Cardano is not decentralized, has no smart contracts, it doesn't scale, it has centralized governance and it's just a fad! I'm gonna rip Cardano with this post based on facts!

1 week ago 24

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After implicit a decennary it has go wide that contempt countless predictions radical person made, determination won’t beryllium a winner-takes-all concern successful blockchain. Rather, a tiny fig of the astir unsocial and competitory blockchains volition predominate and emergence to the top, apt culminating into a apical 3 oregon 4. This is simply a precise communal inclination successful galore markets specified arsenic market chains, energy, telecommunications, computers and more, with blockchains appearing to travel suit arsenic well.

Cardano is simply a cryptocurrency task that aims to beryllium the spell to level for astute declaration improvement successful the blockchain space. To execute this ambitious extremity it tries to lick the pursuing challenges which are large issues currently:

  • Scalability

  • Smart declaration security

  • Sustainability done a protocol DAO which enables decentralized ecosystem self-funding

  • An environmentally affable statement mechanics (Proof of Stake)

Cardano follows a technological attack wherever probe is performed successful collaboration with aggregate universities astir the satellite thereby coming retired with authorities of the creation advances successful the field. This research-based attack provides Cardano countless benefits implicit its competitors, nevertheless 1 of the wide tradeoffs has been it’s clip to marketplace erstwhile the probe has been complete.

Cardano was the archetypal concatenation to plan and people a provably unafraid solution to Proof of Stake which culminated successful the merchandise of the Ouroboros Protocol insubstantial backmost successful 2017. Since past the halfway developers person been hard astatine enactment bringing the protocol into reality, with Proof of Stake officially unrecorded and afloat implemented connected Cardano mainnet today. Users are capable to:

  1. Freely make stakepools

  2. Delegate to stakepools successful a idiosyncratic affable mode without losing custody of their funds

  3. Receive rewards for artifact instauration / delegation

  4. Instantly determination their funds astatine immoderate clip (no multi time fastener specified arsenic successful different chains)

  5. Mint / Burn tokens (which are considered autochthonal alternatively than built connected apical of a astute declaration modular similar ERC-20)

Thus users person a afloat fledged PoS strategy astatine their disposal which overcomes galore of the usability pitfalls different PoS chains conflict with. Besides solving PoS, Cardano besides has a full big of further upgrades coming up including:

  • Plutus (Smart contracts = Goguen done successful Q3 '21, large dApps (DEXes, borrow&lending nether audits to beryllium deployed soon successful Q4/Q1 '22, amusive astute declaration for NFT marketplaces for spacebudz and deadpxlz (pxlz.org) already functional and kicking ass)

  • Hydra (scalability utilizing authorities channels)

  • Voltaire (On-chain voting)

  • And much farther retired successful the pipeline

Since the motorboat of Cardano mainnet successful 2017, the web has gained a important magnitude of idiosyncratic interest. Cardano presently is 1 of the apical crypto projects successful presumption of marketcap (#6 astatine 50B+ $) and has implicit 3100 stakepools, making it 1 of the astir decentralized blockchains.

IOG (one of the entities down Cardano) has closed aggregate partnerships with governments astir the world; The Ethiopian concern volition bring 5 cardinal students crossed 3,500 schools to Cardano by providing decentralized IDs and the retention of acquisition records (https://www.coindesk.com/from-paper-to-cardano-blockchain-iohk-in-ethiopia). Partnerships similar this are a staple of the Cardano ecosystem, and awesome a beardown aboriginal for Cardano globally.

When looking astatine competitors, determination are changeless debates astir Proof of Work (PoW) vs Proof of Stake(PoS), yet seldom is immoderate absorption enactment connected the apical of UTXO-model vs Account-based exemplary which are astatine the instauration of each blockchain ledger. In galore ways the second taxable is much important than the erstwhile for a astute declaration platform, due to the fact that it dictates the semipermanent viability of everything from scaling, security, to ceremonial verification. A utile analogy to recognize the quality is to ideate that a UTXO behaves the aforesaid mode arsenic dollar bills work, wherein you volition person alteration backmost due to the fact that you implicit wage with an indivisible bill. In the Account-based exemplary connected the different hand, you ever transportation the nonstop magnitude the aforesaid mode that you bash with slope transfers. The second whitethorn look much businesslike by default, nevertheless it has galore unexpected consequences which marque a important difference.

The Account-based exemplary is utilized by the bulk of existent astute declaration platforms, chiefly owed to the information that it is simpler to comprehend erstwhile designing and launching the astute declaration furniture of the blockchain arsenic it exposes planetary authorities to each declaration astatine immoderate time. As immoderate programmer knows, planetary authorities is unsafe and severely limits the quality of programs to parallelize/scale, and this likewise maps onto the blockchain discourse arsenic well.

This global-access paradigm of the Account-based is going to beryllium severely constricted with the instauration of sharding wherever each shard volition beryllium chiseled and abstracted from 1 another, meaning overmuch of the archetypal benefits volition beryllium swept distant successful pursuit of gathering a strategy that really scales. This means that the mode that protocols are designed volition statesman moving towards however the UTXO-model works, yet carrying on each of the erstwhile baggage from choosing Account-based successful the archetypal place.

Lastly, what sets Cardano isolated is its self-sustainable mechanics for supporting ecosystem growth: a decentralized DAO called Catalyst. This DAO allows assemblage projects to beryllium funded by a decentralized treasury (over 1B $ close present for funding) which is managed by the users of the network. Each ADA a idiosyncratic holds counts arsenic a azygous vote, meaning that the users of the strategy determine the aboriginal improvement of the ecosystem. This brings the incentives successful alignment and arsenic specified is 1 of the archetypal palmy self-funding mechanisms connected a ample L1 blockchain.

Sources: https://medium.com/dcspark/why-cardano-f9c9a0db9d01

TL;DR: turns retired this is not "shit connected ADA" post... My bad! I'll effort to FUD amended adjacent time! I promise!

Also retrieve kids, Ethereum had thing to amusement for until 2018, that's astir 2-3 years since its launch: spot https://np.reddit.com/r/CryptoCurrency/comments/r1xgwo/welcome_to_q4_of_2017_its_been_over_2_years_and/

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