In one of his most recent AMA’s, Charles Hoskinson, the IOHK CEO, stated that Cardano (ADA) is what Ethereum (ETH) would have been had he remained there. This got the community into a frenzy as people started comparing the two, and postulating on which one will emerge the winner. While it’s easy to have a bias towards a coin that one holds, the best bet would be to hold both. Here’s why.
The market is still young
Trying to call winners and losers at this stage of the crypto market is a bit premature. No crypto has gained enough adoption to be a called a winner. Not even Bitcoin (BTC) has achieved it. As such, the best bet would be to identify cryptos that have potential and invest in them. In the smart contracts market, both Ethereum and Cardano have lots of potential. Cardano is in the final stages of Shelley and will be one of the most scalable, secure and decentralized smart contracts platforms once completed.
On its part, Ethereum has smart contracts running, and has already established a name for itself in this market. This means that as society turns more towards decentralized applications, these two platforms on the strength of their tech and adoption will be among the market leaders. As such, rather than trying to prematurely call a winner, it would be more prudent to bet on both.
Both are forward thinking in terms of tech development
There is growing consensus in crypto space that Proof-of-Work is not tenable in the long run. Its energy demands don’t augur well with the needs of a society that increasingly wants sustainable energy usage. The brains behind Cardano and Ethereum understand this, and have been pushing for a shift to Proof-of-Stake. Cardano already has a working POS algorithm in Ouroboros. It is the first POS stake algorithm that has been shown to be provably secure. That’s a head start and places it way ahead of most POS algorithms.
On its part, Ethereum uses POW but recognized early that POS is the future. That’s why they are working hard on Casper, a POS algorithm that is equally as revolutionary as Ouroboros. Casper’s key highlight is the ability to punish malicious elements. Anyone staking Ethereum and slacks, or tries anything malicious, loses their stake. This will make Casper highly secure once it is completed. Considering that the future is in POS, and Cardano and Ethereum (ETH) are leading on this front, it makes sense to bet on both, rather than trying to choose a horse too early.
Both have very smart figureheads
Both Charles Hoskinson and Vitalik Buterin are very smart individuals, and they are actively involved in trying to push their projects to the next level. Charles, for instance, is very hands on Cardano and it’s where it is today because of his leadership. The same goes for Ethereum and Vitalik. Though Ethereum is a much more decentralized network that doesn’t need him that much, Vitalik is a key player in its development. His ideas on how to push Ethereum forward are a key source of its success.