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Cardano Will Raise Bar, Community Predicts Entrant of Tech Giants Into Crypto

Sun, 11/06/2022 - 14:16
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Tomiwabold Olajide
Cardano will be different as community predicts entrant of big tech into crypto
Cardano Will Raise Bar, Community Predicts Entrant of Tech Giants Into Crypto
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Cardano's community-focused Twitter account, ADA whale, revisits his prediction of "big techs" or tech giants entering the crypto industry, so much so that the latter becomes "indistinguishable" from it.

ADA whale predicts that while most cryptocurrencies will compete with these tech giants, Cardano will raise the bar by being fully P2P decentralized and self-governed.

He wrote, "Tech giants will enter crypto. AppleCoin will have amazing smart contracts and offer regulated financial products. Most of crypto will be competing with them. By then, Cardano will be fully P2P decentralized and self-governed. Out of anyone's grasp and a different beast altogether."

At the heart of the Cardano network are 3,229 stake pools run by operators (SPOs), who oversee the distributed nodes that keep the network operational. This is because the decentralization of Cardano puts the responsibility for running the blockchain in the hands of stake pools.

Likewise, reliable and efficient connections between all the distributed nodes and making sure the network is resilient to failure are key components of this decentralization drive.

Related
Here's How Cardano's Peer-to-peer Networking Aids Blockchain: Details

With the launch of the peer-to-peer (P2P) testnet in December 2021, Cardano began a significant project to help its continued push toward complete decentralization. P2P communication aims to enhance information transfer between nodes.

After the Vasil hard fork event that occurred on Sept. 22, P2P networking, or decentralization of the networking layer, is the most anticipated upgrade. Once all P2P nodes are operational, the Cardano network will be entirely decentralized, eliminating the need for centralized services that the network currently utilizes.

Recent reports suggest that the P2P development is feature complete and that all necessary testing has been completed. The design and implementation are being reviewed because the rollout of P2P nodes will take place gradually.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.