Cardano work is similar to Ethereum as it is also a smart contract platform with a focus on security through a layered architecture. It has a distributed computing platform which helps to runs the Blockchain for the Ada cryptocurrency. Daeduals is currently the only cryptocurrency wallet that holds ADA and allows transfers to other wallet addresses.
“Cardano is basically called the Ethereum of Japan”
The basic purpose of Cardano is to send and receive money. This blockchain was created by blockchain development firm input Output Hong Kong (IOHK) and led by Charles Hoskinson, former co-founder of BitShares, Ethereum and Ethereum Classic, and its aim to run a smart contract with decentralized applications on side chains and multi-party computation, and metadata as well.
Cardano was released on September 29, 2017, under the ‘Byron’ bootstrap phase with the official launch in Japan and uses Ouroboros proof of stake model instead of Proof of work algorithm in which the important part of the infrastructure is to support the ADA Cryptocurrency.
Features of Cardano
1. Cardano is a platform like Ethereum or NEO which allows for the creation of new tokens and decentralized applications.
2. More than 60% of ADA tokens were allocated at the time of the Initial Coin Offering.
3. Cardano was created, and is managed by, a firm called IOHK and is the brainchild of Charles Hoskinson, a co-founder of the Ethereum project.
4. Importantly, ADA tokens will be required for later applications, therefore creating an inherent value in the same way that ETH has value, if nowhere else, in its ability to move other tokens around the Ethereum network.
5. Cardano ADA token holders can earn more tokens by validating future blocks of transactions, receiving a mixture of block reward and a portion of network fees.
6. Cardano holders are able to vote on protocol changes, creating a flexible future for the blockchain.
Advantages of Cardano
1. It tries to fix the problem such as speeding up the transactions per second and increase the computational power of Ethereum.
2. It saves energy on mining.
3. It is very easy to use as the user just needs to install the wallet and can use it to transact
4. The modification is implemented on the basis of the votes and based on that, the changes are done for ADA which is suggested by their holders.
5. It is the third-generation Cryptocurrency which is much more effective and allows adding extra information and details while performing the transaction.
Future of Cardano
The future of every cryptocurrency is as uncertain and subjected to change as its price on the current market. Although, it’s not good enough for investors, since they are in need to be able to estimate whether or not the coin is worthy to invest.
Cardano (ADA) is one of the coins that have received a lot of attention this year. It made a lot of progress despite the constantly bearish 2018. Of course, its price is still pretty low compared to other crypto champions. However, it will not remain low forever.