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Review on Cardano by Bin Laden
The Cardano Foundation partnered with Input Output Hong Kong (IOHK) — a…
The Cardano Foundation partnered with Input Output Hong Kong (IOHK) — a technology company founded by Charles Hoskinson and Jeremy Wood who were previously involved in Ethereum. IOHK also employs Professor Aggelos Kiayias, a cryptographer from the University of Edinburgh, along with a team of researchers and scientists that have contributed to the protocol. With these great minds at the forefront of cryptography and distributed ledgers working together, Cardano has the potential to improve upon the existing platforms. Cardano is also the first academically peer-reviewed distributed ledger.
Pros
- Cardano is completely open-source and the team is promising to build a foundation that everybody else can build upon. They are in the business of solving scalability issues through their own smart contract platform similar to Ethereum. You will be able to interoperate with other cryptocurrencies. Ethereum uses the solidity language for programming smart contracts, whereas Cardano is developing its own language, but its focus is really to be interoperable with other cryptocurrencies. They are trying to make atomic swaps easier and hopefully this removes the need for exchanges.
Cons
- Fundamentally, proof of stake can lead to centralization as only a select few may have enough coins to participate in staking. Theoretically, POS system is also vulnerable to the “nothing-at-stake” problem, where an attacker sends a transaction, forks the blockchain from one transaction behind the attacker’s transaction, and then rewrites the transaction to himself to double-spend the currency.
