The introduction of Cardano “Shelley” era will change Ethereum strong adoption
With the advent of Cardano’s “Shelley” era, Cardano and Ethereum will surely be in competition. In the midst of this point, Bill Barhydt, the chief executive of Abra and a former Goldman Sachs and CIA employee, said competition between Cardano and rivals was essential.
Ethereum has been the king of smart-contract blockchains, but it will take how long as Cardano appear?
The difference between Ethereum and other smart contract networks is more evident when looking at metrics such as active users, confirmed transactions, and paid transaction fees. In it, the aggregate mining fees paid on Ethereum versus those paid on Tezos, Waves, and Lisk. As can be seen, the latter three networks have collected less in aggregate than $ 500,000 in mining fees, while Ethereum has collected in excess of $ 70 million.
Mining fees paid (Ethereum vs. Tezos, Waves and Lisk combined) Source: Chris Burniske, a partner at Placeholder Capital
Moreover, Ethereum receives strong acceptance from some of the world’s largest companies, while other blockchains do not.
But, Cardano’s Shelley upgrade has finally been released. Finally, after years of development and months of testing and optimization, Shelley is here.
As you may know, Shelley is Cardano’s next phase of development, similar to how there is Ethereum 1.0 (current) and Ethereum 2.0, which is currently in development. Shelley will also see the introduction of a delegation and incentives scheme, a reward system to drive stake pools, and community adoption …
As the Cardano Foundation subscribe Shelley on its site:
“Come to the end of the Shelley era, and we expect Cardano to be 50-100 times more decentralized than other large blockchain networks.”
At the Shelly Virtual Summit, a digital conference dedicated to the upgrade, code for Shelley was released. Accordingly, Coinbase will eventually support ADA staking.
In the midst of this point, Bill Barhydt, the chief executive of Abra and a former Goldman Sachs and CIA employee, said competition between Cardano and rivals was essential.
Cardano’s upgrade and its implications for the rest of the cryptocurrency space are described as follows:
“Many are super bullish on the project and expect great things while others consider the project vaporware such that any failure to deliver would result in a precipitous drop in the token’s value. My take is that competition in the cryptocurrency space is always a great thing and is exactly what we need to accelerate the pace of adoption and improvement.”
This Week in Crypto – Newsletter now out. Topics include:
• Latest Bitcoin pricing
• Cardano on a tear
• DeFi… What’s going on?
• Gold and Bitcoin
Join us for our next AMA tomorrow (Friday) at 9AM PT on our YouTube channel.https://t.co/r9vke3YPOm
— Abra (@AbraGlobal) July 2, 2020
Meanwhile, founder Charles Hoskinson thinks this is obvious; he told Messari CEO Ryan Selkis that Ethereum could soon feel the pressure from Cardano due to the upgrade.
Moreover, he is confident that Cardano’s growth will be dependent on it, beating out other blockchains. Cardano’s success is also put into question because the launch of Ethereum 2.0 is also nearing. That upgrade is expected to be a significant market catalyst for ETH, with one branding it the most substantial economic shift in crypto ever.
- Cardano Shelley Upgrade Has Begun And Cardano Price Is Now Trading At Prices Not Seen Since June Of Last Year
- With The Ongoing Rollout Of The Shelley Mainnet, ADA Price Rocketing Higher