Ethereum inventor Vitalik Buterin thinks Cardano is good, but sometimes overrated
In a podcast, Vitalik Buterin praised Cardano, the new project of his former colleague Charles Hoskinson. It brings fresh ideas into the crypto world.
Although Vitalik Buterin does not want to confirm Cardano as an Ethereum killer, he sees many positive approaches for the crypto industry as a whole in the other approach that the project is pursuing. In an interview with Lex Fridman, an artificial intelligence researcher, he described the competition that arises from the different approaches as quite healthy for the industry as a whole.
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Buterin: Cardano’s approach is unnecessarily strict
The inadequacies of one project could serve as an example for another, and the inadequacies of the Ethereum network are definitely something Cardano has learned from.
However, from his point of view, the project is exaggerating a bit. Cardano attaches great importance to “having this great academic evidence for everything”. Ethereum, on the other hand, is usually satisfied with “heuristic arguments”. In any case, that would explain the significantly higher speed of his project.
Accordingly, Buterin sees the greatest disadvantages in the rigorously academic approach of IOHK, the company run by Charles Hoskinson and Jeremy Wood, which operates Cardano development. Cardano runs the risk of becoming an over-academic project that non-academic outsiders could eventually lose.
In addition, he does not consider the great rigor of the Cardano development to be expedient because it is rarely the protocols themselves that fail. Rather, the “number of errors that lie outside the model is greater and more important than the errors that lie within the model”.
However, Cardano has clearly recognized that “the way in which the Ethereum ecosystem approaches some problems is completely wrong”. So there are some opportunities for improvement for the emerging blockchain solution and its cryptocurrency ADA.
Charles Hoskinson, once Buterin’s colleague, was there to create the “better Ethereum” with Cardano. It all began with Cardano relying on the Proof-of-Stake consensus procedure, which is much more frugal from an energy point of view, and which Ethereum does not want to use until the ETH 2.0 update.
After the downright boom in “Decentralized Finance” (Defi) applications that the Ethereum blockchain has been experiencing since summer 2020, it was clear that Cardano would also move in this direction.
With the upgrade called “Alonzo”, which is designed as a hard fork, Hoskinson created a test network that is able to process smart contracts. Smart contracts are the basis of every decentralized app (dApp) in the De-Fi system. The functionality should then be generally available on the mainnet in August or September 2021.
The Cardano token ADA has not remained completely stable in the turbulent upward and downward movements in the crypto market in recent weeks, but fluctuated significantly less than currencies such as Bitcoin or Ether.
