How does ADA differ from other alts (e.g. - OMG)


#1

I am super new to ADA and it is sounding an awful lot like it’s trying to accomplish what OMG (and others) are already doing with PoS. OMG seems to be further along, though it isn’t peer reviewed. Please be gentle of my ignorance: my gut reaction to learning about Cardano was, “how is this different?”.

currently watching the 2 hour interview. sounding pretty good so far, but i figured it’s better to be skeptical.


#2

I cannot talk about OMG, but I can about ADA.
What I gives me much confidence on the project is the academic and the community driven approach.


#3

no doubt. peer review and transparency are fantastic, but by no means infallible. this is the root of my question. consensus and peer review are great, and they seem to be stress-testing their product relentlessly, but how does it stack up against more established alts? OMG is going to release their wallet in Q1 this year. they will release staking rewards in Q2 from what I understand. people already use it.

i also like that they discuss nurturing a digital economy as part of their business process (i.e. - they offer a product, but are also considering how people use tokens/how tokens provide value).

thanks for your reply. this is a very exciting time for many cryptos, and i think there is room for many to co-exist and come out strong, at least for a while.


#4

In short: OMG is Ethereum-based, Cardano is not and Cardano was built from scratch.
Cardano is going to solve the problems that Ethereum is getting stuck (scalability, security and sustainability…).


#5

No coin is safe from fail. I see Cardano having better chances because it is pointing right to the challenges other mature cryptos are struggling. Multiple alternatives are presented and what, in my opnion, is keeping Cardano ahead are the project refinement to grant a better outcome.
You are correct when you say we see other names taking over areas ADA is promising to be, like NEO. Let the concurrency make the cryptomarket stronger and show the best crypto in the long term, my bet is set.

A side comment: There are lots and lots of barebones project out, and their price is rocketing!


#6

thanks for your response, it’s good to hear cooler heads (as opposed crypto subs on reddit for example, no offense to anyone). there is no doubt about the fact that you can double or triple your money if you are willing to take the risk and chase after the elusive arbitrage, but i’ve found exchanges are so buggy (so are wallets lol), that i just like to research, buy, and let everything play out.

ADA does seem to be very well thought out. only time will tell whether it receives wide adoption, but it seems like a lot of smart people are getting behind it. i hope this tech truly improves the world and accomplishes more than making a few people really rich.


#7

I have a very bad experience trading pairs. One can simply not rely on the exchanges indeed.
I ended concluding that ‘buy and stake’ is the way for me to follow the trend. To follow the charts 24/7 is madness, besides the techies are still in its infancy.
If you feel unease about the project, take a smaller exposition to it, diversify a little more and take parts on the concurrency to hedge the risk. If things goes bad, you can be safe.