Altcoins vs Bitcoin: What Sets Them Apart?
IOTA (MIOTA) and Cardano (ADA) are two of the altcoins discussed in the article. What do they do and what do they want to achieve?
IOTA (MIOTA) is a third-generation blockchain that is designed to enable the Internet of Things (IoT). It uses a unique data structure called the Tangle instead of a traditional blockchain to facilitate fee-less microtransactions between machines in the IoT network. IOTA also aims to solve the scalability issue that many other blockchain-based cryptocurrencies face, making it possible to handle a large volume of transactions without the need for mining. In addition, IOTA’s team is working on integrating quantum-resistant cryptography into the network to ensure the security of transactions even in the face of powerful quantum computers.
Cardano (ADA) is another third-generation blockchain that aims to improve on the scalability, interoperability, and sustainability issues of other blockchain-based cryptocurrencies. It was created by a team of academics and scientists who applied a rigorous scientific approach to the development of the protocol. Cardano uses a proof-of-stake consensus algorithm to validate transactions, which is more energy-efficient and scalable than proof-of-work. In addition, Cardano aims to enable cross-chain communication and interoperability between different blockchains, making it easier for users to move assets between different networks. Finally, Cardano has a strong focus on governance and aims to be a self-sustaining decentralized ecosystem.