Cardano is known as a technology platform of Ada cryptocurrency which is more than just a crypto. It is used to send & receive funds that are secure through cryptography. Cardano has ha digital cash which depicts the future of digital funds and their transfer mechanism. The whole platform is in developing the process where each layer has its own function and flexibility in regard to adaptation and modification to current needs.
This is the only crypto project which is developed on the basis of scientific philosophy and compromises on the research from academics & engineers around the globe.
Cardano was founded by the co-founder of Ethereum in 2015.
There are 3 generations of blockchain in the market now where all crypto projects are being developed.
- Generation 1: Bitcoin and Money Transfer
- Generation 2: Ethereum and Smart Contracts
And the most recent one is:
It’s founder Hoskinson wanted to stay a step ahead from the world because of few mostly addressed problems including Scalability, Interoperability. And Sustainability.
- More reliable than other crypto platforms
- Proof of stake validation eliminates the need for extra machines
- It is a two-layered system where each layer is responsible for a complete task
- Working more on interoperability of different crypto platforms
- Flaw in Proof of Stake
- Unproven & Untested Platform
Cardano has two sorts of documentation available one is about the philosophy and another one is research. Both documents are in detail and present how and what Cardano is aimed to pursue the goal of being the latest third generation cryptocurrency.
Cardano has signed a deal in May 2018 with the Ethiopian government to improve the coffee industry. With the help of Cardano, DLT consumers would be able to track down the origin of their cup of coffee before taking a sip. People would scan a QR code which will provide complete information about process & farming.
Cardano is a major project to bring new innovation for users and regulatory acts. It combines privacy with regulatory and makes use of cryptography to introduce financial inclusion. It has three major organization working in collaboration including support for startups, cryptocurrency research & development and user support with respect to regulatory.
The whole platform is aimed to develop in two layers. Which gives more flexibility for soft and hard forks in the future. First is the settlement layer which will run the Ada and second layer is responsible to handle smart contracts. Cardano is aimed to develop decentralized apps in the future as well.
Cardano has three organization for development and support:
Cardano has a very detailed page of its progress along with achieved milestones. They publish daily & weekly updates about their progress to track down the exact roadmap.
Cardano is new but yet a popular cryptocurrency because of using the latest generation. It claims to be the 3rd & latest generation which itself a new world. Tech world has high expectations from this platform as they will build DApps in future. Another reason behind its expected success is Charles Hoskinson who is one of the co-founders of Ethereum.
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