One of the most promising projects for this 2021 is Cardano, due to its increase in price, I have thought it appropriate to share some curiosities about the Cryptocurrency, since many people will be interested in it. I especially want to highlight the team behind it and how it is structured.
Cardano is designed by expert computer scientists who give it a deep complexity, it is something that will help you to show yourself as a tough competitor to Ethereum, Neo or Polkadot.
Like these, Cardano allows integration with a multitude of decentralized applications and smart contracts.
The project is cared for by 3 entities. First of all, the Cardano foundation is in charge of legal procedures and regulation in the different countries. In the second instance we have the company IOHK, whose owners have already been involved in the launch of other cryptocurrencies, mainly Ethereum and EOS.
Finally, an external partner named Emurgo. The mission of this ally will be to promote the creation and development of Dapps within the Cardano blockchain. Let's say you will be more focused on the Marketing and innovation part.
Really, Cardano's strong point is that its proposal for the DeFi world. In order to establish itself as a priority and for companies to decide to operate within its blockchain, it will have to overcome the shortcomings of Ethereum. Ethereum to this day has few flaws, however, its lack of scalability continues. Something that we see today, as soon as the network is saturated, the commissions go through the roof and it is unviable to bear them. Also, the time to confirm the transaction increases and forces the validators to bid very high.
If Cardano can figure this out, it could be interesting. So far he is studying the terrain and because he has so much potential, many investors are confident that he can achieve it.
Its progress is slow and it is because all its movements are scientifically studied, literally, as it were a drug. Cardano presents all its tests through conferences and they are backed by a team of highly trained engineers and professionals. Much of his team has worked for the aerospace industry.
One of their biggest concerns is regulating their activities. The execution of all your transactions will be subjected to an identity verification, by telephone and identity document. This prevents misuse of the platform and identity theft. Also, it will make it easier for companies to enroll in the blockchain and be complying with legal regulations.
It seems perfect, but is it enough? Cardano has a lot of work to do yet. Perhaps, his excess of scientific rigor when applying new features in his protocol can harm his business plan, in the end what matters is that users and especially companies arrive. The companies are the ones that bring the money.
This will spur its growth and interoperability with major cryptocurrencies like Bitcoin, Litecoin, Dash, and Ethereum.
They have to optimize their programming language (Simon currently) and if they are looking for absolute decentralization they will stick with Solidity for now, it works great with Dapps. On the other hand, you have to find a balance between speed and safety. How will Cardano deal with this problem? It seems that Ouroboros is the solution if they can fix their holes.
