As Ethereum slowly approaches a new generation of blockchain technology that some cryptocurrency experts predict could represent the future of decentralized funding, Cardano presents itself as a rival.
The Cardano’s Goguen era represents an era of implementing smart contracts and activating decentralized applications (dapps) on the network, after Shelley. The Goguen era is the third phase of Cardano’s development, expected to start in the third quarter of 2020 with the test network’s launch.
Cardano’s Goguen Perks Over Ethereum 2.0
The Goguen era will build a universal global social and financial operating system where users can create solutions for use cases, including the supply chain, medical record tracking, identity, voting, census management, and property registration. It will also cover many applications between peer systems and traditional financial payment systems.
Like Ethereum 2.0, however, Cardano is working on long-term adoption. Shelley was only in phase two, with three more to come, the smart contracts’ next stage.
With Goguen’s launch, Cardano will become a multi-asset book that allows users to define, manipulate, and transfer their custom tokens online. Goguen’s updates will also lead to applications, including contracts for Plutus and Marlowe.
Unlike Ethereum, the Goguen update will not give ADA transactions and contracts any priority over other tokens issued to Cardano. The ETH blockchain prioritizes other ERC-20 tokens on the network. Developers can use Cardano easily as network tokens inherit all security behaviors and smart contracts from their own crypto ADA.
Ethereum’s Vulnerability is its Major Weakness
Perhaps the most significant threat Cardano poses to Ethereum is its innovation in virtual machine language, and design that solves a security issue affecting Ethereum. The Solidity Exploit Vulnerability has resulted in significant money losses and caused a crisis for the Ethereum community.
While Solidity remains Ethereum’s only viable option for smart contract writing, all Ethereum contracts are at risk of being exploited. The community is limited to reactive solutions such as relying on white hat hackers for money, saving money, and enforcing a fork guarantee.
This situation is only acceptable because no alternative platform currently offers a preventative solution. With IELE, Simon, and Plutus, Cardano was designed from the ground up to allow a proper review tool to fix vulnerabilities before they implement.
If Ethereum doesn’t address its vulnerabilities before Cardano offers a better alternative, it could lose its dominance over a more secure platform. However, Cardano still has a lot to do before it can be considered a viable alternative platform. Therefore, there is still plenty of time to adapt to Ethereum.