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A DETAILED DESCRIPTION OF Cardano (ADA)
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Cardano (ADA)
Cardano (ADA) is a cryptocurrency and technological platform created by Charles Hoskinson, co-founder of Ethereum, in 2015. It is a decentralized platform that will be capable of running financial applications currently being used by everyday individuals and businesses. It was designed to tackle the problem of scaling that Ethereum currently faces.
The key feature of Cardano is the sheer amount of due diligence and care that goes into building the project considering that it is watched over by 3 organizations: The Cardano Foundation, the non-profit regulated entity; IOHK, a research and development firm created by Hoskinson to build financial services using blockchain; and Emurgo, a Japanese company that develops and incubates commercial ventures who want to revolutionise their industry using blockchain.
Cardano is also described as an evolution of blockchain into the third generation. The first generation blockchain was Bitcoin, allowing the secure and direct transfer of value between two parties. The second was Ethereum, allowing smart contracts to be run on top of the blockchain. However, these two generations presented many problems such as scalability and sustainability. Cardano is a third generation blockchain that intends to solve the problems of scalability, interoperability and sustainability.
ADA is the cryptocurrency behind the entire Cardano project and is the unit of transfer on the network. The entire project is special because it is built on scientific philosophy and peer-reviewed academic research thus creating High Assurance Code - a higher quality of code compared with non-peer-reviewed code. The Cardano team do not follow a roadmap, instead they follow a set of principles and philosophies that everybody must adhere to. This may create high confidence code, however, this also creates an issue of very long development periods.
The key feature of Cardano is the sheer amount of due diligence and care that goes into building the project considering that it is watched over by 3 organizations: The Cardano Foundation, the non-profit regulated entity; IOHK, a research and development firm created by Hoskinson to build financial services using blockchain; and Emurgo, a Japanese company that develops and incubates commercial ventures who want to revolutionise their industry using blockchain.
Cardano is also described as an evolution of blockchain into the third generation. The first generation blockchain was Bitcoin, allowing the secure and direct transfer of value between two parties. The second was Ethereum, allowing smart contracts to be run on top of the blockchain. However, these two generations presented many problems such as scalability and sustainability. Cardano is a third generation blockchain that intends to solve the problems of scalability, interoperability and sustainability.
ADA is the cryptocurrency behind the entire Cardano project and is the unit of transfer on the network. The entire project is special because it is built on scientific philosophy and peer-reviewed academic research thus creating High Assurance Code - a higher quality of code compared with non-peer-reviewed code. The Cardano team do not follow a roadmap, instead they follow a set of principles and philosophies that everybody must adhere to. This may create high confidence code, however, this also creates an issue of very long development periods.
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