What is it?
Cardano is a public blockchain platform. It is open-source and decentralized, with consensus achieved using proof of stake. It can facilitate peer-to-peer transactions with its internal cryptocurrency, Ada.
Cardano was founded in 2015 by Ethereum co-founder Charles Hoskinson. The development of the project is overseen and supervised by the Cardano Foundation based in Zug, Switzerland. It is also the largest cryptocurrency to use a proof-of-stake blockchain, which is seen as a greener alternative to proof-of-work protocols.
The above two paragraphs were copied directly from Wikipedia. The Cardano website describes itself as being “a blockchain platform for changemakers, innovators, and visionaries, with the tools and technologies required to create possibility for the many, as well as the few, and bring about positive global change.”
The Good things about Cardano
This article is going to generate a lot of hate by Cardano supporters, and of course that is their right to feel I am totally wrong, biased or misinformed or otherwise full of shit.
But before the carnage begins let me explain my overall outlook and perspective on Cardano.
Firstly I think Charles Hoskinson is an intelligent person with a wicked sense of humor, I think he would be great to knock over a few bottles of wine with over a dinner and the laughs would be endless.
I also want to make it clear that if you are a Cardano/ADA holder or supporter, don’t take this personally, its not an “attack” on you its just my view and plain and honest truth and unfortunately for Cardano it happens to be a blockchain, that’s where it all starts going downhill.
Also before moving on there is one thing that I do have a lot of respect for about Cardano and that is they do not appear to be lying to the public, they’re not claiming to be their own cloud or that their nodes are somehow magical or they have found some “independent data centers”, they obviously use regular cloud services that are centralized and don’t claim otherwise.
I also like that he leads from the front and addresses any issues or bad press directly. Remember in blockchain you have the luxury of cryptocurrency media coverage be it positive or negative, Holochain is disruptive technology for blockchain therefore its people like me and other long term supporters who share information about it.
That’s not a complaint, its a reality that we deal with, makes it even sweeter to tell you the truth. :-)
The only reservations I have with integrity are as you will see below in relation to their projects with Africa, I see this purely as a sales gimmick.
Its just another blockchain
I’ve tried to find something positive about Cardano that would make it stand-out compared to other blockchains. But to me its just another Proof of Stake blockchain now running smart contracts.
I think it was around 1 or 2 years ago that I noticed one thing about Cardano that didn’t sit well with me and that is its roadmap. Call me skeptical but it seems these roll-out phases are coincided with a lot of hype and people talking it up (hoping to increase the price of ADA) leading up to then during the implementation of each phase.
I totally understand that development takes time and there can be delays (I support Holochain, if we don’t have delays then something is seriously wrong :-p).
But a part of me also thinks these phases are used purely to keep people interested, their money tied up in staking and to remain in a digital state of perpetual motion which is directly tied to the price.
There appears to be a few main focus areas for Cardano I will list them then comment on each one below. These are from the Cardano website and I am commenting on these at face value, I know there is a lot of development work going on, this is the case for every project.
But if you make claims they should be clear, concise and also seen as though this is a financial product one would think there would also be a reference for revenue, expected revenue or are they just like every other blockchain and at the mercy of the markets at any given time?
Purpose: platform built for a sustainable future, to help people work better together, trust one another, and build global solutions to global problems.
For a purpose that is a fairly ordinary statement and could be copy and pasted onto or from any blockchain website. Total fail at giving me any tangible information that would make me want to invest any real money into it.
Its just fluff talk, feel good, seems good……..bullshit.
Technology: Cardano brings a new standard in technology — open and inclusive — to challenge the old and activate a new age of sustainable, globally-distributed innovation.
While this may be true to a certain extent its just a fucking blockchain there isn’t any rocket science behind it. “Challenge the old and activate the new?”
In other words compete with Ethereum, that’s not exactly a game changing goal or anything that would make me want to put my money into something.
What happens when they’ve reached the final stage of their roadmap, what or whom do they challenge then, and why, won’t it be older technology by then?
Research: Pioneering tech begins with groundbreaking research.
Cardano began with and has grown through research. Before any technology we integrate is developed, it is specified. And before it is specified, it is researched. That research is peer-reviewed — a unique achievement for a blockchain platform — so that our ideas may be challenged before they are validated.
If you find yourself boasting about being peer reviewed in a ecosystem where reviews, comments, articles and any other media can be bought and paid for, this statement is basically useless.
Opportunity: The staging point for every new opportunity. Empower your business through Cardano, and discover the future of technology
Cardano provides the template and toolset to a new age of innovation. It introduces leading-edge technologies, models, and methodologies to help individuals, developers, and enterprises discover a new possible, realize change, and enrich their lives.
Blockchain technology holds the answer to a number of legacy challenges, whether financial, societal, or technological. It disintermediates essential relationships, and redistributes power to alleviate costly dependencies, restrictive paradigms, and inefficient systems of transaction and exchange. Cardano is a realization of this potential. It is a platform with the security, privacy sustainability, and performance standards required to accelerate the mass adoption of the technology, and support a lasting ecosystem.
Cardano powers new, more secure, and globally scalable solutions. Its technology is continuously improved upon through evidence-based development methods, and guided by a democratic voting system, in which every member has a voice. The opportunity of Cardano is adaptable to your use case. It is an opportunity that creates other opportunities, continuously.
They are selling the same lemons as the other kids on the block.
performance standards required to accelerate the mass adoption of the technology
This is more blockchain fluff to sell tokens. I like how they word this “accelerate mass adoption” like its always coming but we just want to make it happen faster. LOL.
One day blockchain is going to realize that there is never ever going to be mass adoption of it, most probably know now but when you can sell things made from thin air you tend to keep talking up a big game.
Its been 11 years and this “cutting edge” technology does fuck all but power its own ecosystem which is heavily manipulated and rewards those who get in early or are miners, stakers or exchanges.
Is it a Shitcoin?
Authors note: 90% of ADA holders just slammed the X in the top right corner of their browser. :-)
Why do I think its a shitcoin?
It meets the criteria:
Rewards those who hold the most. (Stakers)
You need to pay someone to buy it.
You need to pay someone to sell it.
It’s highly volatile and always will be.
It isn’t asset backed.
It has no revenue model to pay ADA holders. (unless you are staking)
It doesn’t actually do anything.
You need to “learn” blockchain to use it (leaves many vulnerable to theft)
Some of you are probably thinking but it has smart contracts, its DEFI ready, its NFT friendly, it will scale soon, it will change the world blah blah.
That’s just a blockchain brain trying to process and justify buying something they will never actually use other than to buy and sell it and pay people along the way.
I can see no difference between ADA, ETH, DOT, SOL, any of them, they are all part of a giant manipulated ecosystem that is filled with thefts, hacks, backdoor deals and other skullduggery.
How does it stack up against Holochain?
It doesn’t, no blockchain does which is why I’m not going to waste mine or your time going through the pros and cons.
There was an article (politically correct because they have to be; I don’t) released by Holochain about Cardano, its short and if you want to have a read link is below.
They say there is no harm in trying and I am a firm believer in that, but I also believe in reality and if Cardano seriously thinks they will cause a blockchain revolution by working in Africa in particular Ethiopia With more than 112 million people (2019), Ethiopia is the second most populous nation in Africa after Nigeria, and the fastest growing economy in the region.
However, it is also one of the poorest, with a per capita income of $850
So this blockchain coin (at the time of writing) has had over $2 Trillion dollars traded in the last 24 hours with a market cap of $70 Billion is going to make money from the poorest continent on the planet?
Give me a fucken break.
Cardano is doing what many blockchains with large sums of accessible cash do and that is trying to buy adoption. They’ve been doing it for years, buying or building universities, giving grants and then portraying themselves as noble characters helping out the third world and also reinforcing their sales pitch to their buyers, “you are not only helping yourself buying ADA, your helping the impoverished too” ~ so just keep buying it okay?
For a start blockchain is not reliable for communications due to latency and validation requirements. Remember with blockchain every evolution or “action” has an associated cost and consensus protocol.
“Criticism of Cardano
As positive as the Ethiopian government and IOHK sound, there are some vocal critics of their past dealings.
Ethiopian businessman Kal Kassa labeled Cardano’s work a “scam” in a blog post. In addition, he calls Hoskinson, a “snake oil salesman.”
This is because Kassa doesn’t believe that IOHK and Cardano’s plans will come to fruition. He references a lack of concrete, legal steps taken by the company in the country in the past.
Kassa also accused IOHK and Hoskinson of undermining the Ethiopian international economic outlook.
“Although he may not be directly milking Ethiopia of its foreign currency, he is indirectly contributing to my country’s non-existent role in global finance and a childish ethos of ethnic borders beyond sovereign human rights.”
However, the recent Cardano deal was announced after this blog post was published. While Kassa references the Cardano Africa conference, there isn’t evidence to say the system won’t be implemented so soon after the plan’s release.”
That is from this author — https://kalkassa.medium.com/shitcoin-millionaire-cardano-in-ethiopia-d81273d02eff
You may think from reading this article that I have only conducted minimal research or not taken into account this factor or that factor but I have spent a fair bit of time researching Cardano off and on for a while now.
I just see it like the rest of them, a zero sum game, the technology is old, blockchain is 11 years old, 12 this year?
The biggest problem blockchain has is its own design, it was never meant to host large infrastructure, run sophisticated applications, provide real time cost free transactions, nothing the public wants or needs is provided by any blockchain.
The entire industry is a scam that just makes a small percentage of people very rich, every time you buy or sell you are paying someone and Cardano is no different.
As I said at the beginning I do like Charles and I think he has noble intentions but I also think he is using Africa just like he is using the “phases” of release and upgrades to Cardano blockchain, keep as many hooked for as many reasons for as long as humanly possible then sit back and if it ends up all falling down in a heap he and other leaders of blockchain can say “well at least we tried, sorry it didn’t work out”, that’s the slow exit most will take.
Or they will just “step down”, my work is done here, there you go group of random foundation members, fuck it up all you like from here on in because my name is out of it and shit was running well until I removed myself from being in charge.
Kind of reminds me of the guy from TenX and also that other “enterprise” blockchain INS, they all just close up shop or leave and say “hey don’t blame me bro I gave it my best”, its up to the community now.
Community collectively scratches their heads and wonders what happened to the miracles and adoption they were promised by blockchain for so many years.
One thing is for sure, it will always be around but if you are dumb enough to believe in an industry where a billionaire who buys a dog and tweets about it increases the market cap by billions of dollars within a few hours then look at it from the other side what can make it go down?
Nope, doesn’t have to be that sinister, just greed and manipulation, regulation, sentiment, news, miners dumping on you, exchanges dumping on you, stakers dumping on you, smart contract hacks, thefts, that’s the boat your riding in with Cardano and any other blockchain, its not going to end well.
And the ending is the problem, they’ll keep this charade going (talking all of blockchain here not just Cardano) until they suck the last penny out of your already butt-hurt behind until you stop paying them.
That’s blockchain it takes and takes and takes, smacks you around promises you a bright future and you’re either in over your eyeballs or too wounded too leave or you need to make back previous losses, or your new to it and want to give it a try because a friend said have a go.
Then you become one of the walking dead tied to their Binance alerts checking prices on your cellphone up to 30 times a day worried about your investment.
Blockchain can make some rich but it makes the majority poor, that is a fact.
Thanks for reading.