I’m excited about cardano but either the info about cardano is very basic OR it’s way too technical for the average investor to understand…it would be great if there was a video out there that spoke about specific goals for the platform.
For example, in how many years will cardano be its own stand alone platform? Does this mean when it is in it’s adulthood we will we be logging into cardano, and have a user friendly experience like with our own profiles containing our banking, identities, data, etc? I’m really having trouble as a regular person to understand how this will LOOK and what the utility and user experience will be like. I just know that they plan to be an all in one platform/coin, and I love the mission. Also if cardano achieves it’s goals, will this squeeze out the need for centralized exchanges? (They are centralised essentially, right?)
I second your question.!
I am no expert so please don’t chop my head off if I get any of this wrong. I don’t think you need to understand the tech to get the big picture. Just from what I have heard and seen so far, the problem that smart contract blockchains like cardano try to address is that of decentralization. If you are here, you probably know that already. So think of any sort of transaction or task that requires the trust of a centralized intermediary. Money is just an easy example because it is something we all are familiar with.
But imagine that you wanted to create a decentralized google, what makes google powerful? They control all their users data. They are currently the central authority for data in the internet. Their user data is located wherever their servers are located. Anyone who wants to do anything with data on the cutting edge has to go through google. So imagine now that a “google” is created on the cardano blockchain. Well that would mean that the data would be distributed across the entire network. No one person could limit the access of the data to anyone else. The playing field is level. The code would be open to the public so if any weird intrusive stuff was going on, everyone would be able to check.
You could apply the same idea to social media. If there is only a handful of places to communicate with others online, and then those platforms get corrupted or weight the voices of one group over another cough cough, then people who grew to rely on that piece of infrastructure are left without a voice. So you can see that a centralized authority controlling who can and can not speak can be a slippery slope.
Think of any scenario that requires that you trust some central authority, in what ways that central authority could fail you, and how might decentralizing that process solve the problem. Right now we trust central banks to keep an accurate ledger for how much money is in the system, how much each person has, and who owes what. None of us currently have access to that ledger, and have no idea what is really on it, let alone if the money represented by the numbers that show up on our bank account actually exist. And I think most people understand now that, that is the problem that bitcoin set out to solve.
So if you bring together this big picture idea of decentralization on the cardano blockchain applied to all these problems, I believe what this should look like in practice is really no different than what you have right now on your phone with all your apps. Apps built on the cardano blockchain will just be normal apps. You shouldn’t have to know that the app was built on cardano to use it, at least I don’t believe. Correct me if I am wrong. What cardano does is give developers the ability to choose decentralized solutions to software development., and give software users the choice to use decentralized options. Not only that, but it gives society a tool for implementing systems that require trust, transparency, and security.
The utility that the user will get from this depends on the use case. But really, the main thing you should be excited about is the ability to cut out middleman from every sort of system you can think of. As you can imagine, it will change how we do business, how we transact, how we think about purchasing a home, storing wealth, surfing the web, planning for the future, doing business, purchasing assets, etc. The user experience will be something completely novel. The way our economy is organized will be different. It is hard to say for sure though. But in my wild imagination, that is how I can see these smart contract blockchains playing out once they become ubiquitous.