In this post I’d like to explain why I think Cardano will be the number one choice for Fortune 500 companies and governments looking to develop their own blockchain solution going forward.
Firstly a brief history of a Cardano.
Cardano originated when founder Charles Hoskinson left Ethereum, for which he was a co-founder, to start his own blockchain. His sees Bitcoin as 1st generation on blockchains, Ethereum as a 2nd generation (or smart contract proof of concept), and Cardano as 3rd generation blockchain that looks at the flaws of its predecessors and fixes them. I could write a whole other article on this but I want avoid getting to into the technology angle in this post. In addition, Cardano has famously taken the slow-but-steady academic research based approach to developing its blockchain, a strategy that has been much derided when compared to other chains that have taken a launch something first then fix it later approach, as is now the case with Eth 2.0 work on Ethereum, due for completion either end of 2022 or in 2023 (best guess).
Cardano meanwhile is launching its smart contract test network in the next few months followed by launch on the mainnet by end of July/Aug of this year.
So why should companies and governments be paying attention to Cardano? Here are my top 5 reasons:
1. **Security:** Cardano takes research and testing very seriously. Blockchain technology have been plagued with bugs in the past such as the Bitcoin Value Overflow bug, Polkadot Parity bug (locked up $98m in funds) or the numerous [Ethereum bugs](https://medium.com/chainsecurity/the-5-most-costly-ethereum–security-bugs-616c649b6c86). Now let’s be fair here – Cardano smart contracts are not yet launched so it’s hard to say they won’t suffer a similar fate, but security and mathematically provable outcomes is central to the idea of how it has been built. By coding in its native programming language, Haskall, developers can prove whether a certain outcome is indeed impossible. This rigorous focus on building a secure blockchain is critical for enterprises looking to trust millions if not billions of dollars of money, to a blockchain protocol.
2. **IOG**: IOG is a professional company, run by Charles Hoskinson, tasked with building out the Cardano blockchain and is also actively involved in building commercial solutions on top of it. Unlike other chains where there is no central entity that companies can work with, in Cardano, companies can partner with a professionally run organization that understands the mundane issues corporations have to deal with in the real world such as security and regulatory compliance. This has already lead to the implementation of a supply chain solution for the tracking of beef in the agricultural industry (see BeefChain).
3. **Atala Prism**: This is the identity solution built on top of Cardano. Asking users to prove ones identity in a non-invasive way, is critical need in a lot of enterprise blockchain solutions. The Atala solution sits on top of Cardano and offers a truly revolutionary solution to building decentralized solutions for millions of users
4. **Scalability**: Speaking of millions of users, Cardano has recently signed and is due to announce a major deal with the Ethiopian government. The very latest as of a few hours ago, is that the agreement has past the final hurdle and approved by all bodies within the African government and therefore a formal announcement ought to be a just weeks away. As stated by Charles, this deal is expected to bring in 4m users into the blockchain and will be one of the best demonstrations to date of the blockchain enterprise use case, on any chain.
5. **Continued innovation**: For the past several years Cardano has been ranked as one of the most actively developed blockchains and the IOG team have a long list of further innovations they want to introduce. Cardano also has strong ties to the academic community, which is churning out more people who understand the chain and can develop on it. It also has one of the strongest (and dare I say intelligent) communities out there in the crypto world. The community has access to a billion dollars worth of funds at their disposal to invest in new projects via the Catalyst program. All this means Cardano has a huge potential to have growing pool of passionate developers that are continuing to add to the Cardano ecosystem.
I’ve probably left out lots of other good reasons for why Cardano, so feel free to suggest ones of your own. Also if you enjoyed reading this please check out my other Cardano post [Why I prefer Cardano : ReddSpark](https://np.reddit.com/user/ReddSpark/comments/m5jj2c/why_i_prefer_cardano/)
Finally, whether or not you agree or disagree, I hope you appreciate me taking time out of my weekend to write a lengthy post. Would not have happened if meme weekend or crypto-changed-my-life stories were still around!