The first generation of the blockchain, led by Bitcoin, launched a decentralized financial revolution. However, blockchain itself has many shortcomings that are worse from a user perspective than what traditional financial services offer. Volatile fees, essentially almost no privacy, uncertain long-term economic sustainability, a tendency towards declining decentralization, and other things. You might be surprised by the way Cardano addresses these shortcomings, or how the IOG team plans to address them in the future. Cardano’s success depends not on a single super cool feature that everyone will want to use, but on many small details that together will form a solid foundation for financial services.
Ouroboros Leios will make Cardano an inclusive blockchain accessible to the poor. If users manage to submit a transaction, it will likely not fail. Fees will be paid in tokens. Staking is economically affordable for everyone. Consensus remains in the hands of stakers, as Cardano has liquid staking. The Nakamoto-style PoS is more robust than many BFT protocols. Distributed apps will allow stakers to keep control of ADA even while using DeFi. Additionally, it will reduce the concentration of assets at a few addresses. Midnight will take care of your privacy. The high utility will ensure economic sustainability. These and other features will make Cardano an unbeatable financial and social platform. Just keep implementing new features.
This article was prepared by Cardanians with support from Cexplorer.
Read the article: https://cexplorer.io/article/cardano-handles-the-shortcomings-of-first-generation-blockchain