Review on Cardano by Danh Huỳnh Ngọc Công
Cardano has been called Ethereum killed since its first launch as the idea…
Cardano has been called Ethereum killed since its first launch as the idea behind it is a state-of-the-art concept. With many great minds working on its development, this blockchain will evolve with many extraordinary features that do not only function itself but also other blockchains. However, the Proof of Stake algorithm chosen for Cardano is both an advantage and a disadvantage. PoS maybe more energy efficient than PoW but it does not ensure tight security. Although the idea of this project has been through many serious processes of review, the time it takes for development is too long making it a big minus
Updated 5 years ago
Rating has not been changed
Positive points:
- The project is very transparent about their development progress, posting what have been implemented very regularly.
- It has been traded on various exchanges including Binance and Huobi
- It completely connect with the community with many communication channels
Pros
- - Cardano's source code is a fully open-source so any developers can build their projects on this excellent blockchain - Cardano utilizes Proof of Stake, which is more advanced than Proof of Work, as their consensus algorithm for validation - Their network is a two-layered system. The first layer is for recording transactions and the second is for deploying smart contracts. The way they separate their layer into 2 different layers helps them solve problems independently. - The project has been built from scratch by great minds making it evolves day by day. Cardano is the first project to be peer-reviewed by people with excellent academic profiles
Cons
- - That Cardano uses Proof of Stake provokes the concerns of security as this consensus algorithm has never been really decentralized. Hackers can exploit this flaw to rewrite the transaction to double spend currency - The platform has been taking a long time to be completed making the community uncertain about the possibility of this project
