There exist several options by which one can invest their money depending on their plans and holdings. There are several options with different processes and procedures.
Cryptocurrency is one of the most renowned and evolving forms of investment options lately. Many people try to invest in cryptocurrency. Two such blockchain platforms are 1. Polka, and 2. Cardano.
Key Takeaways
- Polka and Cardano are blockchain platforms that support decentralized applications and smart contracts.
- Polka uses a sharded architecture to improve scalability and interoperability, while Cardano uses a layered architecture to improve security and scalability.
- Polka aims to provide a more user-friendly platform for developers, while Cardano focuses on scientific research and peer-reviewed development.
Polka vs Cardanoq
The difference between Polka and Cardano is their specialities. Polka or Polkadot connects individual blockchains that altogether form a union of the network. On the other hand, Cardano hosts contracts and applications with its unique double-layered architecture that ensures flexibility in the contracts.
The polka or Polkadot is a shared protocol that enables the customised side chains to connect with public blockchains. The Polkadot is a kind of protocol.
Cardano is a blockchain platform that also provides smart contracts. It provides smart contracts and applications with a cryptocurrency called “ada”.
Comparison Table
| Parameters of Comparison | Polka | Cardano |
|---|---|---|
| Type of | Shared protocol | Blockchain Platform |
| Founded on | 14 November 2016 | 27 September 2017 |
| Founder | Gavin Wood | Charles Hoskinson |
| Advantages | 1. Allows developers to launch chains. 2. Allows developers to launch applications,. 3. Integration with other networks. 4. Allows developers to select specific and suitable features. | 1. It has a layered architecture. 2. Scalability and security are offered. 3. It is built on thorough academic research. 4.Traceability is provided. 5. More reliable 6. Quicker transactions are provided. 7. The updates that are performed do not interrupt the ongoing transactions and payments. |
| Disadvantages | 1. Probable entrenched network effects can be seen. 2. A limited number of parachains are available. 3. Many times hackers exploit code vulnerabilities. | 1. It is still under the testing and developing stage. 2. Synchronization between ledgers is not quite provided properly. |
What is Polka?
The polka or Polkadot is a shared protocol that enables customised side chains to connect with public blockchains. The Polkadot is a kind of protocol.
The Polkadot is also used to incentivize global networks. It aims to grow an ecosystem of cryptocurrencies by being one of the competing blockchains.
All the transactions that are permanent take place in the relay chain. All the networks that are created by the users are present on parachain.
Several advantages of Polkadot include allowing developers to launch chains, allowing developers to launch applications, integrating with other networks, allowing developers to select specific and suitable features etc.
What is Cardano?
Cardano is a blockchain platform that also provides smart contracts with a cryptocurrency called “ada”. It was released on 27 September 2017. It was founded by Charles Hoskinson.
Cardano has also released products for purposes like management of identity and traceability. It uses a proof-of-stake algorithm called Ouroboros.
Several processes, like the requirement to have power and the use of immense computing resources, are discarded to minimize the energy.
Several advantages of Cardano include it has layered architecture, scalability and security are offered, it is built on thorough academic research, traceability is provided, more reliable, quicker transactions are provided, and the updates that are performed do not interrupt the ongoing transactions and payments.
Main Differences Between Polka and Cardano
- The speciality of Polka is that it connects individual blockchains that altogether form a union of the network. On the other hand, the speciality of Cardano is that it hosts contracts and applications with its unique double-layered architecture that ensures flexibility in the contracts.
- The advantages of Polka include allowing developers to launch chains, allowing developers to launch applications, integrating with other networks, allowing developers to select specific and suitable features etc.
- https://pdfs.semanticscholar.org/f76f/652385edc7f49563f77c12bbf28a990039cf.pdf
- https://files.ifi.uzh.ch/CSG/staff/Rafati/Kursat_IS.pdf
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Chara Yadav holds MBA in Finance. Her goal is to simplify finance-related topics. She has worked in finance for about 25 years. She has held multiple finance and banking classes for business schools and communities. Read more at her bio page.
