What is the difference between Cardano and Polkadot?

Could you please elaborate on the key distinctions between Cardano and Polkadot? As a cryptocurrency and finance expert, I'm curious to understand the unique characteristics and functionalities of each project. Cardano, I've heard, emphasizes peer-reviewed research and scalability, while Polkadot seems to focus on interoperability and cross-chain functionality. Could you explain how these differences translate into practical applications and potential advantages for investors and users?