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Building on Cardano, my whole journey — Part 1: Why I have chosen Cardano

My Cardano journey began at the end of 2020. Honestly, initially, I was a little critical of the project. This was due to the “FUD” in the crypto space, claiming that Cardano was a scam and a ghost chain. However, after studying the project in more detail, as well as conducting my own research, I realised that these claims are totally misleading. Such claims came from either misinformed or dishonest people. In fact, I have seen many signs and counterarguments to say the contrary.

1- Research-Based Approach

The most prominent of these was Cardano’s unique, research-based approach and the peer review methodology, proving the high quality of the issued research. At the time of writing this piece, IOHK had released almost 134 papers [1]on the subject .

2- Decentralization and Governance

One critical reason behind choosing Cardano is its decentralization.

Many concepts in the blockchain technology are controversial and not yet standardized. Examples include the degree of decentralization of a Blockchain, as well as the misuse of the TPS (Transaction per Second) as a unique indicator of a network’s performance [2].

Still, some important indicators in Cardano indicate that it is on its way to full decentralization, like the number of validators, percentage of the staked ADA, affordability to run a staking pool or a full node, treasury management, proposal improvement, etc.

Upon completing the next “Voltaire”[3] Governance phase, Cardano will become truly decentralized, managed totally by the community. This clear and transparent vision is incredible compared to other crypto space blockchain projects.

3- Functional Programming and Haskell

One redundant criticism of Cardano is Haskell, the programming language utilized to write smart contracts and develop DApps. In this way, some developers claim that Haskell is extremely difficult to learn compared to typical mainstream programming languages. Admittedly, it is not easy to learn it initially, but once you master the basics, you will grasp its power compared to other programming languages. This is true specifically in developing safe and highly secure financial smart contracts.

Meanwhile, other critics suggest that Haskell is useless. Simon Peyton Jones, a significant Haskell contributor, admits the same in a short funny video [4].

4- Extended UTXO Model

Many believe that Cardano’s Extended UTXO Model [5] is not appropriate for building scalable, smart contract DApps. I believe this to be completely false, given the eUTXO model ensures deterministic transactions compared to Account-Based Models like Ethereum.

Furthermore, the eUTXO Model provides high security and scalability due to powerful parallelization.

Thus, building financial applications that lock and handle billions of dollars worth of value must be achieved with a “quality-first” approach, focusing on delivering quality and security, not only new features.

Ultimately, blockchain technology guarantees trust between people. It is absurd to imagine someone building trustless, poor quality smart contracts on a Blockchain to solve trust issues in the financial or other sectors. This is, unfortunately, the current situation in our Blockchain industry. Cardano will fix the problem through robust fundamentals and deploying innovative technology.

To Support this weekly educational content and contribute in the Success of PeakChain Automotive Solutions, we appreciate delegating to our PeakChain Pool, Ticker: [PKCP]

Support also our PeakChain Automotive Solutions in Project Catalyst Fund 9!

1- PeakChain Car Wallet Device

2- PeakChain Uber on Cardano

3- PeakChain Fleet Management Platform

4- PeakChain Car-Sharing Platform

Author: Oussama Benmahmoud, CEO of PeakSoft GmbH and Founder of PeakChain

References:

[1] https://iohk.io/en/research/library

[2] https://www.youtube.com/watch?v=gpSnyCn2s9U

[3] https://roadmap.cardano.org/en/voltaire/

[4] https://www.youtube.com/watch?v=iSmkqocn0oQ

[5] https://iohk.io/en/research/library/papers/the-extended-utxo-model/

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