The Ethereum blockchain has got fame for its utility, and rightfully so. It has become the standard blockchain for launching new tokens. This position seemed relatively secure until a new challenger came to the scene. The Cardano blockchain promises to be the perfect choice for online crypto gambling games like those offered by BC Game.
Cardano is rapidly advancing in its roadmap towards creating a robust blockchain platform. The emergence of competition will ultimately be good for the blockchain industry. Online gambling platforms need diversity and creativity to continue rising and proving their utility.
Introduction To Cardano (Ada)
Some analysts have predicted that Cardano is an Ethereum-killer. Whether this is an empty platitude or a legitimate possibility will become apparent in the next decade. Cardano’s founder Charles Hoskinson is a prominent blockchain innovator and played a crucial role in launching Ethereum. He founded Input Output Hong Kong (IOHK), with Cardano as its main crypto project.
This platform’s ADA token has risen gradually to become the world’s third-largest cryptocurrency in August. It has jumped 14X in the past year. ADA is available in all major crypto exchanges. Gamers can wager ADA on platforms like BC Game and have a chance of multiplying their holdings.
Cardano relies on Proof of Stake consensus, which Ethereum had to adopt later. Cardano prides itself in extensive experimentation and peer-reviewed research. These processes have ensured a robust platform that can bring innovation to the world.
Cardano may still be a long way behind Ethereum, but that gap is rapidly closing. The market for decentralized financial products is growing, and Cardano intends to be at the center of this digital revolution. Solutions for chain interoperability, legal contract tracing, among others, will headline the catalog of goodies that this blockchain will offer to the crypto community.
The Olympics theme is “swifter, faster, stronger.”
That sounds eerily familiar to users of this blockchain. Cardano intends to process more, cheaper, and faster transactions than previous blockchains. Just like Ethereum, this project deploys smart contracts. However, there is a twist.
Cardano has two layers to achieve greater efficiency. These are:
- The settlement layer- The settlement layer facilitates ADA transactions. Users can transact on this layer peer-to-peer to great effect.
- The computation layer- The second layer of the Cardano blockchain facilitates the creation and execution of smart contracts.
The use of two layers distinguishes Cardano from its predecessors. Ethereum was a groundbreaking addition to the blockchain but struggled mightily with scalability in the subsequent years. Some of the solutions that got out to combat the issues would undercut decentralization. Cardano aims to achieve superior decentralization without compromising on speed.
The network also uses a unique protocol called Ouroboros on top of the regular POS model. This protocol creates a random validator selection tool that entrenches decentralization. Accordingly, the Cardano blockchain can achieve efficiency without compromising on one of the blockchain’s founding ideals.
A Unique Roadmap
One fascinating thing about Cardano is that it is not even complete. Yes, folks, the third-largest cryptocurrency is still implementing its roadmap.
At press time, Cardano is halfway towards implementing its roadmap. The first stage was Byron. Notably, this stage saw the delivery of the Daedalus wallet, which is IOHK’s official desktop wallet for ADA. A crypto wallet is one of the foundational aspects of cryptocurrency storage and transfers. The Byron stage was generally about building fundamental technology and expanding the Cardano community.
Next came Shelley. This era started in 2020 and saw Cardano transition into a fully open, decentralized ledger. The process to achieve decentralization meant that the Cardano community would be in charge of node operation.
Additionally, Shelley also brought the introduction of delegation. Staking allows community members to deposit tokens in stake pools and get rewards for honest participation in the network.
Goguen Is Causing Excitement
For now, the community is focusing on the Goguen stage. Goguen was to begin in March 2021 but is now likely to commence in September.
Such delays are not uncommon in crypto projects because it is always challenging to implement ideas in real life. Goguen is causing a buzz within the community because it will herald the introduction of smart contracts.
Developers will be able to create decentralized applications. This utility will give them the benefit of working with a robust blockchain and a valuable token. Needless to say, this could be a tipping point for this platform. Goguen will be in three phases. These are Allegra, Mary, and Alonzo.
After Goguen, Basho will herald an era of optimization, scalability, and interoperability for the platform. These tools are vital for any platform that handles millions of users and high transaction volumes.
Voltaire will be the final phase of the roadmap. Every successful project needs long-term maintenance and improvement. This phase will allow community members to propose new improvements through existing staking and delegation systems. Such enhancements are indispensable in creating a blockchain that is sustainable and continually delivers for users.
Conclusion: A Legitimate Threat To Ethereum
Admittedly, Ethereum had a head start in smart contract adoption.
That should not give a permanent impression that this lead is eternally secure. Technology has proven time and time again that more efficient and robust solutions will always carry the day.
Looking at the two blockchains, one has an innovative edge over the other. It is no surprise that Ethereum has enacted several improvement proposals in recent years to catch up.
As the Cardano rollout continues, its ceiling goes higher and higher. Goguen is the talk of the town, with Cardano continuing to gain traction. It will be fascinating to see where this project reaches by the Voltaire stage and how it will overly impact the online gambling scene.