From what I has read until now, ada cardano seems to work with proof of stake instead of a proof of work like bitcoin.
I didn’t understand how ada cardano is being processed. Bitcoin has these miners with specialized hardware to process all the transactions and they get bitcoins for that work.
How is it with ada? Do the ada wallets perform the transactions? How does it scale?
One transaction from binance to my wallet took 24h - this seems not to be at the top level, like ripple. What is the roadmap here? Is the transaction performance going to be improved?
Roadmap: https://cardanoroadmap.com/
TPS (Transaction per Second) is deliberately set at 7 until the Reward Era starts ( Shelley) in Q2 2018:
The long transaction times at the moment are due to 2 reasons in my opinion:
- Binance being slow in implementing patches developed by the Cardano Team after Binance required changes in december
- The Cardano network is not decentralised yet (3 more months before Shelley) and runs on a few servers at IOHK. So it’s not relevant at all to compare TPS right now with other blochchains as the network is not decentralised yet. THe more nodes there will be, the more robust, fast and efficient the blockchain will be.
You should read this to understand more in depth: https://cardanodocs.com/introduction/
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