Cardano's technology is superior to Ethereum, Weiss Ratings show, but Ethereum is still the overall leader
Cardano's technology is superior to Ethereum according to Weiss Ratings. Cardano is currently rated 'excellent' in its technology, with Ethereum's technology tagged 'good'. Other cryptocurrency projects that rank above the leading altcoin include Polkadot, whose founder Gavin Wood was a co-founder of Ethereum, as well as Fantom, Cosmos, and Tezos. However, Ethereum is still king, with other factors like adoption raising it up the ranks. Bitcoin ranks second overall.
Dogecoin rated 'very weak' despite Elon Musk's involvement
According to Weiss Crypto, which is the rating firm's digital asset-focused subsidiary, Ethereum earns an overall rating of A-. Leads in adoption and ranks second in market performance. Bitcoin is in second place with a B rating, followed by Stellar and Cardano with B-. Ripple, Litecoin, Zcash, Dash, Monero, and Dogecoin all get a C +.
Notably, Dogecoin's technology is rated 'very weak'. This is despite the fact that DOGE developers revealed a few weeks ago that they have been working with Elon Musk for years to improve their technology and make it suitable for payments.
The two leading privacy coins, Dash and Monero, are also rated 'weak' in their technology. Monero has reportedly become more favored by cybercriminals in recent weeks following the seizure of BTC paid in ransom from Colonial Pipeline hackers. It seems that despite being elite in technology, some hackers still did not know that BTC is traceable and it is by no means anonymous.
Weiss' crypto ratings are updated weekly to reflect the latest developments in the crypto space. According to a blog post from the firm, "they are based on an innovative model that considers thousands of data points about the technology, adoption, investment risk and market momentum of each currency." The rating firm hopes to help investors avoid hype and identify "the few strong and promising cryptocurrencies that really deserve your attention."
Cardano vs. Ethereum
The ratings place Cardano above Ethereum in technology and market performance and spark the heated debate over Cardano vs. Ethereum.
Cardano has been labeled as the Ethereum killer, along with other blockchains like Polkadot. However, according to Charles Hoskinson, its founder, Ethereum 2.0 is the Ethereum killer to begin with. In an interview a few weeks ago, Hoskinson also delved into other reasons that make Cardano better than the king of altcoins, including the latter's rebirth under proof of stake. One of them is compliance and governance, with Cardano integrating automated regulation, decentralized identity, and merging this with metadata, which according to him, Ethereum simply cannot.