Cardano (ADA), Ethereum (ETH), and Solana (SOL) are three decentralized cryptocurrencies that have always attracted considerable attention among crypto enthusiasts, particularly among those seeking a project similar to Ethereum, with the potential to outperform the ether-based crypto project.
Consequently, arguments among these coins’ advocates and analysts have broken out in online spaces, especially on the microblogging platform X. However, Ethereum continues to rank highest among the three tokens despite Solana’s push in recent times to near the world’s most valuable altcoin.
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Source: https://t.co/dW7giXBeve
— SolanaFloor (@SolanaFloor) June 19, 2024
Cardano’s Developmental Potential Places It In A Good Position
On the contrary, Cardano is not doing great with its price actions. However, its enthusiasts and influencers have held on to its developmental potential as a basis to fit into the debates involving leading decentralized altcoin projects.
Amid the growing tension hovering around these three crypto entities’ future, a market expert recently took to his verified X handle to highlight the main blockchain challenges on the Ethereum, Solana, and Cardano networks, from which he deduced why Cardano has remained the best over the years.
None of the top blockchains are ready yet to onboard the masses.
Ethereum – Astronomical transaction fees
Solana – Transactions fail
Cardano – Slow transactionsWith Ouroboros Leios and Hydra, Cardano will solve this issue, what about the others ? 🤔
— Sssebi🦁 (@Av_Sebastian) June 19, 2024
Ethereum – Astronomical transaction fees
According to Av_Sebastian, Ethereum’s main drawback stems mainly from its exorbitant transaction charges that have made potential users consider other alternatives before deciding on using the ether-based network.
While high transaction fees appear sufficient to impede expansion based on user adoption, Ethereum has continued to soar in its user base and global applications, implying that it boasts other unique characteristics that have endeared it to its users’ hearts.
Solana – Transactions fail
Moving over to Solana, Sebastian noted that the blockchain challenges stemmed mainly from its transaction failure rate, limiting its growth prospects.
Ordinarily, the above should raise concerns among Solana’s development team. However, after several years, it doesn’t seem to appear as one, as there have not been any significant changes or improvements.
Solana’s transactions fail about 8 times out of 10.
Validators cannot agree what is the true state of the network, so they fail. Repeatedly.
Maybe if they turn it on and off again it will fix it. 🤣 pic.twitter.com/zxBQjpzAgM
— Duo Nine ⚡ YCC (@DU09BTC) April 8, 2024
Cardano – Slow transactions
For Cardano, Sebastian stated that its most significant blockchain challenges emanate from its slow transaction speed relative to its peers in the decentralized finance (DeFi) ecosystem.
However, contrary to Ethereum and Solana, the market analyst mentioned that the Cardano ecosystem is on the verge of solving its main limitation with upcoming projects like Ouroboros Leios and Hydra.
Concluding his comparison, Sebastian stated, “With Ouroboros Leios and Hydra, Cardano will solve this issue – what about the others?”
Cardano’s Ouroboros Leios – Blockchain Challenges It Will Solve
Cardano’s Ouroboros Leios is an upcoming advancement in the decentralized coin’s ecosystem, which will subserve as Cardano’s engine using Proof-of-Stake (PoS) to ensure decentralization in an energy-efficient manner unlike Bitcoin (BTC) that poses environmental concerns via its powering mechanisms.
In a nutshell, the innovation aims to convert the Cardano blockchain into a faster and more efficient platform while maintaining security and scalability at high levels.
Related: Cardano’s Chang Hardfork Likely To Push Cardano $1 Soon
Cardano’s Hydra – Blockchain Challenges It Will Solve
On its part, Cardano’s Hydra is a Layer-2 scaling solution for the PoS platform. It is embedded in peer-reviewed research, with the potential to resolve some of Cardano’s blockchain challenges.
Like Ouroboros Leios, Cardano’s Hydra will improve transaction throughput while maintaining high-security standards. Interestingly, it also included cost-effectiveness in its operation, underscoring a significant expansion potential for Cardano despite its not-too-good future outlook.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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