Because it is an alt to Ethereum
COINBASE for Crypto has come
Clinamenic
Binary & Tweed
Its in the process of launching smart contract functionality, which as @polystyle says will allow it to really compete with Ethereum. Having smart contracts will allow Cardano to support DeFi protocols like how Ethereum supports Uniswap.
I'm not clear on the status of this launch though. I think their "testnet" (seems to be a sort of dummy/test-drive version of the actual blockchain) has already launched, but I don't think the "mainnet" (the actual Cardano blockchain) has it yet.
I think the price peaking is in anticipation of this, which would put Cardano on the front lines of blockchain sophistication (past Ethereum which would still have a considerably more established community and "ecosystem" of protocols).
You can think of these blockchains as ranges (i.e. "home on the range") and protocols as establishments on the range.
One of the profound things about Ethereum/Cardano (and yes even Bitcoin) is that you don't need permission to start building a protocol on top of them. You just need the know-how.
Exactly - re: last paragraph.
Also we note cardano was made by an x Ethereum guy.
That tells you something about the 'why c now ' query.
That guy may not be universally liked / loved - but he did up, leave and got on w the new.
Ethereum's moniker for their um, thing - gas - is telling and may haunt them.
As in gas ware.
Clinamenic
Binary & Tweed
Gas ware?
yyaldrin
in je ogen waait de wind
why do other cryptocoins not also implement these smart contract functionalities? is that something very hard to code? do you need very brilliant people for this? or is that patented technology?
Clinamenic
Binary & Tweed
I think part of the difficulty depends on how established the blockchain already is. Like its harder to make Ethereum go to proof of stake than it is to just build a new proof-of-stake blockchain, because of the activity, and high financial stakes, on Ethereum.
But about smart contracts, I don't think the generics are patented/proprietary, just perhaps some of the protocols built with them.
Plenty of other blockchains have smart contracts (Solana, Algorand, I think Hedera Hasgraph which isn;t technically a blockchain, etc), and there are various programming languages for smart contracts (I think Solidity is just the most established, but I could be wrong).
But yeah I think the major thing here is that it is harder to renovate an active blockchain than it is to just build a better one, but sometimes the community/activity of an established blockchain gives it an edge over the less established albeit more technically sophisticated blockchains.
For example, Cardano seems more technically sophisticated than Ethereum, but Ethereum has a way more established ecosystem which lends it profound momentum - at least from my perspective. But I'm still 99% illiterate when it comes to actually reading these things in their own terms.
Clinamenic
Binary & Tweed
Smart contracts are just algorithms that take wallet addresses (and their balances) as objects and plug them into complex conditional arrangements. A blockchain is just a massive ledger with 100,000's, 1,000,000's, 10,000,000's etc addresses that are all just fractionally exchanging units across their balances.
Relative to the blockchain as infrastructure, smart contracts (and the protocols they comprise) are a sort of superstructure. But relative to the average user of this technology, both will be infrastructural and effectively abstracted into simplicity and usability.
Relative to the blockchain as infrastructure, smart contracts (and the protocols they comprise) are a sort of superstructure. But relative to the average user of this technology, both will be infrastructural and effectively abstracted into simplicity and usability.
Clinamenic
Binary & Tweed
But any blockchain that is to be taken seriously needs smart contract functionality, or must otherwise have some bespoke use case that doesn't need smart contracts.
Clinamenic
Binary & Tweed
Another front to watch, if you're interested, is how blockchain is adopted in the global south. Seen a lot of big numbers thrown around, and while I don't have a reputable source to cite it seems clear that nations with broken/hyperinflated economies can and do benefit from this technology, just not in ways that are as established and ubiquitous as they need to, and will, be.
Some argue that the global south will be the first to systematically appreciate blockchain, seeing as there seems to be a relative absence of financial incumbency native to most of these areas.
Some argue that the global south will be the first to systematically appreciate blockchain, seeing as there seems to be a relative absence of financial incumbency native to most of these areas.
My favourite thing about crypto is that no-one talks about the elephant in the room. It's a way to buy drugs, launder money and acquire illicit services on the Internet. Thats why it exists.
Maybe 5-10% of these transactions and NFTs etc are legitimate, legal, use. The rest of it is washing money and there are a lot of ponzi and "exit" scams too.
I have no evidence to back up that statistic but it is definitely true.
Whether you view all that as legitimate is upto you. These things will exist regardless
Maybe 5-10% of these transactions and NFTs etc are legitimate, legal, use. The rest of it is washing money and there are a lot of ponzi and "exit" scams too.
I have no evidence to back up that statistic but it is definitely true.
Whether you view all that as legitimate is upto you. These things will exist regardless
Look at the 24hr volume
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Dusty
Tone deaf
I just find the concept of blaming a technology for the ills of human nature misguided.
Also, I strongly suspect that buying drugs and acquiring illicit services makes up a very, very small percentage of crypto use today, the novelty of the silk road has long since worn off. Laundering money on the other hand, is one of the main drivers behind the NFT price surge.
We know that money laundering was a big part of HSBCs business model for years. $881 million for one drug cartel?
Also, I strongly suspect that buying drugs and acquiring illicit services makes up a very, very small percentage of crypto use today, the novelty of the silk road has long since worn off. Laundering money on the other hand, is one of the main drivers behind the NFT price surge.
We know that money laundering was a big part of HSBCs business model for years. $881 million for one drug cartel?