Cardano (ADA) Review – Crypto Coin Judge
Cardano is a full blockchain system, crafted and drafted from scratch within Haskell, a practical programing language. It is a space-age blockchain innovation which forms a pristine and localized economy, so that finance can be democratized in growing markets worldwide. Unlike other digital currencies such as Binance (BNB), Augur (REP), Bitconnect (BTC) and many more, the platform is designed to avoid error while maintaining customer privacy and security via an inventive layered-over design.
This platform has been described as versatile as well as scalable; and also developed with the most advanced and stern industrial software programing standards. Features of this platform are under the democratic governance model, which allows the project to keep evolving. Its creators say that this is a visionary treasury system as it will fund itself sustainably.
What is Cardano?
In a nutshell, it is an Ethereum killer, and it is hard to repudiate the connection between a couple of other blockchains. Like Ethereum, Cardano is defined as a blockchain project, which will further allow the execution of smart contracts, enabled by cryptocurrency. This blockchain project is different from Ethereum and also other smart contract blockchains, but how and why?
1 – First, this project brands itself as the maiden blockchain project built on peer-reviewed academic research. In the process, the creators have not only published a White paper on the project, but five more peer-reviewed scientific papers on the blockchain’s core technology. These are all available to the public.
2 – Cardano is a decentralized cryptocurrency and blockchain project, which is open source.
3 – The project is involved in building a platform enabled by smart contracts, delivering state-of-the-art features rather than just a protocol that has been developed previously.
4 – Cardano is the first blockchain innovation to have grown out of a result-driven approach and a scientific philosophy.
5 – The large programmers’ team has a selection of international expert developers and researchers.
The history of Cardano
Charles Hoskinson is a former developer of Ethereum. He left the Ethereum project mid-way, but restarted his career, innovating IOHK with his teammate Jeremy Wood in 2014. This project was formed to resolve the issue associated with former interdisciplinary digital currency management and execution system. Bitcoin rose to fame with some trading drawbacks – the cost of Bitcoin transactions is unimaginably high. This is partly why ETH started to draw more investors. Ethereum creators were also able to develop ERC20 application with the blockchain’s smart contract.
Cardano was designed on this technology and made to deliver a framework where the project can be sustained, interoperable, and scalable. Let’s discuss what these are:
Sustainability: This blockchain implements a governmental system, which has been proved to be better in comparison with the previous generation of cryptocurrency management and offers. This project has more potential to be sustained in the industry for longer.
Interoperability: This project has been designed with an interoperable feature which helps it interact with other blockchains. Cardano aims to use multiple technologies such as sidechains and atomic swaps to be interoperable in the market.
Whether it is the mainstream IT business or blockchain business, it is essential to have smooth communication between clients and providers. This is where this interoperable feature is going to be used most. The creators have pulled interoperability between multiple cryptocoins and this is the project to help people make transactions between different digital currencies. Cardano is committed to making transactions between all these coins possible and smooth.
Scalability: Scalability is a driving factor in all sorts of businesses, be it the crypto market or even a fiat market. Similarly, scalability also determines the success of a crypto coin and this is the responsibility of the platform creator to ensure that they have the scalability.
The team behind Cardano
This project is presently handled by three different yet relevant entities: the Cardano Foundation Emurgo, and Input Output HK.
1 – The Cardano Foundation, is a company assigned with the task of Cardano’s promotion, development, and improvement.
2 – Emurgo, is a startup incubator, which is dedicated to inviting new organizations to become integrated into the Cardano Blockchain.
3 – The Input Output HK team is a private limited technology firm, which is under contract to work for this project’s overall development until 2020. The founders of IOHK, Jeremy Wood and Charles Hoskinson, had both worked previously for Ethereum and then also managed the Ethereum Classic project (this blockchain was in the limelight right after the notorious DSO hacking. Ethereum Classic was immediately hard-forked from that blockchain).
With such an experienced team, it will not take long to stand strong against Bitcoin.
What technologies and innovations is Cardano using?
Absolutley not like other coins, such as MaidSafeCoin (Maid), NEM (XEM), OmiseGo (OMG), Cardano has been designed with Ouroboros – a technological component that makes Cardano stand out from the competition. Ouroboros is the proof-of-stake mining algorithm that helps exclude the requirement for energy starved proof-of-work cryptography, which might have helped made Ethereum blockchain, but it needs as much electricity as a small country. Unlike this system, Ouroboros is developed on peer-reviewed academic research and the feature of this system is that it is even secure without the extravagant electricity consumption.
This project has been designed to mainly support smart contracts and other blockchain features. It is still in the early development process and the only part that is live and active now is its proprietary cryptocurrency token. Being traded as ADA, Cardano was initially launched as an ICO, however, you can now find the project on Binance as well as Bittrex.
Cardano also offers a wallet storing facility named Daedalus Wallet.
How to get the wallet
Cardano uses Daedalus wallet, which is good for multi-platform use as well as secure for ADA currency. Daedalus wallet, unlike many wallets currently available in the verticals, supports the classified deterministic traits. Daedalus wallet is designed with the space-age features of a digital wallet and their team is looking forward to improving its range of capabilities for future use.
ADA, the altcoin
ADA is a highly-ambitious project, that has the potential to provide tough competition to the Bitcoin markets. The creators are busy building a third-generation of digital currency, which they will streamline within the ecosystem for mutual operation. Cardano is aiming to infuse intra-trading and looking at their efforts and innovation, this dream does not seem too far off. The creators have a unique philosophy and they are on a mission to resolve it academically.
How to buy and sell ADA
You can buy, sell, and trade ADA through cryptocurrency online exchanges. ADA is considered one of the robust altcoins in the present crypto markets and more exchanges are planned with future partners. Confirmation is awaited though!
The creators have big plans in the pipeline. They are planning to make ADA available at crypto ATMs in Japan. Kickstarting the project with five locations, the ecosystem is thought to evolve to up to 25 ATMs within a year of ADA’s official introduction. Exchanges where you can buy ADA are:
Why is ADA better than the other available options?
There has been a lot of buzz around ADA lately. ADA hit the Bittrex only recently, to great hype. Following the ADA launch, the world has witnessed a significant volume at the exchange, which even crossed 10,000 BTC in different time zones.
Prices though started to decline after the few initial days, but many users continue to describe ADA as a potential altcoin to watch. These are the same very people, who have also said that Cardano has the potential to be the future of blockchain technology, which would be then more than just a cryptocurrency.
On the day that ADA was introduced onto the market, it ranked in the top 15 cryptocurrencies worldwide, if you take the reference of the market cap. Potential cryptocurrency investors found a new hope.
Well, the whole incident wasn’t strange enough though, until ADA was found to be beating Ethereum innovations.
ADA vs Ethereum
Thus far, Ethereum has played a lead role in the blockchain world, but now we have a new player. ADA has entered the market like a king, as a strong and powerful altcoin. Cardano had also gone LIVE with an ICO trading and sale and the first 10,000 users, who participated in it, now has the privilege to download Cardano’s Daedalus Wallet. Their ICO raised USD62 million, which resulted in the trade of approximately 30 billion ADA tokens. Plus, 45 billion more ADA is being considered for the next circulation.
If you now look at the roadmap, you will though see some developments are still ongoing, but Cardano is already thought to be a future player of smart contracts.
Price and plans of the project
When comparing the platform with Ethereum, Cardano makes a platform worth joining as it is composed a new, innovative technology Ouroboros. Its cryptocurrency ADA, is already providing tough competition to Ripple markets. After its launch, ADA surged over 30%, and claimed to be the fifth largest cryptocurrency beating Litecoin. ADA’s current market position, is said to be due to its potential update reports. Potential investors are excited and very much looking forward to investing in it.
Referring to the historical data of ADA: It shows that on January 5, 2018, ADA saw a shimmery hike on the market, accounting USD30,364,400,000 as the total market cap.
Cardano’s technological summary
1 – This platform takes pride in its Block Explorer that enables users to check their transaction histories.
2 – When you make a transaction with ADA, it is recorded publicly through its proprietary blockchain.
3 – This allows users to check the date and time they made the transaction and also check the amount sent.
4 – This is a completely dependable blockchain platform created by its unique, scientific methodical approach.
5 – Users are expecting more and greater results from the project since this is the first blockchain platform to have evolved from a scientific philosophy
The key focuses of this project are:
- Compliance and regulatory focus
- Cross-chain integration
You will love it more when you will see your exchange fees are reduced dramatically.