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IOHK CTO Thoughts On Cardano Explosive Growth, Comparison With Ethereum, Smart Contracts And More

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2021 was a great year for crypto, where cryptocurrencies have seen a biggest bull market ever.


Top coins with strong fundamentals and ambitious teams and prominent products like cardano got attention of the entire cryptocurrency community and even celebrities and people outside of crypto.

Cardano has seen a lot of developments going on in 2021. The team has partnered with two African countries – Ethiopia and Tanzania – and will work on to create digital identities, education, mobile internet connectivity and financial acceptance in these countries.

As smart contracts are soon coming on cardano and The Road To Alonzo Continues, with IOHK Launching The Cardano Alonzoblue2.0 Testnet, bright future stand in front of ADA.

In an interview with CryptoPotato, IOHK’s Chief Technology Officer, Romain Pellerin expressed his thoughts on many important things regarding cardano.

Read: Cardano Price Analysis: Cardano Is Consolidation But Overall Market Is Becoming Bearish-Important Levels To Watch

Interview Highlights:

Cardano Growth:

When asked that was the exponential crypto market growth of 2021 was the reason of Cardano growth, he said:

I looked at the price movements when we released software and we had a lot of price action last summer, before this bull market – when we released the Shelley update

According to him launch of cardano staking was the main reason of project growth:

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.

He said that whenever we launched a new feature on cardano like staking, ability to launch NFT, running a pool etc. more people become interested in ADA and Cardano network grow.

Read: Nasdaq Admire Cardano As “By The People, For The People” Type Of Currency

Cardano Energy Consumption:

Read: How Cardano Blockchain Is Changing Everyday Life

Pellerin said that Cardano energy consumption is 0.01% as compared to BTC. Bitcoin use proof of work mechanism whereas ADA relies on Proof Of Stake which do not use hashing power.

we will always be greener than every proof of work blockchain.

He said that BTC energy consumption issues are long-term and are not going away soon.

Look at Bitcoin – it’s centralized around huge mining farms which are all concentrated in some part of the world like China and other countries. In Cardano, we have 2,000 stakepool operators scattered across the world, which are producing blocks – and it keeps growing. This [hashing power] is only going to keep increasing because people are fighting for the next block. They are trying to put in more power to win over other mining pools. So, it’s sort of concerning – not for now, but for the future – imagine if most of the financial system runs on Bitcoin – how much consumption will be in 10 years.?

Read: Cardano Marketcap Ahead of Coinbase And Roblox, Behind Vodafone Only by $0.9B

Cradano And Ethereum:

On cardano and Ethereum comparison he said:

I’m not sure why Cardano is compared to Ethereum. Ethereum is a proof-of-work blockchain. We run a different ledger model.

He pointed that cardano will match up with ETH:

We (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.

Read: 3 Top Coins To 3 Million!!! Bitcoin, Ethereum And Cardano

 

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.

Cardano Smart Contracts:

Read: Charles Hoskinson Responded to Mike Novogratz Comment: “They Have Done Something To Create This Weird Cult”

on Cardano smart contracts he told:

First, it’s important to mention that Marlowe is running on Plutus – our smart contract 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. It’s very simple for them because they are already used to that language.

Cardano network is growing exponentially, many investors and long term holders are entering cardano space because of so many developments. Cardano smart contracts testnets are already up and working, The launch of smart contracts will launch a new era for Cardano. A bright future stand in front of cardano.

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Mark Brennanhttps://thecryptobasic.com/
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.

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