The recent fall in the crypto coins yields has disturbed the crypto markets; however, EMURGO CTO, Nicolas Arqueros, considers it a temporary roadblock that would wade off soon. He said that every technology begins in a similar manner, where it is a bit hard to sustain and considered a bubble like the 2000 tech bubble.
Crypto Market Still Going Strong
However, with time the technologies evolve and gain massive value at the stock market. The EMURGO CTO quoted the example of Amazon to strengthen his viewpoint. Considering the same, the company is continuing with its DeFi development on the Cardano blockchain.
Increased Popularity of Ethereum
Experts believe that Ethereum, which is the largest DeFi token service provider, is a highly- looked-upon platform by every blockchain developer.
Cardano Attracting Projects
EMURGO has created a smart contract framework working on Cardano that is exceptionally robust and superior as per Arqueros. He believes that due to several shortcomings associated with the Ethereum blockchain, many projects are looking to port over to Cardano. He cited Singularity Net, which is looking to part ways from Ethereum and switch to Cardano.
The UTXO Advantage
Arqueros said that they had developed UTXO, a transaction output that can be used as input to new transactions. The smart contract framework built by EMURGO allows UTXO to define each blockchain transaction’s start and end. The model is much superior to the account/balance model used in Ethereum. He further said that the UTXO model would avoid all the unrequired operations within a chain on Cardano. This provides better scalability leading to faster and cost-effective transactions.
Developers Looking to Port To Cardano
He further added that Cardano is in talks with several developers for a probable port but did not name any specifically. With many developers looking to move to the Cardano platform, its outright growth is high in the future.