Cardano Will Be On Par With Ethereum: Interview With IOHK CTO (Exclusive)
Cardano saw a whole lot of developments going on in2021. The team partnered up with two countries in Africa – Ethiopia, and Tanzania – and it will be working to create digital identities, mobile internet connection, and financial acceptance to the communities in these countries.
As the project prepares for the rollout of the testnet of its long-awaited smart contracts platform, its ecosystem continues to expand. On more than one occasion, Charles Hoskinson, founder at Cardano, revealed the multiple participants in it, saying that the platform is massively oversubscribed already.
… He argued that the services launched, including the staking business, was a primary reason for building a huge community of over 2,000 Pareto stakeholders running the network.
“About 70% of ADA is staked. And all of this contributed to the price action. And I think we benefited from the bull market and after all, you have the amplification of the overall industry, so we benefit from that.” – Added Pellerin.
In general, the CTO said that new users are attracted by the new features of the system. He said that “every time we launch a new feature like staking or running a pool, or the ability to launch NFTs, there are more people interested in Cardano. In fact, he pointed out that there are more than 50,000 tokens now on Cardano.
(Cardano) have smart contracts capabilities and we will be on par with Ethereum in terms of functionality. But we are very different to Ethereum technically – proof of stake vs. proof of work, and also in the way we develop the network.
We are way more research-focused and we build slowly but our system is robust to support the open financial system of tomorrow. When you look at Ethereum, their approach is rapid prototyping and releasing fast, but at the end it’s a prototype, and we are not building a prototype.”
The current treasury of Cardano is about a billion dollars, according to Pellerin. It’s a lot of money to fund projects and create a great ecosystem.
Pellerin pointed out that Cardano’s energy consumption is “0.01% of Bitcoin. But it’s logical because we don’t use proof of work. It’s like comparing apples and oranges. Our proof of stake system is designed not to rely on hashing power, so, in fact, we will always be greener than every proof of work blockchain.”
In Cardano, we have 2,000 stakepool operators scattered across the world, which are producing blocks – and it keeps growing.
Pellerin discussed Marlowe – the most recent network update that will introduce smart contracts to Cardano. “First, it’s important to mention that Marlowe is running on Plutus – our smartcontract virtual machine/engine, so to speak. It’s functional programming, so kind of dedicated to experts.
On top of that, we build what we call domain-specific languages that are dedicated to a particular industry. Marlowe is for the financial industry and implements ACTUS standards, which, for example, defines how you transact with escrow and how you actually write that transaction and formalize it through standards. It’s also greatly adapted to create decentralized finance applications (DeFi) while supporting the original language of institutions – financial institutions.
In any case, the CTO confirmed that they are fine-tuning everything through Alonzo’s testnet and that “with great feedback from the community,” they expect smart contracts to be live on the mainnet in the coming summer of 2021.
… there are more than 2,000 developers working on applications and attending courses in the context of the Plutus Pioneer Program.
https://cryptopotato.com/cardano-will-be-on-par-with-ethereum-interview-with-iohk-cto/
