What is Cardano [ADA]?

Recently everyone is staring at Bitcoin‘s candlestick, as the cryptocurrency crossed the $10,000 record milestone for the first time in its nine-year history. The cryptocurrency’s rally proceeded with its upward direction, up to $15,727. While Bitcoin skyrocketed, a fairly newcomer in the block, Cardano (ADA) was surging also.

Cardano
Credit: Coinmarketcap

The roadmap announcement must be the reason behind the surge in the price of Cardano. Other than this, Cardano has teamed up with a major cryptocurrency development company named IHOK. And also the team include industry notables like Ethereum co-founder Charles Hoskinson.

Another factor that probably enabled the cryptocurrency to surge was another exchanging pair with Ethereum on the Bittrex. Some of the cryptocurrency’s advocates trust its technology is superior to that of Ethereum, and it might take over.

What is Cardano?

Gerolamo Cardano was a standout amongst the most compelling mathematicians of the Renaissance. So it’s an apt fit that the first blockchain platform is developed out of a scientific philosophy was named after him.

Cardano is basically a blockchain that functions both as a cryptocurrency and a smart contract platform. The project development started in 2015 with an objective of being “first blockchain project to be developed from a scientific philosophy.” This is one of the primary blockchain platforms to be built on extremely secure Haskell language.

It is a completely open source and decentralized public blockchain project. Cardano is the principal blockchain project which is built on peer-reviewed academic research.This is not an over-hyped blockchain project that makes enormous guarantees without delivering. The pioneers behind the project is comprised of a huge worldwide collective of master engineers and researchers, working on building a smart contract platform that tries to convey further advanced features than anything which is already developed.

What Does Cardano Do?

It is home to the Ada cryptocurrency, which could be utilized to send and receive digital cash in a super secure manner. But Cardano is far beyond only a digital currency.

The project website states

“The scientific rigor applied to mission-critical systems such as aerospace and banking has been brought to the field of cryptocurrencies, with a high assurance implementation. We believe this is the first time that this has been done,” .

The team has teamed up with some of the world’s best universities, such as the University of Edinburgh and the Tokyo Institute of Technology, to make sure that their platform was built on a foundation of peer-reviewed research.

Charles Hoskinson, previous CEO of Ethereum and the current leader of the project, was fed up of seeing projects that rushed to release miserably written whitepapers with intense claims that were found to be undeliverable simply after they profited off the investors.

He states,

“Let’s do things like we’re proper academics. Let’s actually write proper whitepapers with domain experts, let’s go through peer review, let’s implement them, let’s iterate, let’s listen to people. And that’s really the first component of the Cardano project. How do we be good engineers dealing with high-assurance code, and at the same time, how do we be good researchers, and do things the way that academics have been doing things for a very long time.”

The experts behind Cardano might be gradually and relentlessly building the most progressive blockchain out there. If their enthusiasm for research and scientific rigor turn out to be triumphant, the project could end up beating Bitcoin or Ethereum in the long-run.

LEAVE A REPLY

Please enter your comment!
Please enter your name here