Cardano Gains New Momentum As ETH 2.0 Release Stalls

The price of Cardano gains new momentum as the ETH 2.0 launch seems to be stalling now, the latest cryptocurrencies news show.

Despite the fact that the co-founder of Ethereum, Vitalik Buterin, appeared on the Hashing It Out podcast and spoke about the latest developments with the cryptocurrency, there are plenty of things stalling the launch of the new ETH version.

Buterin acknowledged that when designing Ethereum, a lot of mistakes were made. He admitted that the Ethereum architecture is not as efficient as it could be. One of the examples he gave is related to the use of hexary trees (instead of binary ones) to store contract data.

And while Cardano gains new momentum, people are still talking about the ETH news and some of the mistakes the community has made – which may lead to further delays. For instance, one tweet talks about the high gas fees and the “overconfidence trap” that the team has.

overall the ethereum community is wayyyyy too overconfident about people paying high gas fees if reasonable alternatives exist.

watching ethereum overtake bitcoin has been fun.

watching the ethereum community fall for the same overconfidence trap that befell bticoin is scary.

— scott lewis🌾 (@scott_lew_is) June 30, 2020

While the ETH 2.0 release aims to address some concerns as a live blockchain, legacy architecture must be taken into account to deliver Buterin’s unique vision for the future.

“We definately did underestimate how much time it would take to finish a lot of the things that we didn’t start back in 2015, with proof of stake and sharding probably being two of the biggest things,” Buterin said.

Meanwhile, Cardano gains new momentum as a third-generation proof of stake (PoS) blockchain which reportedly offers 1 million transactions per second via its Hydra Sharding. The beginning of July saw the price of ADA jumping and led to a new year-to-date high. This move was enough to send the coin from the 10th place to the 8th position in the CoinMarketCap rankings.

What is very interesting is the rumor spreading in the Cardano news, where ADA is labeled as “the Ethereum killer” because of its positive price performance and multiple developments in 2020.

For those of you who did not follow our blockchain news before, IOHK (Cardano’s parent company) recently announced a $20 million development fund for entities that want to build on the Cardano network.