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Fantom Vs. Cardano – What’s the Difference?

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Once you learn the differences between Fantom (FTM) and Cardano (ADA), you will find it easier to decide which project best matches your trading strategy. Each of these networks tackles various problems in the market and caters to different clientele. Here’s some valuable insight into Fantom (FTM) vs Cardano (ADA).

What is Fantom?

Fantom operates as an all-inclusive DeFi ecosystem. The protocol combines a multi-token environment with a custom-built blockchain and more. The protocol has grown to be very popular, with the network reporting over 10 million transactions between its first 10 days of operation.

Fantom (FTM) Features

Fantom (FTM) Features

Fantom seeks to improve on many of Ethereum’s failures. The protocol provides high performance and much fewer fees when compared to earlier blockchains. The network’s scalability and combination of features continue to drive new users to explore its offerings.

What is Cardano?

Cardano entered the market in September 2017. The project is a popular third-gen blockchain that integrates scientific research methods into its creation strategy. The protocol has earned the nickname the “smart blockchain” due to its integration of academic principles and strategies.

Notably, Cardano was founded by two previous Ethereum developers, Jeremy Wood and Charles Hoskinson. The two decided to leave Ethereum, as they envisioned the need for a more flexible and cheaper alternative to support the growing demand for DeFi services. Today, ADA is one of the top cryptocurrencies in the world.

What Problems was Fantom Built to Alleviate?

There are a variety of issues that Fantom seeks to tackle head-on. For one, the protocol provides a viable alternative to developers in the Ethereum ecosystem. The network is completely EVM compatible meaning that converting or expanding to Fantom doesn’t require recording of Dapps.

Additionally, the network provides more scalability when compared to Cardano or Ethereum. The network features a second finality time that complements its high performance. The developers have stated they seek to push the network’s transactions per second (tps) to 300,p00 in the coming years.

Fantom was created to be easy to integrate into web3.0 applications. Currently, there is a lack of blockchains set up to handle this need. The platform was designed to support items such as smart home systems, healthcare, education, traffic management, resource management, environmental sustainability, and much more.

What Problems was Cardano Built to Alleviate?

Cardano seeks to answer the question, “Is there a better way to create a blockchain network?” The protocol aims to leverage centuries of the scientific method to produce a more efficient and secure network. One of its main advantages is that Cardano provides interoperability with public and private blockchains. This strategy reduces the cost of creating dapps.

Cardano’s development process has led to it being very secure. The network offers advanced security protocols for managing privacy, upgrades, and other valuable features. Cardano helps to drive crypto adoption by pushing more standards in the market. Standards help to increase innovation, which results in more user engagement.

Fantom (FTM) vs Cardano (ADA)

 

Cardano seeks to introduce the hydra scaling solution: This off-chain protocol would provide Cardano with performance on par with fourth-generation blockchains. Off-chain solutions like Hydra are becoming more popular than ever due to their lower costs and improved transaction times.

How Does Fantom Work?

Fantom leverages multiple layers and cryptocurrencies to improve the average DeFi user experience. The network is built over a decentralized blockchain that offers peer-to-peer transactions in a frictionless manner. The protocol has the Opera Core Layer which handles node management and other core processes.

There’s also an Opera Ware Layer and Application layer that handle stuff like validation and smart contract execution. Together these layers make the network very flexible. As such, there are a lot of cool features and offerings Fantom users gain access to.

The Mint protocol streamlines the creation of blockchain assets. The system is easy to use and removes technical barriers to the process. Users can create all types of digital assets including stablecoins, NFTs, tokens, and more. This system is flexible enough to support the creation of these assets including those with reserves.

fTrade

fTrade is the Decentralized AMM exchange that powers the DeFi network. Users can trade their FTM tokens with other top-performing projects for secure returns. The exchange operates in a noncustodial manner which makes it safer than most major CEXs.

Users who want to secure returns can lend their crypto out to others using the fLend system. This protocol leverages large lending pools that generate interest to provide flexible loan terms with low-risk lender returns. You can secure returns without losing exposure to your original assets.

How Does Cardano Work?

Cardano leverages multiple development teams that use standards to ensure interoperability. The Explore IOHK engineering firm supports the crucial technologies behind the network. The network adds another layer to the creation process via peer review.

Cardano leverages a decentralized autonomous organization (DAO) to conduct all development decisions. The protocol enables ADA token holders to vote on and put forth proposals. Interestingly, ADA is named after the 19th-century mathematician, Ada Lovelace. She is credited as the world’s first computer programmer.

Cardano retains its validity using a new Proof-of-Stake (PoS) consensus mechanism called Ouroboros. Ouroboros provides better decentralization via a random block leader selection process. Block leaders approve transactions and earn returns for their efforts. The network also leverages snapshots called epochs to improve its validation times. These features reduce the amount of time that nodes need to validate the state of the network.

How to Buy Fantom (FTM) and Cardano (ADA)

Currently, Fantom (FTM) and Cardano (ADA) are each available for purchase on the following exchanges.

Kraken – Founded in 2011, Kraken is one of the most trusted names in the industry with over 9,000,000 users, and over $207 billion in quarterly trading volume.

The Kraken exchange offers trading access to over 190 countries including Australia, Canada, Europe, and is our most recommend exchange for USA residents. (Excluding New York & Washington state)

Bitstamp – Founded in 2011, Bitstamp is one of the oldest & most trusted exchanges in the world. This exchange currently accepts Canada, UK & USA residents excluding the states of Alabama, Hawaii, Idaho, Louisiana, Nevada,  & New Jersey.

Uphold – This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.

Uphold Disclaimer: Assets available on Uphold are subject to region. All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection.

Binance – Best for Australia, Canada, Singapore, UK and most of the world. USA residents are prohibited from purchasing most tokens. Use Discount Code: EE59L0QP for 10% cashback off all trading fees.

Fantom Vs. Cardano – Academics and DeFi Fun

Looking at these two networks, it’s obvious they were designed to serve different purposes. Cardona has the benefit of strong academic support. As such, it’s a viable option for researchers and academics alike. Fantom is geared towards DeFi users. The network has a ton of cool features to generate profits. As such, they both could hold potential in the future.

To learn more, make sure to visit our Investing in Fantom and Investing in Cardano guides.

David Hamilton is a full-time journalist and a long-time bitcoinist. He specializes in writing articles on the blockchain. His articles have been published in multiple bitcoin publications including Bitcoinlightning.com

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