A Walk-Through the Most Advanced Blockchain, Cardano
Introduction
Cardano is a decentralized blockchain and DApp development platform with the aim of building a network that will function far better than older blockchains like Bitcoin and Ethereum.
Cardano blockchain provides for easier, faster, cheaper, and safer transactions. The network attracted worldwide media recognition as the first blockchain to integrate a well-evaluated academic approach into its key concepts.
Cardano provides additional benefits, similar to the Ethereum protocol, which include scalability, innovative reward schemes, and a secure voting system. The network seeks to shift towards a more inclusive and secure ecosystem that concentrates on the needs of users.
The History of Cardano
Cardano was released into the cryptocurrency market in September 2017 by its founder, Charles Hoskinson, who was once a member of the Ethereum project.
The fascinating innovation of the Cardano project was a direct solution to the difficulties experienced in the Ethereum blockchain. The platform isolated itself from the competition and started collaborating with scholars from universities across the world to integrate a peer-reviewed academic study into its development.
An Initial Coin Offering (ICO) was conducted to raise funds for the growth of the project and over $62 million was raised. These funds were projected into the growth of the ecosystem.
Cardano released its first application on the mainnet on September 29, 2017. This signaled the beginning of a fruitful tour in the crypto space for the project. Cardano secured much high-level collaboration in the research and financial technology industries the following year.
ADA is the native coin of the Cardano network which is already listed on crypto’s biggest exchanges in 2019 and this further drove the Cardano project upwards.
The name of the Cardano token, ADA was derived from Ada Lovelace; a 19th-century mathematician who is referred to as the world’s first programmer. ADA has a total supply of 45 billion of which over 32 billion is currently in circulation.
Cardano is Doing Something Unique
Ethereum has been the leading player of the smart contracts business to date. However, it is considered that Cardano might be a worthy competitor in the future.
Cardano has built an innovative blockchain with extra superior features than any other that has ever been developed. The Cardano cryptocurrency is the first to be built on the Haskell code, a programming language of industrial power. Concepts such as design mechanisms, disseminated structures, and cryptography are built into the platform. Additionally, the team behind Cardano believes that its cryptocurrency is the best ever witnessed.
Cardano utilizes a proof-of-stake (POS) algorithm called Ouroboros. This enables it to conserve energy costs, makes transaction delivery faster, and at lower costs. Cardano’s blockchain streamlines the number of nodes in a network by naming a leader responsible for verifying and authorizing transactions from a set of nodes instead of having a duplicate of individual blockchains on each node like in Bitcoin. The leader node subsequently moves transactions to the main network. The blockchain can be split into two layers, namely:
- Settlement Layer: - This enables users to send and receive ADA coins from one wallet to another on the platform.
- Control Layer: - This would enable users to create and participate in smart contracts.
Additionally, the control layer will be designed to permit blacklisting, make out identity, and other purposes.
The Cardano project has a roadmap that continuously evolves but follows a five-phase strategy. These are:
- Byron - This is the first phase. It involves the basic development of the Mainnet and external functions such as the Daedalus wallet. Everything is set for this phase and the team continuously makes the necessary adjustments.
- Shelley - The network becomes completely decentralized in this stage. Delegation and staking pool Testnets are functions included in this phase.
- Goguen - Cardano would have a virtual machine termed IELE at this stage in the roadmap. This is just like the Ethereum Virtual Machine (EVM). A universal language system for future blockchain technologies will also be available for the platform at this phase.
- Basho - In this phase, the team intends to optimize scalability, performance, and security. Ouroboros Praos, an upgrade of the original Ouroboros protocol, will also be introduced.
- Voltaire - This is the final phase of the project which will see Cardano incorporate the Treasury model to provide the network with a self-sustaining infrastructure.
Existing Features of Cardano in Recap:
Cardano is the first platform to incorporate Ouroboros , a Proof-of-Stake (PoS) algorithm that determines the way the nodes reach consensus on the status of the ledger. This is the first of its kind and scientifically proven to be effective.
Cardano aims to bring different aspects such as distributed networks, cryptography, and mechanism design together, whilst securing the investments of its users.
Cardano is endowed with professional team that focuses on building the most precious engineered cryptocurrency.
Through its multi-layer protocol, Cardano is able to execute complex functions. The settlement layer has an accounting unit, while the smart contracts and protection services are run by the connected control layer.
Cardano has been built in a manner that combines protecting users’ privacy rights and upholding the rules of the blockchain. By so doing, a modern and powerful way of satisfying the criteria for a cryptocurrency has been developed.
Cardano is a cryptocurrency that is continuously evolving since it is easy to update using soft forks to conform to existing business needs. A treasury framework is also designed to ensure the project’s longevity.
Cardano is focused on the basis of cooperation and is also a patent-free and open source.
The Cardano Wallet
Cardano has its own official wallet for storing ADA coins called Daedalus.
Daedalus wallet is a wallet for ADA cryptocurrency that is bundled with a full Cardano node. It stores everything about the Cardano blockchain and validates every block and transaction for total autonomous and trustless service. The Daedalus wallet runs on popular operating systems such as Windows, Linux, and Mac.
Conclusion
Cardano has an outstanding pedigree and an interesting long-term vision for its network. Although its main use case is as a cryptocurrency, Cardano’s blockchain aims to extend beyond coins into a control layer that will include functionality missing in other cryptocurrencies we are currently having in space today. In consideration of these facts, it is still much in its early days, much rests on the implementation of the project’s vision.