Cardano was first launched in September 2017, following two years of development. It is an open source, decentralized cryptocurrency project. It is the first ever blockchain to follow a research-first driven approach. Contrary to the usual, this cryptocurrency project was built around peer reviewed papers. Rather than formulating a standard whitepaper and converting it to code, the Cardano project ensured that the experts understood and agreed to the papers. Moreover, every expert and researcher in the team gets to vote on all the budgeting moves. They drafted in collective expertise of engineers and researchers from around the world. Cardano presents Daedalus, a secure, HD wallet to use ADA cryptocurrency. You can view history of all the transactions you have made. Cardano aims to be a well thought of blockchain network with no issues and problems that other blockchain networks are facing and all this will be brought up by research, analysis and the development by competent team, this is the reason why Cardano is already looked upon as a trusted brand name and high potential project for the future of blockchain and crypto world.
Evolved to be Efficient
It aims to develop a smart contract platform that is more advanced than ever before. Moreover, the company bills itself as the 3rd generation of blockchain and cryptocurrency. By using future proof model, it worked effectively on sustainability, scalability and interoperability. Its Ouroboros system employed Proof of Stake (PoS) model even before Vitalik Buterin proposed it for Ethereum 2.0. It uses Recursive Internetwork Architecture (RINA) to categorize all the nodes into sub-network, thereby eliminating the need for constant updating across all nodes. To help with the uphill task involving storage of all transactions in the network, Cardano devises pruning, compression and partitioning methods.
To improve on sustainability, Cardano has some effective plans. It creates a treasury where all the ICO money goes, which will be distributed for developers during progress. The developers have to make an investment proposal stating what they want to change and how much money they need for it. The community votes on proposals which they think are most important. Over the course of time, the treasury funds the popular proposals to develop the improvements suggested. The treasury model keeps Cardano sustainable by providing continuous stream of money for research and development.
Internet of Blockchains
To counter issues with interoperability, Cardano wants to act as the internet of blockchains. In addition, it allows users to optionally add Meta data to their transactions. It stops the fleeting banks from shying away from cryptocurrencies. At the same time, the Cardano team understands all of it is sensitive data. Overall, Cardano is an ambitious project with lots of goals. Evidently, price of Cardano ADA has increased manifold in the last couple of years. The cryptocurrency fraternity is hopeful that it will improve by leaps and bounds in coming years.