Last updated on November 11th, 2024 at 10:45 am
Cardano has emerged as the clear winner in a recent Weiss Crypto survey, securing over 76% of the votes for the altcoin with the best technology. The poll, conducted by a reputable cryptocurrency rating agency, attracted more than 7,000 responses. Cardano’s victory surpassed competitors like Ethereum, which garnered 6.7% of the votes, and Solana, which received 8.1%.
Source: ADA/USDT Chart by TradingView
Cardano founder Charles Hoskinson greeted the results with his usual diplomatic and reserved answer: “Nice poll.” It will come as no surprise to the Cardano community that the platform is considered one of the most sophisticated in the blockchain industry.
Also Read: Cardano Moves Toward Decentralization with Shutdown of Last Centralized Relays
Cardano’s Technological Strengths and Industry Impact
Cardano prefers using the formal verification approach, peer-reviewed publications, and a systematic approach to scalability that makes it stand tall. This platform has been designed based on sound academic guidelines, and its developer base is comparatively assiduous about scientific verification before integrating different modifications. By adopting this strategy, Cardano has established itself as a technological pioneer in the blockchain industry.
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However, even with its enhanced tech, Cardano stumbles when competing with Ethereum and Solana in real-world applications. For instance, in terms of TVL and transactions, Cardano ranks lower than both platforms in terms of decentralized finance (DeFi) and non-fungible tokens (NFTs). Ethereum still leads in these segments, and Solana is slowly catching up because of its lower fees and faster transaction time.
Conclusion
Cardano’s superior technology has been previously acknowledged in community polls; however, actual usage statistics show that Cardano lags behind Ethereum and Solana. Nevertheless, the project is promising, and further development remains a ray of hope in its growth. Whether Cardano can effectively close the gap in use and relevance is yet to be determined, although the platform remains one of the leaders in the sphere of blockchain technology.
Also Read: Chainlink and Cardano Rank Among Top 5 Most Actively Developed Cryptocurrencies
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.