Quote:
Originally Posted by jscott
Thing is, before there was ETH, the ETH community hated on BTC and talked up ETH but nobody was using it.
Now people are using ETH and we have $25-45 fees.
Right now ADA is coming into the picture as fast/cheap, but nobody is using ADA
If/when ADA is used massively, will probably have issues like ETH
By that time another will have come along.
None of these centralized chains/companies/coins (ETH/ADA/BNB/EOS) have properties like Bitcoin. They have premines, staking, CEO's and a headquarters (these are not good things to have when they claim to be decentralized)
Bitcoin is one of a kind and any investor in crypto who gets rid of all their BTC is outta their mind  |
BTC mines have high degrees of consolidation. Lots of them running in single locations by single companies. And a lot of them in China as well. That means BTC is run by only a few key players.
Cardano (ADA) has staking pools that reward people for running independent nodes. As a pool becomes saturated it pays out less. This encourages decentralization.
ADA is still under development, smart contracts look to be arriving very soon. They are also emulating the Ethereum VM as well so all those dApps will port right over with ease.
ETH and ADA are not centralized. BNB is though (one company runs all the nodes).
BTC has scaling issues. If we want to have more transactions on it, the computing power needs to go up. It's already astronomically high. Proof of Stake protocols solve this problem. ETH is doing it and ADA does it from the start.
ETH gas prices are definitely too high right now. In theory they will come down as the protocol is updated, but ETH is not built with updates as a native feature. It has to be a kind of fork.
Based on the ADA architecture I think it will scale much more efficiently than ETH.
There's also Polkadot (DOT) that has side chains that are supposed to solve that problem but I'm not that familiar with the nitty gritty of those.
Each generation solves the problems of the previous ones. Gotta give credit to BTC for trail blazing, but there are much better alternatives now.
BTC = 1st gen
ETH = 2nd gen
ADA, DOT = 3rd gen