Did you know that cryptocurrency is over a decade old? It was created in 2009, but only in recent years has it become more known worldwide. If you are looking into making some investments but are confused and a bit overwhelmed by the choices you have, you are not alone.
We are here to clear up the tezos vs cardano debate and explain what they are and their main differences. Continue reading our short guide below for all the 411 you need to know.
What Is Tezos?
Tezos (XTZ) was launched in September 2018. It is an open-source decentralized network of applications that support the verification of smart contracts in the cryptocurrency world. Currently, the altcoin is in the top 20 altcoins.
As of the writing of this post, Tezos price is hovering around $1.80 and at its peak it reached over $8.00 per coin in the fall of 2021. Tezos has its own blockchain along with its own native token.
One of the unique things about this coin is that it has a built-in “self-amendment” which allows the network to be shaped without having to make forks like other coins have done in the past such as Bitcoin. This unique feature helps keep the Tezos community united, and it also makes the coin development easier.
The concept of Tezos was released in 2014 by a couple (Arthur and Kathleen Breitman). It had a huge ICO success (before the coin was officially released). During its ICO days, they managed to raise $232 million towards the project.
What Is Cardano?
This coin, which is also known as ADA, was launched in 2017. The dev team is led by a developer that also worked for Ethereum and BitShares before coming over to Cardano. This is the first cryptocurrency that used peer-reviewed open-source code, making this a unique coin.
One of the main bonuses of Cardano is its quick transactions and also its high level of security. As of the writing of this post, the price of Cardano is hovering around $0.50.
The founder of Cardano is Charles Hoskinson who was one of the original co-founders of the Ethereum network. He ended up leaving Ethereum because he did not agree with the direction of the coins’ development.
Now that you learned more details about each coin, the consensus is that they are very similar in regard to their algorithms. They both have the ability to support smart contracts, and they both use variants of PoS (Proof of Stake) algorithms.
The main difference is the PoS they each use. Tezos uses one called Emmy+ while Cardano uses a PoS algorithm called Ouroboros.
Feeling Like a Tezos vs Cardano Pro?
Now that you learned the main difference between tezos vs cardano, you can make an informed decision whether you want to invest in either one or both. Please always remember that you don’t want to invest more than you can afford to lose.
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