network during high-volume transactions.
- How is it used?
- The Cardano blockchain can be used to create smart contracts and create decentralized applications and protocols.
- Users can send and receive money fast with minimal fees.
- Cardano’s cryptocurrency can be used as an investment for purchases and exchanges.
- Like other blockchains, Cardano crypto holders can use their ADA to vote for any changes and developments to the protocol.
Competitors of Cardano
Ethereum: Cardano is also known as the Ethereum killer. Ethereum is Cardano’s top competitor, as both blockchains are consensus mechanisms for verifying proof-of-stake (PoS) transactions. However, ETH is less flexible while Cardano allows users to earn rewards for validating transactions on the network.
Algorand: It also uses the Proof of Stake blockchain protocol, just like Cardano, which provides security, decentralization, and scalability.
Solana: In many ways, Solana is like Cardano. Both are smart contract-enabled projects, which allows their community to have many features in their decentralized finance ecosystem.