“Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential.”– This is quoted by Marc Kenigsberg, who is a well-known blockchain believer, and how evidently right the statement is now when there are more than thousands of cryptocurrencies in the world.
It is true that Bitcoin was the first step into the blockchain market, and now, numerous other coins, systems, and activities have joined this technique making the investment in this area the best to have the best chance of profit in the future. Cardano and Ripple are both cryptocurrency blockchain platforms that are competitors to each other. They both are considered one of the best systems that have many active users supporting them.
Key Takeaways
- Cardano and Ripple are both cryptocurrencies that operate on blockchain technology.
- Cardano uses a proof-of-stake algorithm to validate transactions, while Ripple uses a consensus algorithm.
- Cardano aims to provide a more secure and scalable platform for decentralized applications, while Ripple focuses on providing fast and low-cost cross-border payments.
Cardano vs Ripple
The difference between Cardano and Ripple is that the cryptocurrency by Cardano is ADA, while the cryptocurrency that Ripple offers is XRP. The platform’s languages are different as well. Cardano is written in Haskell language, whereas Ripple is written in C++ language.
Cardano is a well-known blockchain platform that has been in use since 2016. It is not only used as a cryptocurrency exchange but has its own cryptocurrency to offer in the market as well. The name Cardano is taken from Gerolamo Cardano, who was an influential mathematician of the 1500s. The cryptocurrency system claims that they are the third generation of blockchain, meaning it can solve the second generation problems.
Ripple is a cryptocurrency network where people can deal with settlements, exchange various types of cryptocurrencies, and, overall, a payment protocol. It is designed by Ripple Labs, which is based in the United States. The portfolio of the network is very versatile. The early purpose of the company was to provide a big payment network, and then a few years later, they started their own cryptocurrency, and now, it is one of the most popular payment transaction systems.
Comparison Table
| Parameters of Comparison | Cardano | Ripple |
|---|---|---|
| Place of headquarters | Zug, Switzerland | San Francisco, USA |
| Year of discovery | 2017 | 2012 |
| Founders | Charles Hoskinson | Chris Larsen and Jed McCaleb |
| Developed by | Cardano Foundation, IOHK, and EMURGO. | Ripple Labs Inc. |
| Cryptocurrency offered | ADA | XRP |
| Language used | Cardano is written in Haskell language. | Ripple is written in the C++ language. |
What is Cardano?
Cardano is a public blockchain that uses a proof of stake protocol named Ouroboros. The platform, which is a decentralized network, was discovered by Charles Hoskinson, who is also the co-founder of another well-known cryptocurrency Ethereum in the year 2015.
The company has its own cryptocurrency, which is called ADA. The name has been influenced by Ada Lovelace, a mathematician and regarded as the world’s first computer programmer. A single transaction taken on the platform takes about 5 to 7 minutes on average. The platform is comparatively easier to understand than the others in the market. Thus, it can be used from a beginner to a professional.
Since it follows a POS (Proof of Stake) protocol, it cannot be mined but instead is staked. This protocol used less energy than other popular protocol like Proof of Work. The company claims that it is the most environmentally sustainable blockchain because of the use of PoS and Ouroboros.
What is Ripple?
Ripple is an open cryptocurrency payment network. It is also a real-time gross settlement, which is a system of transferring funds. The network is designed keeping in mind the ordinary payment system of blockchain, and the thing that sets it aside from the others is that it connects different payment systems.
It has its own coin called XRP. Even though Ripple and XRP are used interchangeably with each other, Both are quite different. Ripple is the company behind XRP. The fee for the transaction on the platform is very low. To be approx, it is equivalent to 1/1000th of a cent is taken out of each transaction made on the site.
The company behind the platform is OpenCoin, which in late 2013 became Ripple Labs. The network is a global payment transfer system that has some popular banks and other financial platforms connected to it. The investment in its native token, that is, XRP, is considered a low-risk investment with a prediction of yielding profit in the future to its owners.
Main Differences Between Cardano and Ripple
- Cardano has ADA as its native token, while Ripple has another cryptocurrency named XRP as its native token.
- Both of the cryptocurrency platforms are written in different languages. Cardano is in Haskell, whereas Ripple is made in C++ language.
- Ripple has been in the blockchain market for a longer period of time in comparison to Cardano, which came in 2017. Ripple launched in 2012.
- Cardano was discovered and is still managed by three foundations. On the other hand, Ripple is only managed by a single entity. The three companies managing Cardano are Cardano Foundation, IOHK, and EMURGO. Ripple is managed by Ripple Labs Inc.
- The ultimate goal of the company is to make the transactions of cryptocurrencies instant, free and unlimited in number for the users. Whereas the main aim of Ripple company is to join as many institutions as possible with its network and cut back the high fees that other places, like banks, financial platforms, etc., take from the customers.
- https://books.google.com/books?hl=en&lr=&id=9DxqDwAAQBAJ&oi=fnd&pg=PA11&dq=Cardano+and+ripple&ots=kxzCJTPduz&sig=22GocSnJYGboGhoqWy2G6tIrr9U
- https://www.sciencedirect.com/science/article/pii/S0165176518301320
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