What is Cardano (ADA)? Ethereal Understanding (ETH)

bantincrypto (32)in #cardano • 6 years ago

What is Cardano (ADA)?
Cardano, founded online at CardanoHub.org, is an open source blockchain technology project. Like similar projects, Cardano includes a platform and an electronic currency. Electronic money of Cardano, Ada (ADA), is currently in the top 15 largest electronic money by market capitalization.

Cardano was released on September 29, 2017, after two years of development.

Cardano developers are creating a smart contracting platform that seeks to provide more advanced features than any other protocol developed earlier. Ethereum is the first blockchain to have smart contracts. Today, some others have been built with intelligent contract functions.

In general, Cardano claims to be "the first blockchain platform to evolve from the first scientific and research-oriented approach."

Cardano is being actively developed by a team of international engineers and researchers. The project starts in 2015. Interestingly, the project was led by former CEO Ethereum and co-founder Charles Hoskinson. Hoskinson left the Ethereum project before the network was launched, and finally found IOHK.

This platform is purely open source and has no patents.

How does Cardano (ADA) work?

So far, Ethereum has become a leader in the world of smart contracts. Now, with Cardano, Ethereum has a competitor.

Cardano claims to have more advanced features than any other protocol ever developed. The development team thinks ADA electronic money is "the most accurate electronic money". This platform incorporates concepts like distributed systems, mechanism design and cryptography, and electronic money. Cardano is the first code based on the Haskell code, an industrial language.

Blockchain uses a unique evidence of a joint algorithm called Ouroboros. It also has a platform layer that binds to a control layer in a unique way.

That resolution class has an account unit, while the control class runs on smart contracts. The control layer will be programmed for identity recognition, compliance support and blacklist permissions, among other purposes.

One of the immediate differences of Cardano is that it is designed to adhere to the management while maintaining the privacy of the user. Cardano claims that the protocol first balances these requirements. Some people believe that Cardano is one of the more futuristic platforms.

Another advantage of Cardano is that the system can be upgraded through the use of soft fork.

Features and specifications of Cardano (ADA)

Ouroboros is evidence of a stock algorithm made specifically for Cardano. Algorithms determine how individual nodes reach the network consensus. Algorithm is the cornerstone of Ada's electronic money.

One of the immediate advantages of Cardano's shareholding system is that it eliminates the need for proof of workflow. Poch blockchains such as bitcoin have been criticized for their energy consumption: computers need to consume energy ("work") to handle bitcoin network transactions. Evidence of other active stock algorithms. This is designed to provide better scalability for Cardano.

A full explanation of Ouroboros's stock algorithm is beyond the scope of this article.

Fundamentally, like other evidence of stock algorithms, Cardano's Ouroboros refers to shares as the relative value held by the addresses on the node and the shares are randomly selected to ensure confidentiality. of the blockchain. The unique aspect of Ouroboros is that it creates randomness by performing a secure, multi-threaded protocol.

How does Daedalus work?

Cardano's wallet is called the Daedalus wallet. It's a secure, multi-platform secure, secure (HD) wallet for electronic money.

You can install Daedalus on your system to open the application, then start with the Cardano ecosystem.

With your wallet, you can send and receive Ada, then view the transaction history you have made. You can also use the Cardano Blockchain Explorer to get an earlier trading history.

Other Daedalus wallet features include all of the following:

Encrypted private key and password, together provide protection against security threats such as malware.

Wallets can be exported to certificates, giving you the maximum security option to place your money in a cold store

The Ada replacement was built directly into Daedalus and supports encrypted / unencrypted acquisition licenses.

Monitored transaction-level security guarantees allow users to ensure that transactions become irreversible

Future planned features include support for Ethereum Classic and Bitcoin, mobile wallet for Android and iOS, startup support, and app store where users can download applications by adding co-created This wallet also plans to support "almost any electronic money" in the future.

Development team

Cardano is led by the Cardano Foundation, IOHK and Emurgo. The Cardano Foundation is registered in Zug, Switzerland. HK Input Output, or IOHK, is a research and development blockchain company founded in 2014. IOHK focuses primarily on the academic applications for blockchain technology and is incorporated in Hong Kong. Emurgo is a blockchain technology development company based in Tokyo.

In general, this platform is being developed by a team of experts around the world