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Ethereum Virtual Machine goes live on Cardano testnet

Cardano’s Ethereum Virtual Machine (EVM) has full compatibility with Ethereum upgrades and tools, Web3 wallet compatibility, can use the Ouroboros Byzantine Fault Tolerance consensus protocol, and inherit security from Cardano’s main chain.

Ethereum is currently in the process of switching away from the energy-intensive Proof of Work algorithm to the greener and more scalable Proof of Stake. However, it’s proving a difficult task to safely transition a live system with tens of billions of dollars at, umm, stake.

An event called “The Merge” (when Ethereum will officially become a Proof of Stake blockchain) is tentatively set to happen in August, but that’s looking uncertain and won’t be an overnight solution to Ethereum’s high fees and slow transaction speeds.

In contrast, Cardano launched as a Proof of Stake blockchain and has spent years building on that core base. Instead of the “move fast and break things” ethos adopted by most centralised tech companies, Cardano’s developers have taken a very methodical approach (it’s published over 100 peer-reviewed papers) to try and build a platform that will last.

Post-merge, Ethereum will still only support around 15 transactions per second (tps) compared to Cardano’s 270 tps. For comparison, PayPal and Visa handle 193 tps and 1667 tps on average (but can scale much higher).

Cardano is also gearing up to launch its Hydra scaling solution which supports around 1,000 tps per “head”. Cardano currently has over 3,000 staking pools—meaning it could support three million tps if every pool set up a Hydra head.