The ABC of Cardano
The world of digital currencies is growing day by day in an impressive way, as new cryptocurrencies are released daily with interesting properties and features.
In these moments the Bitcoin, Ethereum, Litecoin are some digital currencies that have shown an important popularity; However, there are other alternatives that have gradually been opening up and attracting the attention of hundreds of people, as is the case of Cardano, a cryptocurrency that in a few weeks has experienced significant increases in its value, generating profits in those who identified in it a good commercial alternative.
What is Cardano (ADA)?
Cardano is a project that began in 2015 as an effort to change the way cryptocurrencies are designed and developed. The general approach beyond a particular set of innovations is to provide a more balanced and sustainable ecosystem that responds better to the needs of its users.
ADA is a digital currency that made its official entry into the commercial markets on October 1 of this year (2017). According to official information published on the website of the creators, the original project is the creation of a decentralized Blockchain and a cryptocurrency designed with open source.
Unlike other initiatives of its kind, the main team says it would be the first platform of its kind, which is inspired by a scientific philosophy and a more research-oriented approach.
The team behind this cryptocurrency is fully trained, as they are experts in the area of system, security and information technology.
There are three organizations that are contributing to the development of Cardano, which are:
The Cardano Foundation: an independent standards body based in Switzerland that has the main responsibility to support the Cardano user community and to work with the authorities on regulatory and commercial matters.
IOHK: leading cryptocurrency research and development company, which has the contract to develop the platform until 2020. IOHK is headed by Charles Hoskinson, who was one of the key developers of Ethereum.
Emurgo: Japanese investment company, which invests in new companies and assists commercial companies to build in the Cardano block chain.
What makes Cardano unique?
This cryptocurrency that ensures that it will revolutionize the market, has the following characteristics:
- A new consensus algorithm
Cardano has not used the working algorithm that was introduced by Bitcoin, which depends on the miners, but is based on the participation test algorithm known as Ouroboros. This algorithm uses a rigorous cryptographic model that guarantees the maximum security in the platform, in addition, it allows the developers to compose many protocols that improve the functionality.
- Modular and flexible
As the number of users grows, the network and algorithms must evolve to adapt to these new users, which is why the modular structure of Cardano provides a unique opportunity for flexibility.
Ouroboros facilitates the creation of side chains and allows the network to change its method of generating random numbers that are used to protect the privacy and security of its users, in addition, it allows delegation based on user participation and provides a better structure of data.
- Safe and reliable
The Cardano blockchain is built on a new functional programming language known as Haskell headed by the main designer of the language, Philip Wadler.
Haskell allows the code to be written in a more secure and reliable way, since it has a mathematical approach. In addition, it uses Cardano Settlement Layer (CSL), which is a security protocol to further protect users.
- Next level intelligent contracts
Cardano aims to become the new platform for the creation of smart contracts, surpassing Ethereum. While Ethereum relies on Solidity as its programming language for smart contracts, and Cardano will also use it for its lower assurance applications, however, it has developed a completely new language for its more secure applications called Plutus, which is freely based on Haskell.
This language will be distributed to developers to integrate it into their development process along with a specialized set of tools for formal verification.
Cardano: Promising future?
ADA has only been operating for a short period of time, so it is difficult to predict what the long-term price trend will be.
However, this digital currency is an ambitious project that has been the great surprise for weeks since it has been showing an important performance in terms of its activity in international markets. At the moment there are good indications that Cardano could continue increasing its value in the market.
Through its website, there are announcements where users are informed that this cryptocurrency will soon be available in an ATM network in which they are currently working. These Cardano ATMs will be available in different locations in Japan, which will be revealed as they begin to operate.
FUENTE: https://criptotendencia.com/2017/12/23/el-abc-de-cardano/
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Good informative post, keep it up!
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