What is Cardano?
Cardano is a platform that wants to bring together all of the cryptocurrencies in hopes of all of them working together in the future. It has a very participative budget, and the protocols are being updated based on the community’s acceptance. Their intention is to create a platform based on block-chain, to vote on Hard forks and Soft Forks. With it they bring a very malleable technology that is going to allow the exchange of protocols and technologies with cryptographic algorithms.
The Daedalus wallet also plans to embrace that cryptocurrencies, thereby enabling trades on the same network between them all. There will be some kind of shop inside the wallet itself, where you can install specific applications that should help manage finances and fund certain cryptocurrencies.
It has its own language called Plutus, but it also shares the language of Solidity used in Ethereum. Another thing we should refer to is that Ethereum plans to shift the agreement to Proof of Stake, Cardano already begins his project utilizing Proof of Stake.
Cardano also provides several innovations and possibilities that will help to ensure fairness and protection for both sides of transactions that need more formality and confidentiality, such as between banks or more traditional entities.
How does it works?
Cardano essencialy tries to resolve three main problems: Interoperability, sustainability and scalability.
Interoperability is when different types of cryptocurrencies can communicate between themselves, but since each type has their own individual protocols this process is impossible to manage.
The sustainability refers to the fact that the protocols are somewhat immutable making it not easy to change the protocols.
And finally the scalability refers to the fact that the network grows slower as it becomes bigger, which should work the entire opposite way.
Daedalus is the official ADA coin wallet, it is created on a fork from Electrum, web-based programming. As Daedalus has a universal purpose and is Open Source, it ends up detaching a little from Cardano itself and will become a very important independent tool in the future of crypts, as it solves the problem of interoperability.
Tokens are like other currencies created within the platform that Cardano offers. The purpose of the Token is to virtualize an asset or “thing” that is needed in the real world to perform the action that is now being done on the blockchain. It is as if the Token monetizes any action to facilitate the operation in the virtual application.
The creation of self-sustainable applications that will never be disabled. This happens due to the possibility of programming and building applications, with smart contracts, within the blockchain system, just like what happens on the Ethereum platform.
Positive points of the Cardano Project:
- 3rd Generation: It has an open code and is already considered the third generation of cryptocurrencies.
- Decentralized: Cardano wants to act as a digital currency just like Bitcoin.
- Lots of support from third parties like this Cardano wallet.
- Financial Freedom: Decentralization is the technology revolution, the digital age is totally revolutionary.
- Fast transfers to anywhere in the world: Committed to speed, developers are looking at ways to make transactions faster without compromising the network.
- Improvement: The project investigated the flaws of other cryptocurrencies and elaborated deeper functionalities on its platform.