Hello everyone, after attending the crypto academy class by @alphafx which explains blockchains and platforms, I will be writing a post so as to participate in the weekly assignment given by him. In the assignment, the aim is to make a comparrson between two blokchain platforms and to answer this, I will take a look at two different blockchain platforms, Cardano and Polkadot.
In continuing this, i will state that both blokchains are good and the comparison is for educational purposes. At no time should this post be used as a reference for decision making, it is for educatinal purposes and should be taken as such.
Founded by Charles Hoskinson in 2015, Cardano has been in the light and has held a top position amongst other cryptocurrency project. With the aim of being a better version of Ethereum, Cardano makes transactions faster and cheaper compared to Ethereum. It allows people to send and recieve tokens via a decentralized platform (blockchain). It has a native coin known as ADA.
Alongside sending and recieving funds, Cardano allows for the creation of Smart Contracts which allows for two or more people to come to an agreement without trusting themselves rather trust the set of codes built on the platform.
Cardano is a proof of stake consensus blockchain and it is split into two layers, the Settlement Layer and the Computation Layer. The Settlement layer is the layer that allows sending, and recieving of funds, and the Computation Layer allows for the building of smart contracts.
Founded by Dr. Gavin Wood, Polkadot aims to be the bridge between blockchain interactions. It allows individual blockchains (parachains) to interoperate with other parachains on the network and sending to the main chain (Relay chain). With this, products can be buit on the polkadot blockchain and be able to function on other blockchains thereby eliminating the concern of integrating with so many blockchains.
Launched in October 2017 with an ICO raising over $145 million, Polkadot have been doing well and it currently has a marketcap of over $40 billion and currently sold at $43.71
Polkadot uses a proof of stake mechanism which rewards users for staking their coins in the network.
Comparison Between Polkadot and Cardano
|Consensus Mechanism||Proof of Stake (POS)||Proof of Stake (POS)|
|Use case||Faster transactions and Smart contract||Solving the integration of Dapps to several blockchains|
Both Polkadot and Cardano are great blockchain network which aims to improve on blockchain projects via fast and low transaction fees, although one is focused on smart contract and the other on blockchain to blockchain integration for projects. While Cardano solves interoperability, polkadot gives more rewards to users who stake.