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. These several options include Direct equity, Equity mutual funds, Debt mutual funds, Public provident funds, Cryptocurrency, Gold, Real estate etc.
Cryptocurrency is one of the most renowned and evolving forms of investment options lately. Many people try to invest in cryptocurrency. There are several blockchains and shared protocol in cryptocurrency that ensures feasible transactions to the users. Two of such blockchain platforms are 1. Polka and 2. Cardano.
Polka vs Cardano
The main difference between Polka and Cardano is their specialities. Polka or Polkadot connects individual blockchains that altogether forms 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 side-chains that are customized to connect with public blockchains. The Polkadot is a kind of protocol. This protocol was formed by Gavin Wood. The first-ever token sale is Polkadot, which was closed on 27 October 2017. It is a multi-chain framework that is heterogeneous. Gavin Wood released it on 14 November 2016.
Cardano is a blockchain platform that also provides smart contracts. It provides smart contracts and applications with a cryptocurrency called “ada”. It was released on 27 September 2017. It was founded by Charles Hoskinson. The Cardano foundation in Zug, Switzerland, supervises the project. The Cardano platform is named after Gerolamo Cardano.
Comparison Table Between Polka and Cardano
| 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 the side-chains that are customized to connect with public blockchains. The Polkadot is a kind of protocol. This protocol was formed by Gavin Wood. It has several advantages and has proven to be of great use to a lot of investors.
The Polkadot is also used to incentivize global networks. It aims to grow an ecosystem of cryptocurrencies by being one of the competing blockchains. It has introduced many technical features ever since its release. It is primarily designed to administer two types of blockchains, namely relay chain and parachain.
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. The parachains are customizable and can feed into the main blockchain. This ensures that the transactions that take place in parachain benefit from the security that is provided by the main chain.
Several advantages of Polkadot include allows developers to launch chains, allows developers to launch applications, integrating with other networks, allows developers to select specific and suitable features etc. Although it also has some disadvantages like probable entrenched network effects can be seen, the limited number of parachains are available, exploitation of the code vulnerabilities by the hackers 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. The Cardano foundation in Zug, Switzerland, supervises the project. The Cardano platform is named after Gerolamo Cardano.
Cardano has also released products for purposes like management of identity and traceability. It uses a proof-of-stake algorithm called Ouroboros. This algorithm is meant for the creation of blocks and validation of the transactions and payments that take place on the blockchain. The platform aims to create a decentralized system by providing applications and smart contracts.
The energy required during the block production processes is minimized because of the protocol. Several processes like the requirement of have power, and the use of immense computing resources are discarded to minimize the energy. The Ouroboros algorithm also makes sure that new blocks are also added to the blockchain.
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, the updates that are performed do no interrupt the ongoing transactions and payments. It provides several benefits to its users and also is helpful.
Main Differences Between Polka and Cardano
- Polka was launched on 14 November 2016. On the other hand, Cardano was launched on 27 September 2017.
- Polka was founded by Gavin Wood. On the other hand, Cardano was founded by Charles Hoskinson.
- Polka is a type of shared protocol. On the other hand, Cardano is a type of blockchain platform.
- The speciality of Polka is that it connects individual blockchains that altogether forms 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 allows developers to launch chains, allows developers to launch applications, integrating with other networks, allows developers to select specific and suitable features etc. On the other hand, the advantages of Cardano include it has layered architecture, scalability and security is offered. It is built on thorough academic research, traceability is provided, more reliable, quicker transactions are provided, the updates that are performed do no interrupt the ongoing transactions and payments etc.
Conclusion
Both Polka and Cardano have proven to be great platforms for trading to several investors. They have several advantages and disadvantages, but the advantages outweigh the disadvantages and have proven to be of great help.
Although one must be fully aware and prepared and must know every detail of the crypto world before investing a huge amount of money. It is a highly volatile option of investment, and only those who are willing to take higher risks must invest their money.
References
- https://pdfs.semanticscholar.org/f76f/652385edc7f49563f77c12bbf28a990039cf.pdf
- https://files.ifi.uzh.ch/CSG/staff/Rafati/Kursat_IS.pdf