While Bitcoin produced waves having its meteoric cost rise and Ethereum appeared as still another contender for the title of most popular cryptocurrency a year ago, one thousand other cryptocurrencies have also been launched. As the historically popular cryptocurrencies still rule the roost, crypto investors seek new greater coins that’ll unsettle the legacy coins and state the throne.
In that respect, Cardano, a hidden coin that seemed to appear out of nowhere, has brought the crypto world by storm. Valued at a massive $600 million on the initial day of getting shown, the altcoin garnered a valuation of $33 billion at its peak.
In only a couple of months, Cardano has become at the seventh place according to advertise capitalization.
Cardano’s founder Charles Hoskinson calls it a third-generation cryptocurrency. While Bitcoin (first generation coin) popularised Blockchain, Ethereum (second generation coin) pioneered the thought of Clever Contracts. Cardano moves much beyond Bitcoin and Ethereum and presents the very best of equal worlds. It serves equally as a store of value (like Bitcoin) and also runs Clever Agreements and DApps (Decentralised Apps) a lot more efficiently. Cardano was designed from damage and is a fellow reviewed ‘scientific coin made to eliminate flaws in the sooner cryptocurrencies.
Let’s understand this killer coin that wants to displace Bitcoin and Ethereum at the top.
#1 — What’s Cardano?
Dubbed the real ‘Next NEO’by the crypto community, Cardano calls itself the ‘first cryptocurrency with a ‘scientific philosophy. ‘ It is a decentralized peer-to-peer Blockchain-based protocol that may be used to accomplish numerous things such as run decentralized applications, enforce contracts, digitize physical assets, etc.
Like Ethereum, Cardano provides a system for designers to build Decentralised Programs (DApps) and utilize Smart Contracts.
But, unlike Ethereum, Cardano presents a functional system that’s split layers. Transactions get position using one layer, while Smart Contracts are performed on another. This makes deploying a massive number of advanced Smart Contracts on the Cardano Blockchain probable and faster.
Cardano’s ICO was released in 2015, and Western investors acquired around 95% of the coins. The main web was released on September 29, 2017.
Cardano’s stated goal is always to ‘bring of a change in the lives of people worldwide by empowering them to accomplish everything from the comfort of a credit card application on the phones — keep value and pay securely, build property rights and identification, examine credit risk, etc.’
#2 — Team Cardano
The idea for Cardano originated from Charles Hoskinson, a co-founder of Ethereum. Alongside Jeremy Wood started IOHK, which designed the algorithm applied to validate transactions on the Cardano Blockchain.
Cardano has three entities guiding their development:
- The Cardano base, which advances the cryptocurrency.
- IOHK (Input Result Hong Kong), responsible for computer development.
- Emurgo, managing business activities.
- That circulation of energy is meant to avoid anyone managing the cryptocurrency, like what happened with Ethereum when Vitalik corrected the DAO hack.
The guiding entities have eminent scientists and expert designers from about the planet who work across the clock to produce Cardano commensurate with the roadmap.
#3 — Cardano Use Cases
The ADA cryptocurrency could be transferred quicker than Bitcoin at much lower costs.
With Cardano, developers may create Intelligent Contracts that may construct a lot of decentralized apps. Imagine a good contract in the main element of a property you have leased out, which does not allow the tenant to enter if he hasn’t compensated his rent. Or, envision having the insurance claims processed significantly faster as your computer data is used by everyone else on the blockchain rather than experiencing to go your file about physically. The number of possibilities is endless.
Digitisation of bodily assets and identities
The Cardano Blockchain can digitize bodily assets (or documents of identity) using Clever Contracts, which serve as proof of possession of the assets. The history is protected by cryptographic methods (hashing through proof share algorithm Ouroboros), rendering it invulnerable to tampering.
Decentralised Apps (DApps)
Decentralized programs could be developed atop the Cardano Blockchain and may be used to create and release smart agreements, develop decentralized transactions, create smart funds, etc.
ADA Total Supply (Working Mechanism)
The ADA token acts as the fuel for the Cardano Blockchain. It’s used to run Intelligent Agreements and DApps on the Cardano Blockchain. The ADA small has a difficult hat of 45 million pre-mined coins.
#4 — Market cap of ADA
The full total circulating supply of ADA’s almost 26 billion coins now, and the existing price of each unit of ADA is approximately $0.16. During writing, ADA has a market cap of $4.1 billion (Source: Coinmarketcap).
#5 — How to get ADA cryptocurrency?
Directly buying ADA with fiat money is hard, but you can get ADA with Bitcoin, Ethereum, Litecoin, and other popular cryptocurrencies.
#6 — Best ADA wallets
Daedalus is the state wallet produced by the Cardano team that lets you send and receive ADA. The wallet also allows you to see transaction history and comes with a Blockchain explorer too.
#7 — The ongoing future of Cardano
This roadmap details how Cardano is going to be developed. The cryptocurrency is now in its bootstrap phase (Byron), where the IOHK team produced the project.
In the next phase, Cardano will be fully decentralized, and any update to Cardano will be done through voting.
Other features that’ll be introduced during this phase include
Develop a mild wallet client where users won’t have to download the entire blockchain to access their wallet.
Human-friendly addresses to displace long alphanumeric strings ( in place of long strings).
Paper wallets, hardware wallet support, and ADA debit card launch.
In the third and fourth phases, developers can get more tools to work with Smart Contracts and DApps, while performance and security improvements may also be made.
In the final phase, a treasury system will be set around fund further development and make certain that Cardano is self-sustaining.
While Bitcoin has the very first-mover advantage and a huge user base due to the network effect and Ethereum has tens and thousands of DApps and Smart Contracts running onto it already, the developers of Cardano believe that it will catch up with the other coins and eventually become the most effective cryptocurrency.
Cardano appears promising as it’s different from other coins and is founded on scientifically validated technology. It’s expected that Cardano will have a way to aid a better variety of Smart Contracts and DDApps than Ethereum.
But yet, it’s still too soon to express that Cardano will end up the most used cryptocurrency. Fans can hope!