- Cardano has a lot of potentials since it offers a scalable blockchain.
- Ethereum remains the leader in smart contract implementation.
For years, Cardano’s scalability, cheap transaction costs, and mathematical approach to cryptocurrency have been promoted as the “Ethereum killer” blockchain. Since then, developers have started using Cardano’s ‘Plutus’ development platform to create smart contracts.
Considering the number of smart contracts written and implemented on each blockchain as the first statistic, there has been a huge increase in Cardano network development since September, which indicates that the network is becoming more popular among developers. Following the Alonzo update in September, there are presently 929 smart contracts on Cardano’s mainnet, mostly focused on DeFi as of mid-December last year.
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Ethereum Still Dominates
Thanks to Alonzo, developers may now use the Cardano blockchain to implement DeFi protocols, like DEXes and lending/borrowing platforms. Although Plutus development and Cardano interest have grown, Ethereum remains the leader in smart contract implementation.
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Ethereum has more than 900,000 contracts deployed since September when Cardano smart contracts were initially launched when it peaked at 2.5 million contracts deployed in June. The number of smart contracts on Ethereum has increased about 1,000-fold in the last year.
With the fundamental Plutus capability in place, the next step is optimization and scalability, according to Cardano architect John Woods. As parameters such as block size and memory units are tweaked, bandwidth and throughput will be constantly and safely increased, the architect mentioned.
Cardano has a lot of potentials since it offers a scalable blockchain, already has partnerships in place, and has a committed team trying to move blockchain forward.