What is the Future of Cardano in this guide? We will answer questions such as who created it, what is its features and project.
What is Cardano?
Cardano is a distributed computing platform and ecosystem for decentralized applications. You can reach the official website of the platform here.
The platform was created with the intention of solving all known problems of existing Blockchain systems, most importantly scalability, interoperability and flexibility. It is built on the ground that focuses on a scientific approach and is based on peer-reviewed academic research.
Cardano aims to provide seamless and secure asset transfer, advanced smart contract functionality, and the ability to host and run even very complex DApps.
Some of Cardano’s unique goals are:
- Separation of accounting and computation into different layers
- peer-reviewed research
- Recognizing that multiple assets in the same ledger must be taken into account
- Finding a healthy middle ground for regulators to interact with commerce without sacrificing some fundamental principles from Bitcoin
- Full compliance with regulatory bodies
Cardano uses a proof-of-stake consensus mechanism. They developed their own pos algorithm and called this pos algorithm Ouroboros. Cardano’s source code is written in Haskell and is completely open source and patent-free.
It is very different from similar projects as its developers are trying to build something completely new and flexible for future upgrades (updates) and are in constant dialogue with regulators to make their networks compliant with regulatory requirements.
Cardano Blockchain’s token is named ADA, named after 19th century mathematician Ada Lovelace, who is known as the first computer programmer. In the long run, the Cardano Blockchain can host multiple tokens.
Founders and History
Cardano is the project of Charles Hoskinson. Hoskinson was a co-founder of Ethereum and Bitshares, leaving the Ethereum project due to a further development dispute and co-founding the IOHK company with Jeremy Wood. This company does active software development and is one of three organizations that develop and manage the Cardano ecosystem.
The other is the Cardano Foundation, a non-profit organization that aims to support and work with regulatory authorities.
Last but not least is Emurgo, which incubates business ventures and business integration into Cardano’s Blockchain ecosystem.
The Cardanos token sale took almost two years, with approximately $63 million in funding on January 01, 2017.
The Cardano mainnet went live on Friday, September 29, 2017.
What Sets Cardano apart from Other Cryptocurrencies?
Cardano has a fully funded development team and does not rely on volunteer work. And most importantly, the project is the first cryptocurrency project built with a scientific approach.
Also, their software architecture is unique, Cardano separates accounting and computation at different layers. This layered architecture also has scalability. For example, Cardano thinks that “not everyone needs all the data”. This approach increases efficiency, speed and processing efficiency.
Posology algorithms Ouroboros is claimed to be the first model to be peer-reviewed and accepted by the cryptography community at the International Cryptography Conference.
Ouroboros protocol is a chain-based PoS protocol where the next block producer is chosen from a random pool of stakeholders. The probability of being selected as a block producer increases in proportion to the size of the number of tokens it holds. In addition, ADA holders have the right to vote on protocol changes.
Cardano emerged in 2015. The purpose of its emergence is an effort to change the way cryptocurrencies are designed and developed. Beyond a specific set of innovations, the overall focus is to provide a more balanced and sustainable ecosystem that better describes the needs of its users and other systems seeking integration.
In the spirit of many open source projects, Cardano didn’t start with a comprehensive roadmap or even an authoritative whitepaper. Rather, it adopted a collection of design principles, engineering best practices, and exploration pathways.
Important features of Cardano can be listed as follows:
- Separation of accounting and computation into different layers
- Implementation of core components in highly modular functional code
- It has a group that aims to compete with peer-reviewed research. This group includes academics and developers.
- Interdisciplinary teams can be heavily used
- Fast iteration between whitepapers, implementation, and new research to fix issues discovered during review
- Improve the ability to upgrade post-deployed systems without destroying the network
- Targets future uses by developing a decentralized financing mechanism
- A long-term look at improving the design of cryptocurrencies so that they can work on mobile devices with a reasonable and secure user experience
- Bringing stakeholders closer to the operations and maintenance of cryptocurrencies
- Accepting the need to account for multiple assets in the same ledger
- An effort to learn from around 1,000 altcoins by adopting logical features
- Efforts to adapt to the needs of legacy systems
- Offering the opportunity to explore the social elements of commerce
- Finding a healthy middle ground for regulators to interact with commerce without compromising some of the fundamental principles inherited from Bitcoin
Cardano’s Future Plans
Cardano has ambitious plans as well as developing its main platform. They aim to integrate sidechains, a virtual machine, Cardano debit card and human-friendly addresses into the platform.
The project has a wide scope and is quite ambitious. Time will tell if all this has been accomplished.
Cardano is an exciting project from a technological point of view. It has a very well thought out and futuristic approach. However, if the pos-algorithms prove to be perfectly safe, that will be big news.
Proof-of-stake is not well researched and tested as proof of work. If Cardano can realize its very ambitious projects, I have no doubt that it will become one of the leaders in the smart contract and data ecosystem.
For now, Cardano has shown that they are a competent team and what this team has come up with so far is impressive. From the investors’ point of view, it should be considered that the maximum supply is relatively high and the market value is also quite high, in anticipation of the successful realization of the project.
How Many ADA Coins Are There in Circulation?
- Market Cap: $19,031,498,590 (12 June, 2022)
- Circulating Supply: 33.739.028.516 ADA
- Total Supply: 34.512.850.429 ADA
- Max Supply: 45.000.000.000 ADA
- All Time High: (Sep 02, 2021) $3.10
- All Time Low: (Oct 01, 2017) $0.01735
What is the Future of Cardano in this guide? We answered the questions of who created it and how it works. Keep following us.
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