Posted on April 2, 2018
Cardano is a security focused blockchain that harnesses the latest research and engineering insights to build a platform suitable for the highest value applications.
Built on a foundation of peer-reviewed research created through partnerships with the world’s foremost universities, Cardano aims to create a platform for decentralised applications and smart contracts that can be processed with a technique called formal verification.
The platform is being constructed in layers, which gives the system the flexibility to be more easily maintained and allow for upgrades by way of soft forks. This means functionality can be added to smart contract capabilities without changing the protocol responsible for the cryptocurrency.
They developed their own PoS protocol called Ouroboros. During each slot, a slot leader is elected from all those who have a sufficient amount of token staked (ex 2%) and that leader receives the transaction fees for that slot. There is a finite amount of ADA and the creation of a new block doesn’t create a new ADA. The slot leader can also delegate someone else to be the slot leader among those who have enough stake.
-The blockchain is extremely secure because it is backed by a network of universities and a mathematically proven protocol.
-Their team is very well versed in blockchain technology, having worked on Ethereum and Ethereum classic and counts a team of over 80 people including multiple PHDs
-They can change functionalities in the protocol without having to go through a hard fork.
-They have their own blockchain coded in Haskell, the most secure programming language.
-The way the Ouroboros PoS protocol works means that only those who have a high stake gain anything from staking their tokens.
-The fact that they use Haskell as a programming language means that it’s not very accessible for anyone who wants to develop dapps on the blockchain.
-Cardano is being developed by IOHK, who are also developing ethereum classic. Charles Hoskinson, who is the co-founder of ethereum and who worked extensively on ethereum classic is the CEO of IOHK.
Their network is not live yet. They are supposed to have a testnet for smart contracts out soon but no date has been announced.
Their next milestone will be the release of Shelley which is a combination of key elements that will ensure that the system is fully decentralized and autonomous. It is scheduled to release in Q3 2018.
Cardano will have a voting center for updates. Updates to the software and the protocol can be proposed, and users will be able to vote on those proposals, weighted by the amount of stake they hold. It will also be possible to delegate your voting rights to a stake pool.
Cardano is a blockchain layer.
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Cardano is traded on Bittrex, Binance and Coinnest.
July-2018: 0126 USD
Jan-2018: 0.74 USD
Dec-2017: 0,115 USD
Oct-2017: 0,0218 USD
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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations