With the construction of the Cardano (ADA) network appearing slow to much of the cryptosphere, the project spearheaded by Charles Hoskinson is going through phases of market disinterest. However, even without being under the spotlight, partnerships continue to be formed, and the use of the Cardano blockchain itself is growing.
Security and freedom from vulnerabilities: Cardano’s strengths?
After participating in the founding of Ethereum (ETH) in 2015, Charles Hoskinson devoted himself to his own smart contract platform project, Cardano, launched in 2017. While this blockchain network already has Proof of Stake (PoS) and its staking rewards since July 2020, this lead over Ethereum is offset by the slow (and late) launch of its smart contracts, which occurred with the Alonzo update in September 2021.
Yet, and once again, Charles Hoskinson seems to be playing the hare and tortoise fable between ETH and ADA. For the CEO of IOHK, all good things come to those who wait, and the slow development of smart contracts on Cardano would come from a concern for absolute safety, rather than field tests considered premature and dangerous.
He thus takes as an example the very recent hacking of the MonoX platform on Ethereum. This decentralized finance exchange (DeFi) was indeed robbed of $31 million in crypto-assets, by exploiting a flaw in the project’s smart contract.
“This is exactly why Plutus was written for Cardano. The right [smart contract programming] languages and tools work together with the developer and auditor to allow them to write excellent, secure code. Bad languages charge in and hand them a gun with which to shoot themselves.”Charles Hoskinson criticizes Ethereum’s smart contract flaws
In the shadows, Cardano is advancing its adoption pawns
Another argument, also quietly, in favor of Cardano as a possible challenger to Ethereum is the sustained growth of its use.
As CryptoGlobe reports, among other things, the ADA network has indeed passed the symbolic milestone of 20 million transactions, without experiencing any major technical incidents since its launch in 2017.
Similarly, the number of active addresses on Cardano would experience an acceleration in its growth, going “from 150,000 per day to more than 480,000,” before stabilizing at 200,000 per day according to CryptoGlobe.
Staking consensus by Proof of Stake is also doing well on Charles Hoskinson’s network. There would be 100,000 more addresses, in only 1 month, that would stake their ADA to get the staking rewards.
In addition, there is no shortage of plans for scalability and improvements to the Cardano network. The recent proposal to develop proxy keys, for example, could increase both the privacy and security of cryptocurrencies on the ADA blockchain. Will the turtle challenger ever overtake the hare currently leading the pack?