Cardano and Polkadot are two blockchain systems using innovative protocols and features in the battle to “kill” Ethereum. Both were founded by former co-founders of the Ethereum blockchain as solutions to problems within their first project.
So, which of these two chains is web3? Let’s find out.
Is Cardano Web 3.0?
Cardano is a Web 3.0 network with an ecosystem powered by a blockchain that allows users to interact without using centralized data repositories.
For Cardano to be Web 3.0, it has to meet four essential requirements:
Cardano runs on the Ouroboros blockchain protocol, fully decentralized and open source. Information on the Cardano network is stored in multiple locations (called nodes), which means there’s no central database.
Users can access the information on demand. Another benefit Cardano users enjoy is ownership of data. You can control your data and send it across the blockchain at any time.
Trustless and Permissionless Use
Cardano allows you to interact directly with other users without a trusted intermediary. It’s also permissionless, which means you don’t need authorization from your government or any authority.
For Cardano to become Web3, it also has to have ubiquity, or rather, be accessible to multiple and increasing numbers of people, applications, and devices across the web. As it stands, Cardano fits that description as well.
Not only can you build decentralized apps on their network, but you can also connect to devices and other networks.
Machine Learning and AI
Although still in development across many other blockchains, machine learning and AI are both possible on the Cardano network.
Cardano and SingularityNET are currently partnering to develop decentralized AI bots and apps.
Is PolkaDot Web 3.0?
Just like Cardano, Polkadot is also Web 3.0. Polkadot uses the Substrate Framework to build a blockchain using lessons learned from Bitcoin and Ethereum.
Let’s look at its features:
The Polkadot blockchain isn’t just decentralized for people to use. It also allows interoperability between different blockchains.
That means you can send both tokens and arbitrary data to other open-source, public, and permissionless blockchains. It also works with private blockchains.
Trustless and Permissionless Use
Polkadot uses libp2p, a cross-platform network flexible enough to run on their blockchain.
As a result, users can connect on the Polkadot network without needing permission from other external entities.
There’s no centralization of data, and you control everything you share within the network.
Just like Cardano, Polkadot allows access to an ever-increasing number of people, devices, and applications.
You can also build your own network on top of their framework or connect to external networks using a bridge.
Machine Learning/ AI
The Ocean Protocol is building on top of the Polkadot network and will unlock data usage for AI.
Its tokenized service layer will allow users to share and sell data safely, securely, and transparently.
They’ll use Polkadot’s interoperability to transfer data across blockchains to increase access to their services.
Also read: Is VeChain Web 3.0?
What Exactly is Web3?
Web 3.0, is the upcoming iteration in the evolution of the web, built on decentralization, transparency, and better utility.
Think of Web 3.0 as the read/write/own version of the internet. It allows internet users to participate in governing the protocol. That way, you have a more significant say and control of your data on the internet.
To participate in the Web3 framework, you purchase or own tokens (or coins) within the decentralized network. Your tokens become like votes which help determine the direction of the network.
The four key features of Web 3.0 are:
- Trustless and Permissionless Use
- Machine Learning/ AI
Who Invented Web3?
Dr. Gavin Wood, the founder of Polkadot and a co-founder of Ethereum, is responsible for the plan and vision behind Web 3.0.
He also came up with the web 3.0 technology stack as a way to measure the progress of the crypto world in Web3.
Besides that, he’s also the founder of the Web3 Foundation.
Is Web3 a Good Idea?
In tech, it’s hard to determine whether something is a good idea until it has been fully implemented.
On a basic level, Web3 is an excellent idea. Its general goal is to democratize the web, end censorship, give data back to its users, secure transactions, and decentralize the internet.
It does have some potential pitfalls, though. Cybercrime and misinformation may be harder to control in Web3.
Law enforcement and regulations may also clash with Web3. Until Web3 becomes a reality, there may be nothing much to it.
Does Web 3.0 Already Exist?
Web3 is still in its conceptual stage at the time of this writing. There isn’t a solid definition yet, or a framework to govern its development.
However, the technologies needed to make Web3 a reality are already under development and testing.
AI, machine learning, smart contracts, decentralized finance, blockchain interoperability, and other features of Web3 are all in their infancy but will soon become the foundation to Web3.
Also read: Is Reddit Web 3.0
What is the Difference Between Cardano and Polkadot?
There are several unique differences between Cardano and Polkadot. Here are some of them:
- Cardano uses the Ouroboros consensus mechanism, eliminating miners and opting for randomly chosen leaders to approve blocks.
- Polkadot uses GRANDPA or Ghost-based Recursive Ancestor Deriving Prefix Agreement, essentially a block finality protocol that decides the final block to add to the chain.
- Both blockchains have interoperability, but Cardano can support countless dApps where Polkadot only supports an initial 100 parachains.
- Cardano has a larger market cap than Polkadot at this writing.
- Cardano has two layers, while Polkadot only has one.
Both Cardano and Polkadot are Web3 solutions and have all the critical features needed to support the future of the internet. Although they take different approaches to solve most cryptocurrency projects’ speed and scalability problems, they offer solid options for future users.