What is Cardano?
Cardano is a decentralized smart contract platform that it allows for smart contracts and development of decentralised applications. Established by an ex-Ethereum Co-founder, Cardano aims on improving on Ethereum by offering low-cost, secure and scalable transactions. To improve smart contract security, Cardano uses the programming language Haskell which has been proven to be easier to audit and formally verify.
In addition, Cardano openly addresses the need for regulatory oversight whilst maintaining consumer privacy and protections through an innovative software architecture.
Founder Bio: Charles Hoskinson
Charles Hoskinson is a co-founder of Ethereum and founder of Ethereum Classic. The has been extensive experience working with smart contracts and working in the programming language Haskell. He is an outspoken critic of Ethereum, believing that “code is law”. Charles 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 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 users’ privacy rights while 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 Proof of Stake
Cardano using a formally verified Proof of Stake consensus called Ouroboros. Proof of Stake offers a way to secure a network without wasteful use of electrical energy (there will be no mining). Cardano researchers have proven that their variant of Proof of Stake is just as secure as the more popular Proof of Work algorithm.
Is Cardano the Future?
Many smart contract users believe that Cardano holds the key for long term secure development. This because of the numerous hacks and vulnerabilities in platforms such as Ethereum. Cardano founder Charles Hoskinson has criticized Ethereum as a “rushed product” with vulnerabilities which led to famous hacks such as The DAO. This could be viewed as a symptom of the flaws in Ethereum’s programming language, Solidity. Cardano improves on this by allow for development using Haskell which can be formally verified.
Critics of Cardano have pointed to the slow development and overly ideal goals of the project. Many of the features such as proof-of-stake and smart contract support is not complete and even launched with missing core features. One example is Cardano’s Proof of Stake Ouroboros which was launched as a centralized proof of concept product.
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 supply. ADA will allow users to send value between two parties, pay for goods or services, 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
What is Daedalus wallet
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 there are 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 Cardano’s innovative hierarchical deterministic wallet implementation. This will give you more control over how your funds are organised. It also has powerful backup features to help 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.