Hi! Cardano first came on my radar about 2 months ago. Didn’t have time to explore it in detail right away, but finally found some time to dig a bit deeper the last week. As always, questions arose and I would like to address them here. I really hope that someone either from Cardano/IOHK team or someone with deep understanding of the project can answer those as I believe these could be helpful not only to me. I will also post this on Reddit since I believe there is a larger audience that could benefit from this post and related answers. Feel free to respond here or on Reddit.
I’ve been reading of Cardano’s future plans and how smart contracts and apps could be built on top on Cardano blockchain. I have 2 questions in this regard:
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What’s the main motivation for app developers to build on Cardano blockchain instead of Ethereum or some other blockchain that allows this kind of functionality? I understand that the motivation may differ from usecase to usecase, but in general- what is/will be the main advantage of Cardano blockchain in this regard compared to other projects out there? Also, if someone has already started to built on Ethereum, what would be the incentives to switch to Cardano?
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This question is really more for the Cardano team than for community, although any meaningful insight will be appreciated: Which other blockchains you see as the main competitors of Cardano project and why? Also, if, for instance, you don’t consider Ethereum as a competitor- why so? It seems to me that Ethereum is definitely a strong competition here (not implying it to be better or worse than Cardano since all of the projects are constant work in progress), EOS, IOTA being in the conversation as well. From a money usecase point of view, I consider Bitcoin, Monero and possibly IOTA to be the strongest competition as for now, from interoperability point of view- OmiseGO among some other projects seems to have a similar long-term goal. What makes Cardano exciting to me is how many potential usecases it might cover, but it also raises questions can the team really pull off all of this and what are the main priorities.
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Furthermore, What are the main differences in how Ethereum’s planned proof of stake differs from Cardano’s proof of stake? I’m aware that Cardano’s PoS is scientifically proven to be secure, but apart from that- what are the main technical and practical differences?
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While I definitely see a need to properly fund the project, initial coin distribution of 20% ADA to three entities of the Cardano ecosystem seems to be a rather large chuck of the total supply. What’s the justification behind such a large coin distribution to the these three entities? Also, how much $$$ in total you planned to raise for the project at the beginning to let Cardano successfully develop throughout the coming years.
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While doing my research on the project, most of the things just made sense and clicked for me. However, one important aspect I don’t see to be addressed too much is how I can keep privacy on Cardano blockchain besides generating infinite number of addresses? To take this one step further- any possible way, at least in theory, to stay anonymous on Cardano? Cardano seems to address so many possible future usecases and fields in the space, yet I struggle to find much info about such an important aspects as privacy, and to some degree- I consider anonymity important as well. However, I came across this: 'Cardano is also designed to operate in regulated industries whilst protecting individual privacy (…) individuals can protect their privacy by choosing whether they want to enter regulated domains. ’ and would appreciate if someone can elaborate on this.
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'Founded in 2015 by Charles Hoskinson and Jeremy Wood, IOHK is a world-class engineering and technology company committed to using peer-to-peer innovations to provide financial services to three billion people that don’t have them. The group is contracted to design, build, and maintain the Cardano platform through to 2020.'
What happens afterwards and what’s the long-term future looks like for Cardano in this regard? Why this contract model is being used in the first place? What is the likelihood that IOHK and Cardano Foundation split their paths? This 5 year contract seems a bit confusing to me as I’m sure it does to many newbies of Cardano project. -
What other team members should I follow besides Charles Hoskinson which seems to be the main face of the project?
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Any ideas when Cardano is coming on other exchanges?
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What are the most important things the team is working on in December?
Ok, technically it turned out to be 9 questions, but some of them are rather broad, so there is at least 10 questions here. I completely get that this is a lot to properly respond right away, but I feel that many community members would highly benefit from getting proper in-depth responses to some of these questions. I look forward to hear back from either Cardano team or community and will appreciate any meaningful comment or response to any number of the questions addressed here. Thanks!
I was hyped for this one