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The cryptocurrency market has grown tremendously in terms of user penetration and revenue generation. Revenues are projected to reach US $37.9B in 2023, although these digital currencies are often associated with volatility and uncertainty.

Multiple blockchain platforms are there in the crypto market offering different currencies. However, the two cryptocurrencies that have gained the limelight over the years are Ethereum and Cardano. Both of them rank among the top 10 cryptocurrencies by market capitalization.

This is not the only reason to invest in cryptos. This article will discuss similarities and key differences between Ethereum and Cardano the two major cryptocurrencies, so you can make an informed investment decision.

Ethereum is a network of computers across the globe that follows the Ethereum protocol. It is a community-run technology that operates on blockchain to enable smart contracts and crypto trading. It is one of the best altcoins to invest your money in.

Ethereum was created by Vitalik Buterin in 2013 but gained public awareness in 2014 after the Bitcoin Conference in Miami, Florida. It promotes itself as a peer-to-peer network that can be used by anyone interested in coordinating globally, creating organizations, building apps, and sharing values. Ethereum cryptocurrency, Ether, can be used for digital global payments.

Cardano defines itself as the first blockchain platform to be developed through peer-reviewed research. It offers unparalleled security to its users and helps them ease transactions and exchanges & provides a system for organizations to grow. It works on the famous proof of stake model(PoS), with a distinctive two-layer structure.

Cardano was developed by Charles Hoskinson and Jeremy Wood in 2017. Charles was one of the co-founders of Ethereum. During its launch, this highly valued cryptocurrency created 31 billion tokens. It also raised $60M+ during the initial coin offering in 2017.

Cardanos core vision is to disrupt the way blockchains reach consensus so they utilize a proof-of-stake called Ouroboros to be the most environmentally sustainable blockchain platform.

The key differences between Ethereum and Cardano blockchain platforms lie in their credibility, ability to process high-volume transactions, and other parameters. Here is a comparative analysis between the two.

Whether to invest your money in Ethereum vs Cardano depends on your investment preferences and risk appetite. However, crypto experts believe that investing in Ethereum is more beneficial because of the support it gets from its developer community and large ecosystem.

In contrast, investment in Cardano can go high for long-term acquisitions as it is growing in emerging markets. The popularity of this crypto depends on the support it is getting in from its growing user base. However, you need to wait a while to see how it will impact the growth and prices of Cardano.

Investment in cryptocurrencies might be risky because of market volatility. However, having proper knowledge of different currencies might help you make a better decision. If you are looking to park your funds in the top cryptos, understanding the Ethereum vs Cardano differences is the first step you should take.

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Ethereum vs Cardano: Key Differences to Watch Out - CoinGape