eToro has today published the latest entry in its series of alt coin analyses, this time focusing on the Cardano (ADA) blockchain.
In an analysis of the technology that is roundly positive, the author highlights several key features of Cardano’s underlying technical implementation which, it states, is progressing at a pace that is “extremely impressive”.
“More Suitable Option for Industry”
Among the strengths cited is Cardano’s proof-of-stake model (Ouroboros) which “may well lead the way for Ethereum’s own transition to a proof-of-stake model” – something which the Cardano team itself considers to be the world’s first blockchain implementing a provably fair system of the PoS consensus algorithm.
As a result, the report further notes, industries which require truly fast and secure transactions “may find Cardano a more suitable option,” citing specifically banking, accounting and supply chain optimisation as the most likely benefactors.
The report also highlights that Cardano is as yet to achieve full decentralisation, its current nodes being managed by the Cardano foundation and IOHK, a software house that has been heavily involved in the blockchain’s development.
True decentralisation, it points out, will be deployed as an upcoming feature of the Shelley version of the protocol, implementing voting and delegation which have become the current priority focus for the development team.
Despite these reflections, the report summarises Cardano in its current implementation as an “exciting network [which] is more of a collection of philosophical principles and computer scientists than a start-up with a product,” serving as a reminder for some that even the most advanced blockchain technologies in existence today are still in a relatively embryonic stage of development.
eToro Senior Market Analyst Mati Greenspan has also previously published similar reports on Stellar, EOS, Dash and NEO, providing what are concise synopses of the purposes and teams behind each of the projects concerned.