Crypto Academy Week 9 - Homework Post for @alphafx
Hello everyone I am so happy that we are finally back to learning and writing about the cryptocurrency ecosystem after a 2 week break and another exciting news are our new crypto professor known as @alphafx.
@alphafx told us to compare between two blockchain platforms of my choice so I am going to be explaining two blockchains that have similarities which are ADA and BNB so let's begin.
First of all let me briefly explain blockchain well blockchain is a structure write down information in a way that it makes it hard to manipulate, hack or change just like in the ADA and BNB block chain.
BNB (Binance Coin)
The Ethereum killer like everyone likes to call it was founded during 2017 in the last bull market and Binance was founded by Changpeng Zhao in 2017, it is an exchange platform were you can buy and sell cryptocurrencies listed in the Binance blockchain and that is why BNB became so popular because it is their main coin they use it for transactions and exchanges in the binance blockchain and also the binance block chain owning it's own blickchain has made it capable of running smart contracts.
What Is Great About Binance Coin.
Firstly because of the current situation we have in Ethereum and Uniswap were fees are as high and terrible as it can get the binance blockchain fixes that situation with their own swap engine known as pancake swap they are really fixing the fees issue to nothing but cents or sometimes free meaning you can transfer your tokens for nothing that is why lately BNB have seen a massive increase in price same with the cake token.
| Property | Remark |
|---|---|
| Industrial Use cases | Multi Use |
| Governing Body | Binance Team |
| Ledger Type | No Permission |
| Consensus Algorithm | Proof of Work and proof of stake |
| Smart Contract Compatibility | Yes |
| Speed | The block time of the Binance Smart Chain is three seconds faster compared to 13 seconds on the Ethereum blockchain. |
| Token Ranking | 3 |
Cardano (ADA)
Cardano known for bringing the 3rd generation of blockchian into existence it is also known as ethereum killer because it brings something new to the blockchain, 3rd generation of blockchains is where peer-to-peer transactions are expedited such as the transfer of asset between two users, Cardano itself is a blockchain network or crypto network that aims to run a public block chain platform for smart contracts.
What Is Great About Cardano (ADA)
The great thing about cardano ada is the way it operates and it brings something new to the cryptocurrency ecosystem, in the process of running a public blockchain platform for smart contracts it is going to bring transparency into the crypto community and that is the great thing about Cardano and i see in the future a lot of genuine smart contracts launching on the Cardano network.
| Property | Remark |
|---|---|
| Industrial Use cases | Multi use |
| Governing Body | Cardano Foundation |
| Ledger Type | No permission |
| Consensus Algorithm | Proof of Work and proof of stake |
| Smart Contract Compatibility | Yes |
| Speed | can handle up to a million transactions per second |
| Token Ranking | 6 |
Conclusion
I will say this blockchain has a lot of similarities but you know when it comes to rating one has to have some higher rating than the other so i will say if you are developer and you want create a smart contract i will suggest Cardano because of the new easy 3rd generation engine it runs any way it's up to you the developer.
I commend your effort, but you seem to have missed the main task of the assignment. I wanted a detailed comparison between two blockchain platforms.
Scoring
Thanks for participating