Cardano is a blockchain protocol similar to Ethereum in that it allows for smart contracts and development of decentralised applications. It aims to achieve this in a low-cost and scalable way. Cardano also differs in that it will also focus on security and compliance. It will openly address the need for regulatory oversight whilst maintaining consumer privacy and protections through an innovative software architecture.
Cardano is being led by former Ethereum co-founder, Charles Hoskinson. He is now CEO of IOHK, and they have devoted a large team of expert engineers and researchers to build Cardano from the ground up. Cardano will be driven by peer reviewed academic research.
Cardano – the blockchain protocol
The platform is being constructed in layers. This gives the system the flexibility during maintenance and allow for upgrades by way of soft forks. After completion of the settlement layer that will run ADA, a separate computing layer will be built to handle smart contracts. Cardano will also run decentralised applications, or dapps, services not controlled by any single party but instead operate on a blockchain.
- Cardano will use Ouroboros. This is a ground breaking Proof of Stake algorithm developed by the IOHK team and peer reviewed. Ouroboros is a provably secure Proof of Stake system with a rigorous security analysis.
- Cardano will be built in Haskell code. Haskell uses a math based approach that results in a much more secure and reliable protocol.
- The protocol is geared towards protecting privacy rights of users, while also taking into account the needs of regulators. In doing so, Cardano is the first protocol to balance these requirements in a nuanced and effective way, pioneering a new approach for cryptocurrencies.
- Cardano will also be completely open source and patent-free.
Cardano (ADA) and uses for the token
Ada (ADA) is the name of the cryptocurrency on the Cardano blockchain. It will have 45 billion total suppply. ADA will allow users to send value between two parties, pay for a good or service, deposit funds on an exchange, or enter an application.
ADA will also be used to power the transactions on the Cardano network.
ADA can be traded on Binance – https://www.binance.com
Cardano wallet – Daedalus
Daedalus is a highly secure wallet created for storing ADA for use on the Cardano network. It is currently the only wallet that supports Ada and also plans to support other cryptocurrencies such as Bitcoin, Ethereum Classic and many more in the future.
Daedalus will offer:
- Unlimited Accounting – Manage any number of wallets with the innovative hierarchical deterministic wallet implementation. Have more control over how your funds are organised. Use powerful backup features to recover your funds anytime.
- Advanced Security – Cardano will not hold your keys. They use the most advanced cryptography in the world to ensure safety from attack and offer spending passwords and seeds for all your accounts.
IOHK website https://iohk.io/
Ouroboros whitepaper https://iohk.io/research/papers/#9BKRHCSI