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What is Ethereum?
Ethereum is a blockchain platform created in 2015 by a young developer, Vitalik Buterin, becoming the first ever project for the development of smart contracts. Ethereum also allows users to send and receive coins and has its own native cryptocurrant ether (ETH).
The Ethereum network is decentralized, which means that it is controlled by a single entity, every transaction (including smart contracts) is verified by the community.
Ethereum is the platform where most startup projects launch their own tokens for their ICO sales campaign.
What is Cardano?
Just like Ethereum, Cardano is a blockchain project that uses smart contract technology. It was developed in 2015 by the Hong Kong Input Output Organization (IOHK), led by Charles Hoskinson. Charles Hoskinson was also one of the co-founders of Ethereum, leaving the project because he believed he could create a better version of the Ethereum blockchain.
While Ethereum is a second-generation blockchain, Cardano defines itself as a third-generation blockchain.
Cardano also has its own cryptocurrency called the ADA coin and has a similar function to the ETH, namely to send and receive funds, wallets to portfolio.
differences
Both platforms have been designed to be used for the development of dApp and the implementation of smart contracts. However, apart from these two similarities, the two blockchains present significant differences.
Consensus mechanisms
The current consent mechanism used by Ethereum is Proof of Work (PoW). However, Ethereum plans to move to Proof-of-Stake (PoS) soon. Casper, the new EthSeum PoS algorithm, will be implemented to try to solve blockchain scalability problems.
Before completing the changeover to PoS, Ethereum will use a PoW / PoS hybrid by consensus for a temporary period. After the new PoS mechanism is determined to be stable, developers will blow up a "hard time bomb" that will make it impossible to do mines on Ethereum.
Cardano uses a Proof-of-Stake protocol but uses the Ouroboros algorithm. Slot leaders are the entities that can verify transactions and generate new blocks to be qualified to become slots leaders, you have to keep any amount of ADA coins. To become a slot leader, the "Follow Satoshi" algorithm must choose a coin you own.
Programming languages
Ethereum was built using the Solidity programming language. The Ethereum team developed Solidity specifically to enable the creation of intelligent contracts that operate using the Ethereum Virtual Machine (EVM).
Unlike many other projects, which "push" the original code of a different blockchain, Cardano has developed its own protocol using Haskell and Plutus. Haskell is a functional programming language based on an advanced form of mathematics. Plutus is also a functional programming language, but unlike Haskell, it is an internal language developed by the Cardano team.
Architecture
The Cardano structure is composed of two layers. The layers keep the ledger accounting separate from the computational part. This separation gives the end user more control over the privacy and execution of their smart contracts.
The Cardano Settlement Layer (CSL) manages the settlements that occur on the blockchain, while the Cardano Computation Layer (CCL) is the place where the smart contracts are also included to connect the transactions between the two levels. This multi-layered architecture allows soft-fork to simplify updates with respect to Ethereum.
Currently, Ethereum has a layer, but scaling solutions are being developed in the form of a second level. Plasma is one of those solutions, which features sidechain similar to Bitcoin's Lightning Network. These sidechains allow transactions without having to use bandwidth on the main Ethereum chain.
Ethereum will also implement the sharding to reduce the scalability problems of the Blockchain.
Ideology
As mentioned earlier, Hoskinson worked with Buterin and other founders in the creation of Ethereum. After six months, the developers have taken different paths. The split is due to a divergence of opinion, as the majority of founders claimed that Ethereum should remain a non-profit project that should avoid the raising of venture capital funds.
Hoskinson believed otherwise. For this, the team had to establish some kind of governance and develop a plan to generate profit. The project is also non-profit-making, but considering its architecture, it now has more flexibility for further implementations. His team also believes that at some point the cryptocurrency will be regulated similarly to the financial services industry, and will therefore have to work with venture capitalists.
Commercial analysis
Ethereum has a market capitalization of $ 10.106.581.125, which is much higher than $ 854,878,928 of Cardano at the time of writing. Cardano has one of the biggest supplies in the sector, 31,112,483.745 thousand ADA, with Ethereum that does not have a fixed supply, only just over 100 million in circulation as of now.
Ethereum Trading
At the time of writing, Ethereum is trading at $ 97.52, a seventh of its highest value of ~ $ 1,400. Since the great accident at the beginning of 2018, Ether has had its ups and downs, with the month of October that saw values that were around $ 200.
coinmarketcap.com/currencies/ethereum/
Cardano Trading
Cardano peaked in January at $ 1.30 following the market momentum. The currency is experiencing a downward trend, with its current price set at $ 0.032972. Since no dApp ready platform has been launched yet, most of these prices are speculative.
coinmarketcap.com/currencies/cardano/
Cardano vs Ethereum Conclusion
There is a lot of active development from both projects, some of which will certainly lead to an appreciation of the price of the respective coins of the platform.
That said, both Cardano and Ethereum have their own set of pros and cons, making it quite difficult to say exactly which one will be more successful in the future.
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