IOHK CTO’s thoughts on the explosive growth of Cardano, comparison with Ethereum, smart contracts, etc. | Author: The Crypto Basic | Capital | June 2021
2021 is a great year for encryption, where Cryptocurrency I have seen the biggest bull market ever.
Top coin With a strong foundation and ambitious team and outstanding products like Cardano, it has got the attention of the whole team Cryptocurrency The community, even celebrities and people outside of cryptocurrencies.
Cardano There are many developments in 2021. The team works with two African countries-Ethiopia and Tanzania-and will work to create digital identities, education, mobile Internet connectivity and financial acceptance in these countries.
As smart contracts are about to continue on the road to Cardano and Alonzo, IOHK launches Cardano Alonzoblue2.0 testnet, A bright future stands in front of ADA.
in a Interview with CryptoPotatoRomain Pellerin, CTO of IOHK, expressed his thoughts on many important things in Cardano.
When asked this is an index Crypto market He said that the growth in 2021 is the reason for Cardano’s growth:
“When we released the software, I observed price movements. Last summer, before this bull market, we conducted a lot of price movements. market — When we release the Shelley update. “
According to him, the launch of Cardano Staking is the main reason for the growth of the project:
“About 70% of ADA is pledged. All of this contributes to the price movement. I think we benefit from the bull market, after all, the entire industry is expanding, so we benefit from it.”
He said that whenever we launch a new feature on Cardano, such as staking, the ability to launch NFTs, and operating pools, more people will be interested in ADA, and the Cardano network is also growing.
Pellerin said that compared with BTC, Cardano’s energy consumption is 0.01%. Bitcoin uses a proof-of-work mechanism, while ADA relies on proof-of-stake that does not use hash power.
We will always be greener than every proof-of-work blockchain
He said that the BTC energy consumption problem is long-term and will not disappear anytime soon.
Look at Bitcoin-it is concentrated around huge mining farms, which are concentrated in certain parts of the world, such as China and other countries. In Cardano, we have 2,000 equity pool operators scattered around the world, and they are producing blocks — and they are growing.This [hashing power] It will only continue to increase because people are fighting for the next block. They are trying to invest more power to win other mining pools. So, this is a bit worrying—not now, but in the future—imagine if most of the financial system runs on Bitcoin—how much consumption will there be in 10 years?
Kladano and Ethereum:
Regarding the comparison between Cardano and Ethereum, he said:
“I’m not sure why Cardano is compared to Ethereum. Ethereum is a proof-of-work blockchain. We run different ledger models.”
He pointed out that Cardano will match ETH:
“We (Cardano) have smart contract functionality, and we will be on par with Ethereum in terms of functionality. But we are technically very different from Ethereum-proof of equity and proof of work, and the way we develop the network.
We are more focused on research, our construction speed is slow, but our system is very powerful and can support the future open financial system. When you look at Ethereum, their approach is rapid prototyping and rapid release, but in the end it is a prototype and we are not building a prototype. “
Cardano smart contract:
Regarding the Cardano smart contract, he said:
“First of all, it is important to mention that Marlowe is running on Plutus-our smart contract virtual machine/engine, so to speak. It is functional programming, very suitable for experts. Most importantly, we have built The domain-specific language of the industry. Marlowe applies to the financial industry and implements the ACTUS standard, for example, the standard defines how you trade with escrow, and how you actually write the transaction and formalize it through the standard. It is also ideal for creating Centralized financial applications (DeFi), while supporting the original language of institutions-financial institutions. This is very simple for them because they are used to that language.”
The Cardano network is growing exponentially, and many investors and long-term holders are entering the Cardano field because there are so many development ofThe Cardano smart contract testnet has been up and running. The launch of smart contracts will usher in a new era for Cardano. The bright future lies in front of Cardano.