Cardano, a real competitor to Ethereum
While Ethereum has been at the forefront of the African scene for a long time, the many problems that have arisen in recent years have deprived it of unwavering stability. Among these issues is the mismatch with some advanced features of DeFi, namely DEXs and dApps. The high cost of ETH fees is also driving the nail in the head.
Consequence: many investors are gradually abandoning the ETH blockchain in favor of other technologies such as Binance’s Smart Chain.
Cardano is not easily credited with “Ethereum killer” status. This has just launched the “Alonzo hard fork”, a more efficient version of a smart contract platform.
Compared to ETH transactions, ADA transactions seem faster and cheaper. With the new set attributed to Alonzo, Cardano will easily be able to increase its market share to quickly become a leader in the blockchain ecosystem.
Cardano is not idle …
Cardano’s African adventure (ADA) dates back to 2017, the year its initiators launched several blockchain-based innovation-oriented projects. As a reminder, it is the IOHK company which develops this cryptocurrency.
For the success of its African projects, Cardano has not hesitated to ally itself with major players such as SingularityNET and Word Mobile. These collaborations led, among other things, to the development of artificial intelligence (AI) and the establishment of an information infrastructure with a view to opening up certain areas of the continent.
In the African prize list of Cardano is also the pan-African technological incubator called Iceaddis. An evolving structure dedicated to supporting young technology companies in 5 countries of the continent.
Input Output Hong Kong (IOHK) is also a generous company. She works with both nongovernmental organizations like Save the Children and government organizations like Ethiopia’s Ministry of Education. This enabled the assignment of secure digital identities, based on the blockchain, to 5 million teachers and students.
What is certain is that Cardano is betting heavily on Africa. This continent does indeed have massive potential for blockchain adoption. So much faith will certainly lead ADA to the right place: to be on the first step of the podium.
… and get rewarded quickly
While waiting for the jackpot, Cardano can settle for small rewards. Which are available in regular price increases or in the launch of the Alonzo update of the ADA network.
Let’s clarify: the Alonzo “hard fork” is the update intended to make ADA even more efficient. It provides for the addition of smart contract platform functionalities, decentralized finance (DeFi), decentralized applications (dApps) and non-fungible tokens (NFTs).
Enough to lengthen the list of Cardano’s selling points. Which previously only featured praise for the speed of ADA transactions compared to ETH.
Looks like Alonzo gave Cardano wings. However, the idea of dethroning Ethereum may seem like a mirage at the moment. Haven’t we said that ETH is one of the most proven blockchains on the market? Cardano has its work cut out for it: continuing, tirelessly, on the path of massive involvement in Africa would be the best alternative to quickly gain the upper hand.