2024-03-16 20:00:07
9:00 p.m. ▪ 3 min reading ▪ by Luc Jose A.
An expert speaks on the open source philosophy that prevails in the crypto industry. For him, the latter is essential if we want to continue to see innovative crypto projects emerge. For this reason, he advocates the promotion of this philosophy which today makes a platform like Cardano successful.
The open source crypto philosophy praised by a Cardano executive
When it comes to the development of blockchain technology that supports crypto projects, the concept of open source is absolutely vital. This is what Frederik Gregaard, CEO of the Cardano Foundation, thinks.
In a recent interview, the expert fervently defended this philosophy. He believes it is extremely necessary in stimulating innovation and community collaboration within the crypto industry. This, for several reasons.
First, he believes this crypto approach aligns perfectly with the fundamental principles of blockchain. These are decentralization, transparency and interoperability, factors favorable to growth and progress.
Next, Frederik Gregaard raises an argument based on the experience of Cardano. Namely that the success it is experiencing today on the market is essentially due to the important place of open source in its strategy. Even if he recognizes that it is not an easy choice to deploy.
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The transition to open source, not so easy
Certainly, Frederik Gregaard believes the transformative potential of open source when it comes to delivering high-quality crypto products to the market. However, he acknowledges that the move to open source is not without challenges.
This was also the case for Cardano, whose developers seem to have had a bad experience with the open source experience. This is linked to the fact that Cardano’s unique architecture uses its own smart contract language, Plutus, and its own transaction model, EuTxo.
Obstacles have arisen as Cardano has thus deviated from industry standards such as Solidity and Vyper. A situation that poses compatibility issues and limits the variety of decentralized financial (DeFi) options available on the network.
To overcome its challenges, the Cardano Foundation has made it a priority to improve the open source experience for developers through Aiken. It is a smart contract programming language more suitable for Cardano and above all promising, particularly in terms of speed, security and low execution costs. Enough to reinforce Cardano in its commitment to the open source philosophy.
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Luc Jose A.
A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I took the commitment to raise awareness and inform the general public regarding this constantly evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. I strive every day to provide an objective analysis of current events, to decipher market trends, to relay the latest technological innovations and to put into perspective the economic and societal issues of this revolution in progress.
DISCLAIMER
The comments and opinions expressed in this article are those of the author alone, and should not be considered investment advice. Do your own research before making any investment decisions.
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