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Ethereum vs Solana vs Cardano Guide to Kickstart Your Crypto Journey

Cryptocurrency Feb 02, 2022 06:30AM ET
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© Reuters Ethereum vs Solana vs Cardano Guide to Kickstart Your Crypto Journey
 
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    • Know more about Ethereum vs Solana vs Cardano below.
    • This will help know your crypto whereabouts in the market.

The concept of this article is to educate and introduce traders to “Ethereum (ETH) vs Solana (SOL) vs Cardano (ADA)” in the ongoing altcoins evolution atmosphere.

We know how daunting it feels like when you’re a novice or beginner in the crypto space. For this reason, we will never leave any stone unturned, instead, this “Ethereum vs Solana vs Cardano” article exists to help you jumpstart a new chapter of your crypto journey seamlessly.

Since the idea behind this “Ethereum vs Solana vs Cardano” article is to educate traders, it is worth mentioning that altcoins occupy 60% of the crypto markets volume. Moreover, apart from Bitcoin (BTC) — the mother currency of all crypto, Ethereum, Solana, and Cardano forms a huge part of altcoin-related topics in the blockchain world.

As ETH, SOL, and ADA are all altcoins, it’s fairly difficult to depict their huge differences, but the slightest differences among them lie in their blockchains, smart contracts, scalability issues, volatility, and more others, representing a common variation among them.

What is Ethereum (ETH)

In simple terms, Ethereum is the second-largest cryptocurrency in the world after Bitcoin (BTC). It exists as a rival currency to the flagship crypto Bitcoin. Same as how Bitcoin and fiat currencies are used, ETH functions as the native currency responsible for transactions within the Ethereum ecosystem. Ethereum embraces other crypto projects to use its blockchain for several different purposes. Many use ETH network to build decentralized applications (DApps).

With Ethereum’s wide range of services, it can be a common error to think about it as a mere cryptocurrency.

What is Solana (SOL)

Solana is an open-source cryptocurrency that connects developers across the world with profound payment specifications to create projects with different customizations. With Solana, merchants can connect directly by using eCommerce software. Apart from connecting merchants in the e-commerce world, Solana can be used as a medium of exchange for goods and services.

What is Cardano (ADA)

Launched in 2017, Cardano is the same cryptocurrency like Ethereum and Solana. Same as how other cryptos function, Cardano also operates in a similar way. You can use ADA tokens to pay friends, book flights and hotels for your next holidays seamlessly.

Ethereum, Solana, and Cardano Network Comparison

Unlike how millions of many existing altcoins flock to use the Ethereum (ETH) blockchain, Solana (SOL) and Cardano (ADA) have their own blockchains. Since traders have different tastes in choosing a particular network, most traders prefer using ETH, SOL, and ADA networks and vice versa, because of transparency and speed.

On the other hand, speculators think that they’re good-to-go with Solana and Cardano since Ethereum has a daunting gas fee on transactions. However, since everyone enjoys paying fewer chargebacks on transactions, this phenomenon makes traders sometimes opt-in for SOL and ADA over ETH because of high gas fees,

Scalability Issues

Scalability is one of the main problems confronting both ETH, Solana, and ADA networks in the crypto market. It limits the capacity and amount of transactions that ETH, SOL, and ADA handle. Regardless of everything, the Ethereum and Cardano team is on verge of exploring unified solutions to free ETH and ADA from scalability challenges.

Furthermore, the ETH team is bringing a new development where Ethereum will migrate from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus mechanism soon in the market. In addition, despite how the team is working to minimize scalability downsides, traders seemingly prefer transacting in Solana and Cardano compared to Ethereum.

Smart Contracts

In terms of smart contracts, Ethereum and Solana outperform Cardano since ADA is still under development for smart contracts acquisition. Additionally, traders had a high expectation that the launch of Cardano’s much-anticipated “Alonzo upgrade” could bring endless possibilities to ADA’s development, but the expectations turned upside down. This has raised the bar for ETH and SOL over ADA. With the aforementioned explanation of the differences between “Ethereum vs Solana vs Cardano”, we believe that you have now depicted the variation of the three discussed altcoins. We don’t decide for you, it’s up to you to choose which one is best suited for you.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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Ethereum vs Solana vs Cardano Guide to Kickstart Your Crypto Journey
 

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