- Weiss Crypto Ratings has singled out Cardano as Ethereum’s biggest challenger and predicted that both projects could coexist in the future.
- Crypto expert Qiao Wang, however, sees the danger that a highly scalable blockchain will dethrone Ethereum if the launch of ETH2.0 is delayed any further.
While the launch of Cardano’s proof of stake with Shelley will take place in just a few days, the launch of Ethereum 2.0 has recently been postponed once again. Vitalik Buterin recently put his foot down, saying that phase 0 of Ethereum 2.0 should definitely be released in 2020. Nevertheless, there is a big question mark over the launch date.
Some experts from the crypto community are therefore beginning to doubt that Ethereum could lose its clear dominance in the field of smart contracts and distributed applications (dApps). In late June, start-up investor and consultant Qiao Wang wrote via Twitter that Ethereum 2.0 should be launched as soon as possible. Otherwise, he sees the danger that another, highly scalable blockchain could take Ethereum’s position.
I’ve changed my mind after using a dozen of Defi platforms. So long as ETH 2.0 is not fully rolled out, there’s an obvious opportunity for a highly scalable blockchain to dethrone Ethereum. Paying $10 transaction fee and waiting 15 seconds for settlement is just bad UX.
Earlier, Wang wrote that no self-proclaimed “Ethereum killer” can offer something new that Ethereum does not already have to offer. Furthermore, Wang also pointed out Ethereum’s huge ecosystem of developers, projects and companies, which no other blockchain project could possibly match in the near future:
Serious question. Every ETH killer is trying to copy what has worked so far on Ethereum. Defi, stablecoins, tokens. What makes them think they can overcome Ethereum’s network effect? Why not try to pioneer new use cases?
Weiss Ratings: Ethereum vs. Cardano
According to Weiss Crypto Ratings’ expert Juan M. Villaverde, Cardano (ADA) could become Ethereum’s biggest challenger. The analyst was asked by the crypto community to comment on whether “Cardano will become a great play-maker in crypto space in the future”.
In response, Villaverde pointed out that Cardano is already a major player in crypto space, adding that IOHK has already made a remarkable contribution to the crypto industry. Thus, Cardano is the first project based on scientifically formalized approaches.
They already are. They’ve done more work than most other crypto companies, and that includes even Bitcoin. They have formalized a lot of the science that’s behind crypto, blockchain. They’re the first ones who, before doing Proof of Stake, they actually did some research to prove whether or not Proof of Stake actually makes sense.
Villaverde also predicted that Cardano and Ethereum would coexist in the future. He believes that neither of the two competing projects will disappear.
The question on everyone’s mind is: are they going to be the next Ethereum. I think they are going to coexist. I don’t think Ethereum is going away. I don’t Cardano is going away. Is it going to be as big? Is it going to have a thriving ecosystem with thousands, tens of thousands, even millions of people building stuff around it, using it every day? … Remains to be seen.