Explain Cardano to me
So far I have looked at cardano on a fairly high level and want to digg a little deeper in my understanding of it.
I would like to know:
- what is the mission and vision of the project
- how does it create value for the token and ecosystem. how will the token increase in value
- technology: how does the consensys system work, what differentiates it vs eth, eos and other competetors and in general how does the architecture look like and work
- team and roadmap, innovation schedule
- your opinion about the project, potential and strenghts and weakness vs it competitors
Cardano is home to the Ada cryptocurrency, which can be used to send and receive digital funds. This digital cash represents the future of money, making possible fast, direct transfers that are guaranteed to be secure through the use of cryptography.
1 -The team is building Cardano with both the end-user and regulators in mind. They’re attempting to find a middle ground that balances the need for regulation with the privacy and decentralization principles atthe core of blockchain technology.
2- Cardano is being developed in two layers that separate theledger of account valuesfrom thereason why values are movedfrom one account to the other. This separation enables the smart contracts that are written on the platform to be more flexible.Businesses can take advantage of this separation to tailor the design, privacy, and execution of each contract to more perfectly fit their specific use-cases.
3 - Unlike some other crypto projects, the goal of the Cardano team isn’t to overhaul the entire financial system. Their aim is to use blockchain technology to bring banking systems to places where they’ve previously been too expensive to implement –specifically the developing world.
4 -Three organizations are working together to develop Cardano:
1.Cardano Foundation
2.Input Output Hong Kong (IOHK)
3.Emurgo
Charles Hoskinson, CEO of IOHK,was previously the CEO of Ethereum and is actively involvedwith Cardano.
5-My view is that Cardano is an ambitious project tackling a large number of problems in the crypto industry.
Just so happens that I'm a huge fan of Cardano. Here's a blog I wrote about it a few months ago Cardano
I dont et the dual layer. Can u eyplain how this is established?
also can u eyplain how the consus mechanism work in a bit more detail?
Regarding the dual layers; one is for accounting and the other is for computing. No other crypto currency has a dual layer system. You can mess around with the programming layer and not affect the accounting layer. For example Ethereum has proven to be a great blockchain for dApp programming but it has been terrible to send money around as Steemit, NEO, XLM and others do it in seconds, Ether can take hours, Cryptokitties clogged the network. Everyone and transaction on Ether is equally valued, there is no priority except by spending gas but anyone can spend more gas even if they aren't heavily invested.
Cardano can assign more value to higher priority, more valuable transactions and a lower value to something less important, more expensive to maintain or something which isn't necessarily legal. This ties into the condenses model where more valuable users would hold more stakes than less valuable users. The proof of stake is also how they reach consensus, whomever has more is more likely to create the next block. No wasteful mining.
Edit: the dual layer has already been established, from the start. Cardano layers are similiar to the TCP/IP protocol layers of the internet. Having one layer is really unsecure, it's better to have two or more as other layers can function perfectly fine, while the other layer is being upgraded or worked on. Just imagine the likelihood of the us military ever sharing a blockchain with Cryptokitties- that's Ethereum.
Cardano Settlement Layer (CSL)The CSL acts as the balance ledgerand is the first layer of theplatform. Created as an improvement toBitcoin, this layer is a cryptocurrency built from the whitepaper“Ouroboros: A Provably Secure Proof of StakeBlockchain Protocol”by Aggelos Kiayias.TheCSLuses aproof-of-stake consensus algorithmto generatenew blocks and confirm transactions.The roadmap for the CSL is as follows:
1.Two sets of scripting languages
1.One set to move value
2.One set to enhance overlay protection support
2.Sidechains to link to other ledgers
3.Multiple signature types including quantum resistant signatures
4.Multiple user-issued assets
5.Scalability in which the capabilities of the system increase as more users join
Cardano Computation Layer(CCL)TheCCLis the second layer of the Cardano platform andcontains the information on why transactions occur.Because the computation layer is detached from the CSL, different users of the CCL can create different rules when evaluating transactions.For example, you could create a permissioned ledger that leaves out any transactions that don’t include AML/KYC data – something that will become more important as blockchain regulation continues to increase.
Lots of great answers already, so let my add a quick comparison between cardano and eos the biggest 3rd gen chains. Cardano is developed by Charles, who famously supported ETC and stands for the idea that code is law. Instead of having reversible transactions as in EOS, he believes that the solution is making secure code in the first place and offer as much support as possible to do so.
Philosophically I think that EOS and Cardano are on the opposite spectrum, where EOS favours simplicity and relies on humans interference, cardano represents the more mathematical and deterministic approach.
What is ouroborous?
Unlike other consensus protocols, this started as a white paper that was presented to the cryptographic community and written using mathematics. The protocol has been peer reviewed and accepted by those communities who are experts in this field.
Once the protocol was proven to be secure, it was converted to Haskell by the engineers at IOHK.
Many have claimed that this protocol is a copy of the delegated proof of stake consensus algorithm used by Bitshares and Steem. However, my understanding of it after watching some very long and technical videos from IOHK is that it they have rebuilt the proof of stake protocol from the ground up.
ok, but that is all history and not a description of what it actually is/does
As with most other currencies that have been developed in the last two years, Cardano has not used the work test algorithm that was introduced by Bitcoin that depends on the miners, but instead relies on the participation test algorithm known as Ouroboros. As the number of users grows, the network and algorithms must evolve to adapt to these new users and the modular structure of Cardano provides a unique opportunity for flexibility. Cardano is built from scratch in a new functional programming language known as Haskell, allows the code to be written in a more secure and reliable way since it has a mathematical approach. This language will be distributed to developers to integrate it into their development process along with a specialized set of tools for formal verification. This is the best time to invest in Cardano and get the maximum benefit. The future is certainly bright for this currency.
Great summary, although Haskell is not that new. It's been used for a few years, maybe even longer for banks and military software that require a very high level of assurance.
Sir @jmhb85 on your match 28 prediction...on your contest i got it right
Sorry @nuel17, please review your wallet.
Thank you very much sir
@knircky how does the #steem-bounty work on this? I'm new to this great idea of yours.
I have put a bounty on this post. People commenting will earn it, depending how many upvotes they receive. Check out steem-bounty.com for more how it works.
Thanks will do. The bounty is not referenced on this post is it though? I can't see it. Does one have to go to the website each time to see what the bounty is?
How it Work You can Check Here
Cardano is a bona fide make an effort to create a beneficiary to Bitcoin, addressing all of the issues that have surfaced in the previous several years, such as difficulty of proof-of-work, overall flexibility of scripting and smart contracts and speed of transaction.
It has open up and transparent goals which is built on Haskell, an extremely sound choice being a functional language but also an unique one as not too many are aware of it.
In conditions of recent features, it does not seem to be to be able to much new ground instead of trying to incorporate the best features and practices up to now. I actually guess they are seeking to pull a Fb, which was actually a third wave of internet sites, after Friendster and Myspace . com, who broke through by refining the best away of the prior work and adding some pregressive new ones.
In conditions of their goals, they sound like they are trying to be everything to everyone, including existing big financial players and institutions, and in that respect they are like a Ripple wannabe. IMO that is potentially a significant drawback because such muddled messages do not have good track record of breakthroughs.
Cardano, causó un gran revuelo, ya que rompió enérgicamente un mercado que había estado dominado por las monedas con sede en Estados Unidos que habían estado en el mercado durante varios meses, entre ellos Bitshares, Hshare y Lisk. Reconociendo la saturación del mercado estadounidense, los desarrolladores de Cardano (ADA) sabían que tenían una mejor oportunidad si se lanzaban en el mercado asiático inexplorado y esta decisión valió la pena. Cardano es una cadena de bloques que funciona como una criptomoneda y una plataforma de contratos inteligentes cuyo desarrollo comenzó en 2015. La motivacion de Cardano (ADA) fue alterar para siempre el proceso de diseño y desarrollo de las monedas digitales actuales y futuras. Cardano no ha utilizado el algoritmo de prueba de trabajo que fue introducido por Bitcoin que depende de los mineros, sino que se basa en el algoritmo de prueba de participación conocido como "Ouroboros". Este algoritmo utiliza un modelo criptográfico riguroso que garantiza la máxima seguridad en la plataforma, Cariños y abrazos @knircky