Cardano (ADA) community considers that banking is all about trust and that decentralized services will be more fair, transparent, and cheaper. This is probably in response to the overall sentiment brewing about banks.  The pandemic has created doubts in the minds of many about banks being more vulnerable now and the overall fear that money can disappear at any moment. People are wondering if blockchain is the future of banking.

Cardanians.io tweeted:  “Banks cannot compete with public permissionless blockchain networks since only such networks will allow people to choose those who will be responsible for creating blocks. Banks will be forced to use Cardano for their services. People will be able to create their own banks.”

Sydney Ifergan, the crypto expert, tweeted:  “Cardano ADA as IOHK states is evolving to be a social and financial operating system. They continue to demonstrate progress creating value using modern development philosophy.”

Substantiating the delay in time factor Cardanians have to state that building a bridge and a blockchain is the same thing.  They state that there are two ways to do it—one being by way of delivering it piece by piece and saying sorry when something breaks.  And, the other is to design it properly and to deliver a final working product eventually.

Cardano ADA Based on Enormous Trust

A minimum viable product is considered to be the primary start-up standard per IOHK. They further believe in quickly and continually improving in iteration until it is ready for the mass market. This, they call “the agile process.”

The IOHK considers the agile process to be a method of advancing towards eventually creating a fully functional product.

In an agile method, they well know there are going to be bugs in the process, which they feel is okay to be ironed out later.  The agile process they feel is okay when there is no value at risk, but when an enormous amount of money is concerned, like in cryptocurrency, they feel it is not possible to build quickly and deal with the problems later. They are not willing to risk having to deal with malicious actors who are ready to sabotage the process without being forearmed.

They feel that the code should be correct, and there should be evidence for correctness like meaningful tests and mathematical proofs. They also reinstate on how engineers should anticipate future additions despite the sustained correctness guarantee in the product. Cardano developers are, therefore, looking to grow while sustaining their security and utility for everyone.