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After its impressive breakthrough at the end of 2017, the ADA cryptocurrency of the Cardano blockchain has stabilized to be talked about less and less. If you have joined the market at this point, you may be very worried that you bought your ADA tokens at a significantly overvalued price, and you are waiting for the comeback. What about the project? Can we expect a smashing success that its team nicknamed the "3rd blockchain generation"?
Cardano in brief
1- Definition
Cardano is a smart contract platform intended to deploy DApps (decentralized applications), but wishing to offer an improved version of Ethereum. Its founder is none other than Charles Hoskinson , who also participated in the creation of Ethereum before joining the Ethereum Classic teams.
The project is the first to be carried by a team of scientific researchers and its architecture follows the path of an approach very focused on engineering . Three independent entities are participating in the project: the Cardano Foundation, Emurgo, and Input Output KH.
Cardano has the particularity of presenting a layered architecture to guarantee a particularly high level of security. The Haskell language, used for the development of the platform, is also renowned for its high tolerance to faults and the securing of systems with the highest levels of criticality.
The team is also building the Cardano platform with the needs of the regulator in mind and considering the use of smart contracts to allow the verification of the real identity of people on Blockchain.
2- Goal
Cardano itself "blockchain 3 th generation" wanting to provide a response to the major flaws of Ethereum:
- The scalability (through consensus algorithm Orouboros and Ricusrive Internetwork Architecture);
- Interoperability between blockchains (thanks to the operation of KMZ sidechains , which must allow the development layer and the payment layer to communicate with each other, but also with any other blockchain);
- Durability (thanks to extremely high confidence in the code).
Cardano intends to meet its various requirements through:
- In the peer review (the peer verification) every step of the development of the platform is subject to verification and review by scientific peers and researchers;
- The high confidence in the code , which must meet the highest criticality requirements, on the model of applications developed for aerospace.
3- Product
Cardano is a blockchain built in two layers:
- One for transactions (Cardano Settlement Layer)
- One for applications (Cardano Computation Layer)
These two layers interact with the help of sidechains.
Cardano sets itself apart from other blockchains with RINA (Recursive Internetwork Architecture), a solution for moving large packets of data without the need to synchronize the entire network. This architecture makes it possible to have a network that is both secure and scalable. It will be fully deployed by 2019.
4- Consensus protocol
Cardano uses Ouroboros Proof-of-Stake (PoS) algorithm. Time is divided into “epochs” and “compartments” (slots). An epoch lasts 20 hours and contains 600 slots. Each slot lasts 120 seconds and has a single “slot leader”.
The slots leaders generate new blocks and check transactions. They must be chosen at random according to their stake.
The Orouboros consensus is particularly secure, because it is the only one to be designed by researchers and scientists.
Advantages and disadvantages of Cardano
The advantages of Cardano
- First project to be carried out by a team of researchers;
- Extremely advanced architecture and technological stacks;
- A very high level of security thanks to the use of the Haskell language and development processes ( peer review );
- A project led by Charles Hoskinson, a charismatic figure in the world of cryptocurrency;
- KYC procedures in line with the regulator's expectations.
The disadvantages of Cardano
- A very complex system to understand and set up;
- A project for the moment overvalued compared to the state of the product;
- Very little communication on the progress of the roadmap.
My opinion on Cardano
Cardano seems to be an extremely promising project because it is built on an architecture at the cutting edge of technology and following particularly rigorous scientific procedures.
Very complex, it should not be expected, however, that it will be 100% operational quickly, since each step must be the subject of a peer review and constant improvements before arriving at a "perfect" solution. . Given its complexity, Cardano may also stick to setting up DApps for particularly critical systems (aeronautics, space, naval, bancassurance, etc.). Other small decentralized applications may find more interest in finding a more user-friendly Blockchain, such as Lisk or EOS (or Ethereum, if the latter manages to find effective solutions to improve its scalability).
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