Cardano (ADA)

0.00002120 BTC
$ 0.13 USD
3.08 %

Cardano News

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About Cardano
Cardano Price
What is Cardano?
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Cardano Price

Price
$ 0.13 USD
0.00002120 BTC
24hr Volume
$ 63,457,800.00 USD
Market Cap
$ 3,382,004,862.00 USD
1 Hour Change
-0.24 %
24 Hour Change
3.08 %
7 Day Change
-17.95 %

What is Cardano?

Cardano is a cryptocurrency network (decentralized blockchain) that aims to solve some of the fundamental problems of cryptocurrencies. It is quite different from Bitcoin and Ethereum and is often seen as the 3rd generation of cryptocurrencies, which includes IOTA and EOS.

The Cardano Foundation

The Cardano project began in 2015 and was launched in October 2017. Unlike Bitcoin, it had a public face from the beginning. The Cardano ICO (Initial Coin Offering) was launched by the Cardano Foundation. The initial whitepapers were floated on the IOHK (Input Output Hong Kong) website, while the Cardano (ADA) Cryptocurrency was launched on the Bittrex Market Exchange. As of now, the Cardano community consists of three main bodies; Cardano Foundation, IOHK, and Emurgo, which is the Cardano dev team. However, at its very core, the whole system is open-source and totally decentralized. These institutions work in tandem to evolve the system and make it more adaptable.

To understand Cardano, one must understand the problems that Bitcoin has faced, as Cardano is considered a response technology to the original blockchain networking technology. Bitcoin, as the first generation of cryptocurrency, has had three major issues: scalability, sustainability, and interoperability.

The second generation of cryptocurrencies is represented by Ethereum, which solved the scalability problem with a new system of contract-based programming, called smart contracts, but the fundamental problems of sustainability and fluidity remained. The Cardano Project aims to rectify some of these shortcomings through a series of cryptocurrency innovations.

How is Cardano Different from Bitcoin?

Scalability - the Bitcoin blockchain is getting longer each day as new transactions are added. However, the size of each transaction block is limited to 1MB. This necessitates mining new blocks, which translates into higher transaction fees and higher transaction times. Thus, the Bitcoin blockchain is unviable for mass throughput of rapid transactions in its current state. This is the main reason for the Bitcoin Cash hard fork in 2017. Bitcoin scalability issues can be broken down further into three aspects, network bandwidth, transaction time, and data storage. Cardano offers a unique solution to each of these problems.

Network Bandwidth: the Cardano system works on a new networking technology known as RINA (Recursive InterNetwork Architecture), which is based on the principles of neural networking in the human brain. In the RINA system, the network is divided into sub-networks, which are further connected through primary channels. These sub-networks validate specific transactions. Cardano thus attempts to minimize the bandwidth requirement for transactions by segregating them from the main blockchain. In the original Bitcoin system, every node maintains a copy of the entire blockchain.

Proof of Stake Mining- The Ouroboros Protocol of Cardano

On the issue of transaction times, the Cardano network incorporates an advanced proof-of-stake model. Bitcoin relies on proof-of-work mining where every miner competes to mine the same blocks. In the Cardano Network, which runs on the Ouroboros Algorithm, a block is divided into several Epochs, which is a mining time-period. The network then randomly selects a Slot Leader, from a group of bidders, who gets to mine the block. If the assigned Slot Leader fails to deliver, then it affects his/her chances of being selected again. The selection of the Slot-Leader will again depend on the relative stake that each node has in the entire system. This should increase the speed of transaction processing. The Cardano network is hoping to run parallel Epochs by 2018.

Cardano was architected for community sustainability. The Cardano system has a notion of a “treasury”, which is jointly held by all ADA holders. A small percentage of every ADA transaction goes into the treasury, which supports further development of the Cardano platform. Every ADA holder will get to vote on new investment proposals (white papers developed by developers). The white paper which receives the most votes will be rewarded by the treasury to carry out development. This new concept was incorporated into the Cardano Network in December 2017. Progress in 2018 will prove whether this democratic mechanism works.

Cardano Daedalus Wallet

Interoperability is another crucial aspect of Cardano that will evolve in 2018. Currently, there are many cryptocurrencies scattered throughout the market. The Cardano Network promises to be the “internet of blockchains”, by integrating different cryptocurrencies into a single wallet. The wallet will be the Daedalus Wallet, which is currently an ADA currency holder only.

Cardano Roadmap 2018

The Cardano team promises to expand its wallet services to make transactions between cryptocurrencies possible, without the need for third-party agents. The Cardano network also promises to explore the possibility of working with governments and banks in 2018. However, the core focus of the network is to develop a blockchain platform, that has a “research-driven approach and scientific philosophy”. The Cardano team hopes to solve many fundamental cryptocurrency problems by knowledge sharing and collective development.

The Cardano Foundation, which is based in Switzerland, also hopes to create a platform in 2018 where different participants (including banks, governments, and private corporations) of this new technology can come forward to share their ideas. Meanwhile, Emurgo, which helps start-ups adopt the Cardano Blockchain, has plans to incorporate a DNA blockchain, where information is stored in 3D and is easier to store and extract. We can also expect more improvements in the unique Block Explorer, which is Cardano’s own search engine.

Buy Cardano

Cardano is available on the Binance exchange.

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