Grayscale, one of the largest companies investing in digital currencies, recently published an article examining the Cardano network from different angles and examining the dark and light dimensions of the project under a magnifying glass.
to the Report In the latest issue of its monthly magazine, Gary Skill examines the features of the Cardano network. The report focuses entirely on the market’s third largest digital currency and examines Cardano from a variety of perspectives, including implementation, leadership, user community, and more.
Cardano is the third largest asset of Gary Skill GDLC. That’s why the asset management company has taken a keen interest in this digital currency, educating its investors about one of its biggest assets. This report examines the pros and cons of the Cardano network and introduces updates that put the network in a good position to compete with other major currencies in the market.
Compete with other market currencies
Over time, the Cardano network mechanism revealed a flaw in its design. When the decentralized finance industry (DeFi) flourished, it was clear that the Cardano network would not be able to compete with Ethereum because it did not support smart contracts. The developers of Cardano continued to add the possibility of supporting smart contracts to the network of this digital currency, and finally this project was completed on September 12 (September 21). However, in terms of when the technology was launched, however, Cardano is several years away from networks that supported smart contracts and were leaders in the field.
With the addition of intelligent contract support to the Cardano ecosystem, the question arises as to whether users will use it. Because so many networks are now decentralized, users need compelling reasons to migrate to Cardano and use it.
The Skill report states:
Lightening the Cardano approach has also led to its biggest weaknesses, some of which include: not supporting smart contracts, not having a clear record of whether decentralized applications will work well or not, persistence [و طولانیشدن] The evolution of the third-party developer ecosystem is the lack of pervasive decentralized applications in the main network and the low efficiency of transaction fees.
As the network has not yet been tested, there is still skepticism among users about how decentralized applications will work on the Cardano network platform. It is clearly the developers who have to find the Cardano network suitable for their work.
Cardano Competitive Advantages
In his report, Gary Skill compares the benefits of the Cardano blockchain with other networks. Leadership of this project is still recognized as one of the strongest parts of this network. The Cardano community has always been loyal to its founder, Charles Hoskinson, who has always shared his vision for the project with the community. For this reason, the Cardano community supports this digital currency regardless of its price.
Decentralization is an important feature of the Cardano blockchain. The project is completely open source, and the Shelly Update has expanded the network-centric consensus among thousands of participants. Cardano’s main token, the ADA, is available to millions of people around the world, and people can easily buy and sell it in large and small exchanges.
The bottom line is that the Cardano network has good financial resources. Its treasury balance is currently $ 1.6 billion. Due to the constant technological changes in the digital currency space, this issue gives a good competitive advantage to Cardano network and causes the growth and development of the ecosystem of this digital currency.