All crypto traders know about Cardano and its gaining popularity day by day. All thanks to its eco-friendly nature, and it also offers many other excellent features. But some experts claim that Cardano is nothing but a regular cryptocurrency that is not so special. Besides, it has some potential drawbacks; let’s discuss them.
No scientific Proof
Cardano project developers are claiming big things and that the Cardano project has many advanced advantages and scientific proofs. They also have pages and paragraphs about the Cardano proof of advantages. But when you look at them carefully, you won’t find any solid proof that Cardano is scientifically proven and better. At the same time, those paragraphs can’t even prove the claims that the developers claim. However, Cardano is supposed to be created in advance, and a beneficial distributed system also should have a great design and mechanism, as the developers said Cardano would have them. But You can see that Cardano is only a cryptocurrency that is built on a simple blockchain like others and doesn’t have any great about this crypto, and this one can’t be compared with cryptos like Bitcoin and Ethereum.
Accountability
Cardano can seem very beneficial, but it’s a fact that it is very new crypto in the market. It was created in 2015, and it’s very new in a market where people don’t put their faith quickly. I mean, the crypto market is a highly unstable market that crashes, and prices suffer from swings easily and regularly. Well, it doesn’t crash regularly, but it crashes when any major incident happens on the planet. So, in a highly unstable market where people don’t have any solid data to predict the market, why will they have faith in Cardano since it’s a regular system that is claiming to be the best?
Proof-of-Stake Mechanism
We all know that all cryptos use some kind of mechanism. Mostly two are used in crypto, which is Proof-of-Work and Proof-of-Stake. Cardano uses the Proof-of-stake mechanism. It means that miners will be chosen randomly for the next block as the holder of the crypto. In other cryptos, miners have to prove their work with computer power and word hardly. But it doesn’t happen with Cardano. Instead, some random miners will get the Cardano, and it increases the risk of security, and potential hackers can get the crypto this way.
Lack of focus on Security
I admit that Cardano focus on and has great design and engineering features, and we all should appreciate that. But it’s also a fact that the security of the Cardano is ignored by the developers. However, if you are thinking about security a lot, then I will advise you don’t put your money on Cardano. At the same time, Cardano is like a lottery where everyone is working but doesn’t know who is going to win the next block. It makes Cardano highly vulnerable to hackers, threats, and other potential security dangers.