For those who have been following the events in the blockchain ecosystem, the events around Cardano (ADA) is one of the most talked about at present. Infact, Cardano related topics have trended on Twitter several times this month as the anticipation surrounding the potential debut of the Alonzo Upgrade which will usher in smart contract functionality into Cardano is just a few weeks away.
Industry top investor, Mike Novogratz has highlighted the reactions of the Cardano community to this events, calling the blockchain followers “Passionate.” While Cardano has proven to be a strong blockchain protocol with prospects, Novogratz says he believe there are other layer 1 alternative bets that Terra (LUNA), and Solana (SOL) which he would rather bet on.
I have learned one thing in the past 24 hrs, Cardano has a passionate group of followers. 😉
I have no position and still think there are better level one alternative bets like $LUNA and $SOL. Investors don’t have to catch every trade. not wishing any ill will on team $ADA…
— Mike Novogratz (@novogratz) August 16, 2021
As expected, the Cardano community were unpleased with the stance, and many showed this in their responses to the tweet.
Blockchain Protocols Should Interoperate and Not Compete
The whole essence of blockchain technology is to revolutionize every aspect of digital technological advancement as it borders on finance, record keeping, and more. Various protocols existent in the ecosystem today all seek to solve almost the same problems, albeit, in different ways.
Today, there appears not to be a single protocol that is a hundred perfect superior to another. However, while the majority of protocols shows differences in their blockchain design, capabilities, and ecosystem uniqueness, there appears to be ways in which these differences can be surmounted through interoperability.
The underlying blockchain technology already makes it easy for two or more blockchains to work together through customizable interoperability protocols. Rather than compete with one another, blockchain protocols can find a way to work together in a complementary way, thus showcasing a unifying strength that can foster a mainstream adoption.
It is ideal for investors to tilt towards some tokens associated with these blockchain protocols based on their superior tokenomics and current adoption, however, the world of blockchain will do very well when blockchain protocols work together rather than compete.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.