Cardano is the Blockchain ecosystem that houses the ADA cryptocurrency for the exchange of value. ADA cryptocurrency is the digital cash maintained on a blockchain based ledger. The Cardano ecosystem also provides a platform for the development and execution of smart contracts.
HOW IS CARDANO DIFFERENT FROM ANY OTHER BLOCKCHAIN BASED PLATFORM?
Cardano incorporates a layered architecture into its protocol which is the backbone of its evolutionary design of a blockchain platform. Cardano also uses a special Proof-Of-Stake algorithm called ‘Ouroboros‘; the algorithm provides the infrastructure for execution and distribution of the ADA cryptocurrency. The USP of the Cardano comes with the promise of offering privacy while complying with the regulatory laws.The USP of the Cardano comes with the promise of offering privacy while complying with the regulatory laws. Click To Tweet
Since the ecosystem is built in layers the first layer; Cardano Settlement Layer (CSL) incorporates the ledger and ADA tokens, whereas the second layer; Cardano Computational Layer (CCL) integrates the smart contracts and Decentralized Applications. The two layers work independently; this can be utilised to design regulation specific applications, where the privacy can be compromised only between the trusted parties. This ensures the privacy of the user and their transactions while keeping the regulations in mind.
DEVELOPING TEAM AND THEIR ROADMAP
Cardano was created by IOHK (Input Output Hong Kong) which is led by Charles Hoskinson, who is also a co-founder of the Ethereuem Blockchain. Hoskinson is an active spokesperson for his team as well, recently confirmed through a YouTube video that the developers and the community is working rigorously towards the development of Cardano. He also believes that the Japanese counterpart of IOHK has developed a vast and healthy community which will be the driver of growth for the coin in the future.
Cardano is still in the early phases of development, though the whitepaper is outstanding and has gained widespread support, the Blockchain is still evolving to reach its final goals. Cardano’s IOHK has outlined these goals/protocols which they need to incorporate into the network to become fully developed. They goals are specifically sketched in their roadmap, and the progress of specific goals are also showcased. They plan to offer ADA debit Cards, Multisignature Transaction, Daedalus wallet and platform for Linux Users soon with their upcoming updates.
It requires support from the community, and until now Cardano was in the early phase where IOHK had control over the coin distribution and ledger. However, they have moved on to what is called the ‘Bryon‘ phase to the ‘Shelly‘ phase by the developers. The Network will become fully decentralised with the ‘Shelly‘ update.
The current price of Cardano ($ADA) is hovering around 0.00001 BTC, however, during the year-end of 2017 the price of ADA cryptocurrency was around 0.00005 BTC, and BTC itself was worth thrice as more. It is evident that the market was driven by short-sightedness and that led to a bubble formation. The coin was released in September 2017, due to popular names and promising whitepaper the team has been able to retain a total market capitalization of more than $1.5 billion.
The investors and crypto-enthusiasts, however, feel that it is currently undervalued and with increased adoption and market conditions the ADA cryptocurrency is expected to reach old highs in 2019.