Let’s be honest, Cardano has immense potential and one of the most impressive teams in a long lineup of cryptocurrencies. It’s true, the project has multiple experienced dev teams and with someone like Charles Hoskinson at the helm, there’s every reason to keep faith in spite of such a turbulent year.
But what results or actual product have we seen from Cardano?
The truth is, this was my one major concern about the project and something that went unanswered throughout the year. As you know, Hoskinson outlined an impressive blueprint for the project but for all the best laid plans, there was still no tangible news as we neared the final quarter of the year.
However, all of that changed last week with the push of a button….
Testnet, Emurgo and the Bright of Cardano
1.4 is almost out, testnet has been released, rust cardano is making epic progress, the haskell re-write is underway, plutusfest in a few days, Emurgo is growing and the Foundation will soon re-awaken from its long slumber. Cardano's future is looking very bright!
— Charles Hoskinson (@IOHK_Charles) December 7, 2018
Hoskinson is clearly excited in his tweet about progress and what’s happening behind the scenes. In case you might be asking yourself, the arrival of testnet means that programmers can test their code on smart contracts. Haskell and plutusfest refer to the actual programming code and Emurgo is the organization tasked with helping businesses integrate into the Cardano blockchain.
I also found this tweet rather amusing at first, only to realize my mistake. You see, instead of the Rust Software Kit, I misinterpreted “rust Cardano” as a cheeky nod to a lackluster year on CoinMarketCap.
This stream of news also reminded me of “the tortoise and the hare” – an old tale in which a slow and steady tortoise outwits a lightening fast hare to win a race. After all, while Vitalik and Ethereum were in the news every other week, Cardano had a notably quiet year, and still produced this insightful update.
But is Ethereum really all that important or relevant to Cardano?
Well, in order to know the potential of Cardano, we need to better understand the relevance of Etherum.
Scalability Issues and ‘The Next Ethereum”
As you may know, Charles Hoskinson was part of Ethereum until certain disagreements led to a hard fork and the creation of Ethereum Classic (ETC). In fact, Hoskinson was also part of this same project for a short period before another hard fork resulted in the emergence of Cardano (ADA).
Now, all of this is common knowledge but the importance of what happened next is often forgotten.
You see, Cardano was created as a result of scalability issues more than three years ago. Hoskinson knew at this time that in order for Ethereum to scale, either decentralization or security would need to be sacrificed. One year later, the DAO hack brought a dark cloud over Ethereum and two years later, a craze for virtual kittens was so popular that it clogged up the entire platform.
In truth, the Ethereum platform was not liable for this hack but Hoskinson wasted no time to gain ground by pointing out how Ethereum was intended as a world computer, yet crypto kitties was able to break it.
The Importance and Potential of Cardano
On a serious note, these issues further validated the purpose of Cardano which uses a proof of stake system to increase transaction speed on the platform. What’s more, this mechanism is not vulnerable to hacks and seems considerably more secure than Ethereum.
With this in mind, Cardano may have been moving slowly this year but it would now appear that these were deliberate moves as opposed to the quick and hasty actions of Ethereum. In some circles, enthusiasts like to compare Cardano to Google and Ethereum to Mozilla Firefox but the jury is still out and it remains to be seen if Ethereum can resolve these issues with scalability.
Either way, with this recent announcement from Charles Hoskinson, it really does appear that Cardano is re-instating a solid claim to be “the next Ethereum”. More specifically, it makes me think that maybe last year was too soon to be expecting results or product from such an incredibly complex blueprint and if Ethereum is the hare, Cardano just might be the tortoise.
Who you’re reading:
Derek Cullen has been working as a writer for more than 3 years and first took an interest in Bitcoin back in 2014. His educational background and experience in marketing, life assurance and investment banking also gives him a broad base to approach topics in various industries.
Funny story, I was riding a bicycle through Africa in 2013/2014 and someone asked if they could send me some BTC. I set up a wallet and received it not knowing what it was exactly. Then a few more people sent some BTC and when I logged into the wallet two years later, it was worth somewhere near $1200.
I paid attention from then onwards but only really got into midway through last year
For questions or story ideas, you can contact Derek.
Disclaimer: Any and all opinions expressed here are those of Derek Cullen alone. The article is for educational and/or entertainment purposes only, so please use it at your own risk.