The last few months have been quite interesting as the focus has shifted to potential Ethereum killers. With Cardano set for the Hydra update, more DeFi-oriented projects are being built in this ecosystem. Some notable projects include Blockademia, a decentralized information system that allows users to issue and authenticate official documents, including diplomas, certificates of ownership, contracts and insurance policies.
Blockademia leverages the infrastructure of blockchain of Cardano to generate a hash that represents each entry on the public blockchain. These entries are immutable and recorded according to the exact time and date. Notably, Blockademia's modular app is designed with predefined functionality to accommodate the needs of different issuers on the platform. Both small and large corporations can use this application to issue and authenticate documents.
As for its governance, Blockcademia takes a decentralized approach with its native ACI token powering the network. This native token facilitates the use of the Blockademia application, allowing issuers and verifiers to pay fees and participate in governance. Blockademia also rewards users through ACI tokens.
While most existing Tier 1 chains offer some value differential, it is clear that others are emerging as more robust competitors. Ethereum, which has long dominated the DApp building ecosystem, is feeling the heat from Cardano and Solana. So which of these two chains will emerge as the true 'Ethereum killer'?
Cardano and Solana are faster Blockchains than the Ethereum network. However, it is noteworthy that Solana's network crashed in September, when it peaked at 400.000 tps. On the other hand, Cardano is ready to launch its Layer-2 Hydra scaling solution to boost the network to 1 million tps.
According to an article published in 2019, the Hydra update will introduce a sizing solution for Cardano's Proof-of-Stake (PoS) blockchain. This tier 2 solution will implement state channels, enabling smart off-chain contracts and fast transaction speeds.
Cardano founder Charles Hoskinson recently updated that the ADA is on the right track, noting that they are combining synergies with other projects to accommodate more DApps in the future.
“We're going to continue adding features to Hydra and we're trying to identify some teams so we can parallelize the workflow because it's a very high business priority. And it will be very important that we can offload a large number of the transaction traffic that will come from all the apps that are coming. ”
While it may seem like a likely victory for Cardano, it would be ignorance to dismiss Solana Blockchain, which has been doing very well despite downtime in September. There is also the possibility that all of these networks will end up being interoperable, setting the stage for a collaborative cryptographic ecosystem.
