Review on Cardano by Celil Ozturk

Name: Cardano
Item: Cardano
Rating: 5

September 16, 2018

The world came to become familiar with Hoskinson through his involvement with…

The world came to become familiar with Hoskinson through his involvement with the Ethereum project. If you remember back in time, he teamed up with Vitalik Buterin to start that Ethereum project circa 2013/2014.
Long story short, time went by and Buterin and Hoskinson got into a tiff over whether Ethereum should be some non-profit, open source software like Bitcoin or if it should be monetized. In this debate, Hoskinson was on the side of those that wished to monetize the Ethereum project directly like a business.
Eventually, after some period of bickering and back-and-forths, Hoskinson decided to simply abandon the project altogether, then go after other pursuits. As such, he officially departed from the Ethereum project in 2014.
As you can probably guess, this wasn’t really an amicable parting of ways, and the former CEO more or less vowed to create a rival crypto capable of ‘dethroning’ Ethereum one day.
Soon afterward, Charles Hoskinson started something called the IOHK with a guy named Jeremy Wood:
So, that brings us over to Cardano ($ADA), and it also shows that Hoskinson is closely linked with the Ethereum Classic ($ETC) project as well. Also, to clarify, $ADA is currently ranked seventh among all coins in terms of market cap and sits at $7.6 billion.
So, you can see that $ADA lost a considerable amount of value since the above-posted article was published. What’s crazy is that the original date on that article is February 7, 2018. So, they’ve definitely been getting their asses kicked in the past few weeks.
Ethereum Classic is currently fifteenth with a market cap of $3.13 billion at the time of writing.
So now that we’ve gotten the backstory out of the way, we can begin to focus on which Cardano is purposed.
So, essentially, Cardano is another blockchain that can be used as a method of payments and is also being designed to allow smart contract-based projects and activities to be built on top of the primary ‘settlement’ layer for $ADA.
In order to facilitate this, they will build extra layers, as mentioned above. Thus, they won’t need ‘gas’ to power the transactions in the same way that one would need with Ethereum.
We won’t debate the merits of whether this should be considered an inherent ‘advantage’ or not, but it’s definitely a difference worth noting. This distinction is also present in the Ethereum Classic protocol – no doubt signaling that it’s a manifestation of the IOHK ideology of how such cryptocurrencies should be operated.
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Pros

When analyzing any coin in the crypto ecosystem, it’s always important to first get a better understanding of the coin’s backstory and inception. So, before we can go into any detail about Cardano, its token currency ($ADA), purpose or anything, we will provide a brief overview of the founder’s background and his specific affiliation with cryptocurrency.

Cons

Currently, Charles Hoskinson is considered to be one of the foremost experts in the cryptocurrency field. While there are different viewpoints on Hoskinson as a human being and his ethical standard of conduct (we’ll get into that later), few will dispute the fact that he’s legitimate regarding his innovative ideas within the realm of blockchain technology. Plus, his contributions to some pretty hefty cryptocurrency projects that are still in existence today.