Charles Hoskinson REVEALS Cardano ADA vs Ethereum ETH vs Polkadot DOT

cryptocurrencies have been one of the best things that happened in the past couple of years they have not just revolutionized the world but have also made a lot of people millionaires 2021 is going to be a pivotal year for polka dot ethereum and cardano hi fixers welcome to fix your finances build financial wealth if you want to build your financial wealth and fill your mind with the right information make sure to hit the like button and subscribe for us to provide you with more valuable content in today's video we will be talking about cardano 88 versus ethereum eth versus polka dot dot without further ado let's get right into the video while each has its merits competition between these three is starting to heat up as we head into mid-year alonso is on track for an august release which will bring smart contracts to cardano polka dot is racing to finish parachain rollouts to enable on-chain governance ethereum is working on proof-of-stake with its proposed sharding scaling solution which will arrive anytime in the following year let's start by talking about cardano it is currently trading for a dollar 34 per token cardano is a decentralized third generation proof-of-stake blockchain platform the cardano project is a platform for smart contracts the designers guarantee that it's an innovative product with remarkable usefulness it was founded on numerous studies and scientific philosophies and positioned as a third generation blockchain or blockchain 3.0 the principal work of cardano is based on the algorithm of proof of stake or pos which is reportedly much more advanced than proof of work or pow the algorithm of bitcoin the proof-of-stake algorithm is used to operate the network increase its stability and protect the network from attacks currently work is underway on the platform management model and a voting system the pos algorithm gives more abilities to add and create another square to the blockchain to clients with more tokens in their record this increases transaction processing speed by increasing the rate at which new blocks are added and found decreases electricity costs for miners for electricity and reduces the load on the network however pos isn't really an ideal algorithm suppose a particular group or user holds a large number of funds in a wallet in that case they'll be able to control the network mining which would compromise the payment system's decentralization but modern cryptocurrency payment systems are trying to combat this by adding an element of randomness while choosing a channel and different strategies to safeguard decentralization ada's main applications are in traceability and identity management it can be used to simplify and streamline processes that require the collection of data from multiple sources it can be used to audit and track a product's manufacturing processes from provenance to finished goods and eliminate the market for counterfeit goods the organizations behind cardano have already released three products named attila trace add to the prism and natula scan atala prism is marketed as an identity management tool that can be used to provide access to services it can verify credentials to open a bank account or eligibility for government aid attila trace and attila scan are being used to trace a product's journey through a supply chain cardano blockchain recently achieved 100 decentralization the community's 2 200 stake pool operators are now entirely responsible for block production on cardono's network this will be a key differentiating factor for cardano bitcoin reportedly relies on 10 major mining pools for 85 percent of its production having a more decentralized network means that nearly 51 of attacks can be prevented and other key risks cryptocurrency investors have their eyes on the next one is polka dot it is currently trading for 35.97 per token it was created by gavin wood a core founder of the ethereum project he had differing opinions on the project's future polkadot is a unique pos cryptocurrency that is aimed at delivering interoperability between other blockchains its protocol is designed to connect permissionless and permissioned blockchains and oracles to allow systems to work together under a single roof its core component is its relay chain that enables the interoperability of varian networks it also provides a pair of chains or parallel blockchains with their own native tokens for particular use cases polka dot differs from ethereum as the developers can create their own blockchain while also using the polka dots chain security this concept in polka dot is called shared security it can be called a scalable heterogeneous multi-chain technology it is heterogeneous as it is entirely flexible and makes no assumption about the structure or nature of the chains in the network many of the native pair chains of polka dot will be written using a polka dot runtime environment sdk the final one is ethereum it is currently trading for 2767.39 per token ethereum is an open source blockchain-based decentralized software platform used for its own cryptocurrency ether ethereum is not just a platform but also a programming language running on a blockchain it allows for the creation of a variety of applications including tokens unlike most of the other traditional applications they don't require intermediary services to operate it enables distributed applications and smart contracts to be built and run without any fraud downtime control or interference from a third party during 2014 a pre-sale was launched for ether which had received an excellent response ether is like a mode of transportation from moving around on the ethereum platform and is mainly sought by developers looking to develop and run applications inside ethereum ether is used primarily for two purposes it is being traded as a digital currency exchange similar to other cryptocurrencies it is also used inside ethereum to run applications and even monetize work according to ethereum it can be used to decentralize codify secure and trade just about anything one of the biggest projects around ethereum is microsoft's partnership with consensus the project ethereum 2.0 has already reached the top 30 in terms of capitalization vitalik butterin opened a deposit contract to create a liquidity pool for the ethereum 2.0 network on november 4th crypto investors have reserved 1.7 million each at the moment the eth 2.0 upgrade is not currently presented on rating resources because it will still take a couple of years before the network is fully deployed they will receive a percentage of commissions for making transactions the reward at the moment is estimated to be 8 to 13 percent per annum the less energy-efficient proof-of-work will be replaced by the proof-of-stake algorithm investors will also receive new coins in exchange for old ethereum in a one-to-one ratio ethereum miners have around two years left before the network moves to the new protocol the desire to receive a stable income from staking and a short payback period for equipment will keep the excitement around the cryptocurrency going increasing the value of ethereum the billionaire investor mark cuban revealed that he expects ethereum's long-awaited 2.0 upgrade will spark the development of apps as the bitcoin and cryptocurrency market price soars over two trillion dollars cuban expects the future upgrades to ethereum will give some people a reason to use ethereum as a store of value over bitcoin cryptocurrency is a pretty inconsistent affair if you look back at the top 10 from december 2013 you can find a list of predominantly unfamiliar tokens within just eight years seven out of them have dropped into obscurity which proves the statement that most cryptocurrencies even top 10 heavy hitters might fade away at some point in time when it comes to which smart contract platform will stay charles hoskinson remains pretty philosophical saying who knows he said that this is a question for the market to decide hoskinson said that he prefers to talk about the topic from a different angle instead of determining which platform is going to win hoskinson focuses on actively working towards solving the problems that exist now he believes that success is about making a difference especially in developing countries cardano has a massive presence in africa which is a major differentiator between it and its competitors he said the following about the problems in africa people in the developing world are shafted because their systems are terrible they live in capital controls and corrupt governments and they live in areas where there's not good rule of law and they don't have stable currencies and as a consequence no real good banking infrastructure no good risk management infrastructure and so forth so they can't build wealth he mentioned that it doesn't matter if the infrastructure runs on ethereum polka dot or even bitcoin but he created cardano because no one else was addressing the inequality of wealth on a global scale data analytics firm crypto differ recently released figures that show the stake of proofing around 153.5 billion dollars is staked across all the platforms with polka dot and cardano being the most prominent with 25.43 billion dollars and 28.95 billion dollars staked meanwhile on ethereum just 8.6 billion dollars is staked which accounts for three percent of its supply this is mainly because staking in its current form requires users to lock up their ether for an unspecified period developers are expecting withdrawals available around phase 2 of east 2.0 however this could be almost two years away as of now if we try to measure which platform has the most public support cardano is ahead of both polka dot and ethereum let us know in the comments below what your thoughts are on what hoskinson shared in today's video make sure to subscribe and follow us on instagram at fix your finances underscore see you next time at fixer finances 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