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At the time, it was unusual to see a new coin appear out of thin air with such a high market cap. But Cardano is different. It's an incredibly ambitious product with a strong team and tons of buzz. It is currently the sixth largest cryptocurrency by market cap, behind Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin. After a monster run, Ethereum is the number two cryptocurrency again. Cardano claims it will solve most of the issues that plague well-established cryptocurrencies such as Bitcoin and Ethereum.
Bitcoin isn't flexible enough, and transactions on its network are currently slow and expensive due to protocol limitations and overwhelming demand. Ethereum is far more flexible, but — as prominent Ethereum developer Vlad Zamfir recently put it — it's not safe or scalable yet. But Cardano, at least so it claims, has very secure code, peer-reviewed by experts and scientists. It claims to be fast and scalable, thanks to its Ouroboros proof-of-stake technology.
It's written in Haskell , a programming language that's typically used in critical systems in the banking and defense industries.
It provides interoperability between existing cryptocurrencies. And finally, it offers long-term sustainability, by using a sort of cryptocoin treasury that can fund projects long-term. Cardano has a very strong developer team. He now travels around the world to speak and educate on crypto and promote Cardano; as he moved between time zones, it took me two weeks to align with him and do a phone interview.
They saw the code, they saw all the progress, and they said holy moly, we missed this. Hoskinson refers to Bitcoin and Ethereum as the first- and second-generation cryptocurrencies. They were the first of their kind, and it was impossible for their development teams to prepare for all potential problems in advance.
Cardano has the benefit of knowing their history. And since all of it has been peer-reviewed by experts and scientists, he claims, it should be more reliable and secure than the code of most other cryptocurrencies. Hoskinson isn't just making claims out of thin air. Cryptomiso , a site that ranks cryptocurrencies according to Github commits — changes in a project's code — currently ranks Cardano as the second most active project.
And this code has seen actual usage: Cardano's Oroborous proof-of-stake algorithm is live, and its Daedalus wallet is live. But Cardano consists of two layers: A settlement layer, which is similar to Bitcoin, and essentially only takes care of who has sent how much ADA to whom.
The other is the control layer, which is similar to Ethereum and enables applications to run on the platform. That part of the project is still undergoing testing. While reading up on Cardano, I've kept finding similar conclusions: It's very promising, but it's unclear whether it's moving fast enough, due to all the academic rigor involved in its development.
A lot of the work that we did in and all throughout and we're still doing now is about building up to a point where we catch up completely with all of our competitors," Hoskinson says.
And the people reviewing these things are cryptographers, experts from universities such as Cornell. For example, Ethereum has been working on Casper, its proof-of-stake algorithm, for about three years, off and on.
We've only been working on our PoS algorithm, Oroborous, for a year and a half. And despite the fact that we've followed a far more formal process Hoskinson has a deep history with Ethereum.
He's a co-founder and has been the project's CEO from Dec. IOHK, the engineering company co-founded in by Hoskinson and Jeremy Wood, is best-known for building the main components of Cardano, but it also worked on Ethereum Classic, a fork of Ethereum. However, throughout our chat, Hoskinson appears to be agnostic about his competitors. In the end, he claims, Cardano will be better than every other project out there, because it allows for interoperability between different projects. Hoskinson says the next version of Ouroborous, Shelley, will be done by Q2 of and Cardano's smart contract layer should be connected to it roughly in September of Once that happens, he claims, "pound for pound, we're better than Bitcoin, we're better than Ethereum.
These days, two arcane terms dominate the discussion on how cryptocurrencies need to move forward: These are incredibly hard tech problems that nearly every major cryptocurrency team is working on in some form of another. Proof-of-stake makes the energy-intensive cryptocurrency mining largely obsolete as transactions on the network are validated by owners of the coins — i. Sharding is a term that comes from database tech; in the context of blockchain technology, it splits the chain into smaller parts shards that makes the network faster.
Cardano's team says it has the proof-of-stake part solved, but here's the problem: The debate on which PoS approach is the best isn't quite settled. In a fascinating Twitter exchange from Aug. I can tell you everything I don't like about Ouroboros in exchange for the sauce ;. Hoskinson jabs at Zamfir about Ethereum code not being peer reviewed. To this, Zamfir replies that "it takes longer to come up with significant contributions. The back and forth continues and phrases like "semi-synchronous model" are thrown around.
Unless you're an expert in this space, don't bother trying to figure out who won this Twitter fight. This is a common problem when evaluating cryptocurrencies: It's complex stuff, and even if you ask the top experts, you'll likely get a bunch of different answers.
Cardano is certainly promising but only time will tell whether it can deliver on its promises. However, what most investors want to know is how to determine a fair price for ADA right now. Hoskinson doesn't really care much about daily market price fluctuations. In fact, on his Twitter he's very critical of people who seem to only care about ADA's current market price.
If you see me trying to boost the price of Ada, then I've been compromised and sell all your Ada. Cardano will be valuable based upon hard work, real world use and the utility of the platform. I'm not here to make day traders rich. I'm here to change the world.
I asked him about the benefit of owning ADA tokens now, and he pointed me into the far future in which, he thinks, ADA will be the underlying financial system of the world. In other words, if you truly believe in the project, it doesn't really matter what the price is right now. Which, by basic economics, means that ADA ought to appreciate," he says. As tough as it is for a layman to figure out whether Cardano is better than its competitors and how, it's nearly equally as challenging figuring out who's actually running the project.
On the official Cardano website, three entities are mentioned: Just like how its underlying technology is split into layers, Cardano has split governance into layers as well. So the power in the Cardano kingdom was divided thusly: IOHK, which is headed by Hoskinson, takes care of development. The Cardano Foundation promotes the project to the world and acts as a sort of a middleman between the other entities, and Emurgo takes care of the business side of things.
Note that Emurgo is based in Japan, which could be very important in the future given Japan's lax attitude towards cryptocurrencies.
This structure ensures that there are no conflicts of interest, Hoskinson claims. He names the DAO hack as the example. To repair the damage, Ethereum's management created a hard fork in the software which undid the theft but also ended up splitting Ethereum into two separate cryptocoins: So when the DAO had a problem, guess what: That scenario cannot happen with us," he says.
On paper, it seems that Cardano has thought everything through. Sometimes, though, you have to jump first and think second, which is what Cardano's competitors have done. Despite Cardano's potential technical and other advantages over both Bitcoin and Ethereum, the fact remains that Bitcoin is extremely well known outside cryptocurrency circles and has the first-mover advantage, while Ethereum has thousands of decentralized apps already running on it, with dozens of ICOs initial coin offerings lined up in the near future.
Cardano has yet to build the tools for the developers to build such projects. And recruiting developers to a new platform can be a tough task; just ask Microsoft who'd tried, and failed, to bring developers over from iOS and Android to Windows Phone. Despite his bold predictions for the future, Hoskinson's well aware that Cardano has a lot of catching up to do. In the end, he says, it shouldn't matter. Once you've done that, what happens is you get acceleration, and you don't have to backtrack, because you've done it right the first time.
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