• 23 July, 2024
News

Blockchain Enthusiast Explains Eight Vulnerabilities of Cardano Blockchain

The blockchain enthusiast and educator Tobias Ilskov discussed the serious vulnerabilities of the Cardano blockchain, positing that the challenges should be understood and resolved as the community “moves into the next bull cycle”.

Notably, the crypto fanatic, in a series of tweets, threw light upon the eight pitfalls of the blockchain:

Primarily, he talked about the “relatively high transaction fees”, adding that though Cardano’s transaction fee is comparatively lower than Ethereum and Bitcoin, it is “significantly higher than other 3rd gen blockchains like Solana, Algorand, Tezos, etc”.

Interestingly, Ilskov attributed the high fees of Cardano to its “limited throughput”, stating:

From what I understand, the high fees are a result of Cardano’s still limited throughput When blockspace is low, transaction fees need to be high enough that attempts to DDOS the network are too costly to maintain When throughput increases (more blockspace), fees can be lower.

Further, he argued that, unlike other 3rd-gen blockchains that achieve transaction finality in a few seconds, Cardano takes a longer transaction time, ascribing it to the use of “longest chain consensus”.

Pointing out the third challenge, Ilskov explained that the blockchain poses friction to the users, especially due to EUTXO. He also commented that the core development of the platform is too slow, adding that the IOG development has yet to be completed though it started long back; he stressed the difficulties of having a single core development supplier.

Moving forward, he opined that Cardano’s governance is “influenced by CEXs”, quoting:

As we move into Voltaire, politics will start to be a very real part of Cardano, and centralized exchanges like Binance and Coinbase might be some of the most powerful players.

As the seventh drawback, the guide took the readers to the impatience of the community towards reputation and hostility towards criticism. Ilskov concluded his comments by highlighting that despite security being the key feature of Cardano, the blockchain is still vulnerable to attacks, as it has “no quantum resistance”.

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