What is Cardano (ADA)?

What is Cardano (ADA)?

Cardano (ADA) is a project that started its history in 2015, although the coin was launched only in 2017. Before presenting their project to the world, the developers studied various cryptocurrencies for a long time, trying to identify their weak points and thinking about how improve technology.

  • 11.5% — project fund;
  • 57.6% — to ICO investors;
  • 30.9% — payment of incentives for the generation of blocks and verification of transactions.

Cardano team

The idea of ​​creating the Cardano cryptocurrency belongs to Charles Hoskins, a famous programmer who was involved in the development of Ethereum, but left the project even before the ICO was launched. Charles created a strong team of professionals, whose active work allowed Cardano to see the light of day.

  • Public relations support and popularization of the Cardano cryptocurrency;
  • Provide information on development, upcoming innovations and changes;
  • Monitoring the implementation by the Cardano team of the plan outlined in the Cryptocurrency Roadmap;
  • Influence government and regulatory bodies;
  • Conclusion of strategic alliances with companies interested in implementing blockchain technologies in their products.

Technology — Ecosystem

When forming a transaction on the Cardano blockchain, you send a whole series of data, such as: who transferred the coins, to whom, where, how much, what are the transfer conditions, why the transfer was made.

  1. Settlement level (Cardano Settlement Layer (CSL)) — This level is responsible for the economy of tokens and the balance of user accounts. Through transactions, you can send Cardano’s “mother” currency, which is called ADA. The information is written as follows: 3 ADA from wallet A to wallet B. Simply put, the CSL level consists of the code that is responsible for the implementation of ADA and user accounts in the Cardano system. This layer is very flexible and easily customizable, so it can be used as a standardized transaction protocol in the future.
  2. Control Layer (Cardano Control Layer (CCL)) — This layer is responsible for launching smart contracts and also supports some regulatory functions, for example digital user identification.

Advantages and disadvantages of Cardano

Advantages of Cardano:

  • It is the only currency that uses a mathematically proven security protocol, as well as the Haskell programming language, which allows code to be mathematically correct and protected from potential human error.
  • Improved scalability of the Cardano network through the use of a two-tier blockchain.
  • The developers plan to implement quantum digital signatures, which would theoretically make the Cardano blockchain safe from being hacked by quantum computers.
  • The team clearly follows the established roadmap and regularly publishes progress reports.
  • The project has a strong team backed by three major organizations and scientists from the world’s leading universities.
  • The ADA token sale has been audited successfully. The results of the verification have been published on the company’s website.
  • The consensus protocol and platform to launch smart contracts are still under development. At the moment, decentralized applications cannot be developed on the Cardano blockchain, which is a very good opportunity for competitors to take their ‘place in the sun’.
  • The presence of serious competitors against Ethereum (in which the dAapps launched by other companies are already running) and NEO.

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