Charles Hoskinson, the founder of Cardano, gave a brief update about the Cardano ecosystem on 29th of October in a Youtube video on his channel. He began explaining the reasons why Ethereum has a lot of deficits in the current year owing to reasons like the current boom in the DeFi space which sponsored a surge in transaction counts and consequently the transaction fee. He stated that developments around the Cardano ecosystem have taken these issues and many other historical facts to mind, studied them, and built applications and tools to help efficiently navigate them. At the end of the day, Cardano is a blockchain built to meet needs.
According to Hoskinson, a co-founder of Ethereum, Ethereum was designed with papers from the 1990s and 1980s as a reference point. Though the developers were able to build whatever they liked, they do not have a commercial point of view about who is going to buy it or use it. They were writing on a clean slate without foreknowledge of what will happen in the future. The ICO boom and bubble burst hadn’t happened, the DAO attack was nonexistent, the DeFi boom and its effects on transaction fees haven’t occurred, so they had no reason to build an Ethereum that will safely navigate these challenges. 2020 made a lot of revelations about the deficiencies of Ethereum. These deficits gave rise to new projects that we have around today. They are built with a deep understanding of what Ethereum lacks and how to build a system that can correct its weaknesses.
He pointed out that Cardano’s Marlowe testnet utilizes over 20 years of financial history and 30 years in Domain Specific Language (DSL). The fact is that there has been a wall of division in languages used by entrepreneurs, the developer, the writer, and the financial services infrastructure. The Marlowe DSL is to create a common experience and language to unify these four key players.
Hoskinson explained that Cardano has an ERC 20 token converter for developers who would like to migrate to Cardano. Aside from the fact that Cardano is set to scale as more and more people onboards with low transaction costs, the platform treats all assets as a first-class citizen. On Ethereum, all other token smart contracts are second class options and do not have the same “governance access, portfolio access,” etc. Ether is created differently from other smart contracts. On Cardano, all other assets created are created and treated the same as ADA. All assets on Cardano will have the same governance access, portfolio access, and infrastructure that ADA has.
The team has created a testnet tool for Goguen so that developers can begin to deploy their assets in a “safe sandbox” so that they can get it the first time when it launches on the mainnet. This is a meticulous step created to avoid failures and issues especially as seen with some DeFi smart contracts that cost a lot of funds.
Ayobami Abiola, a writer at The Currency Analytics and a crypto enthusiast, tweeted:
“Hearing @IOHK_Charles speak about @Cardano will bring you to understand the beauty of #Goguen and many other tools and updates that the developers are building. One can conclude that #cardano #ADA is a revolution in the world of #crypto and #academics”
The development team at Cardano will be pushing updates in four phases over the next few months. The expectations of the community members are high. The developers have proven that they know what they are doing and they are set to give the community more than their expectation.
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