How Cardano Can Topple Bitcoin and Ethereum
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Of course, you have heard about Bitcoin and Etherium. These are both leading cryptos that are entirely different from each other. But in a way, both of them had tremendously shaped the future of digital money and, undoubtedly, our world.
Bitcoin and Ethereum both brought forth tons of altcoins and tokens to the market. But one of these new coins, Cardano, stands as the perfect mix of the two.
Bitcoin functions as a decentralised peer-to-peer system run by blockchain. Using the same tech, Ethereum was developed as a platform that can produce its own token and uses smart contracts. These contracts give apps or tokens built on the platform that will only be done after the requirements set by the user is met.
Cardano mixes these star features in its own blockchain-run smart contracts platform. The cryptocurrency currently holds a great potential to become a leading crypto and software, even equalling that of BTC and ETC.
Interested? You’ll find out what you need to know about Cardano in this cryptocurrency blog.
More Than a Crypto
Cardano houses a cryptocurrency named ADA. It is a coin equipped to fulfil digital exchanges of funds through the efficient use of cryptography. However, Cardano and Ada have surpassed being a crypto.
The Cardano platform is a project designed to be able to process financial processes as much as transactions. Like other cryptos such as ETC, it also uses smart contracts in its blockchain technology. Aside from these, Cardano can also be used to run decentralised applications or Dapps.
What makes it different, however, is how it operates through a system of two layers. This means that whenever the system is upgraded, Cardano does not need big adjustments or a reboot. It allows for flexible and regular maintenance.
The ADA currency is on a different level from the smart contracts, ensuring that both functions are in their optimal state. In terms of the Dapps, Cardano ensures that the software is not held by any party and is kept secured through blockchain technology.
If you think that the platform operates somehow similar to Ethereum, you are not mistaken. This is because Cardano was founded by Charles Hoskinson and Jeremy Wood. These two are co-founders of Ethereum, although they had left shortly after development.
They built their own company in 2015. Creating Cardano, they launched the first ICO in the platform, gaining over $60 million.
Today, Cardano stands strong with a network of academics, engineers and scientists that are developing the platform. It is also continuously upgraded, studied and promoted by three bodies— The Cardano Foundation, EMURGO and IOHK.
● The Cardano Foundation
The foundation functions as the part that continuously studies, develops and protects the crypto side of Cardano. They are tasked with a bunch of tasks involving ADA.
This body is the one that looks into possible commercial connections of Cardano to entrepreneurs in the industry. EMURGO takes charge of inviting startups, some existing businesses and potential partners in the industry
● IOHK (Input Output Services)
The pioneer group led by Hoskins and Wood. The group continuously designs and maintains the Cardano platform.
Instead of starting with a white paper, the developers of Cardano first sought out ways to create a new and innovative system. They combined designs, engineering and philosophy practices.
Here are some of the best practices of Cardano based on their official site.
● Layered and separation of accounting (ADA) and computations (Smart Contracts)
● Codes for core components of the system
● The use of peer-reviewed research
● A large interdisciplinary team of researchers and developers
● Continuous software reviews for correction
● Network ability to include ‘ post-deployed systems’
● Decentralized Monetary
● Availability on Mobile
● Considering the possibilities through social commerce
Since Cardano was created from the features of the original (Bitcoin) and a second-generation coin, it is considered as a third-generation coin. In pursuit of further progress, the coin continuously adapts to new needs and innovations from more than 1,000 coins in the community.
Cardano was built to actively develop as cryptos change with time. With the combined features of BTC and ETC, this is not too far from reality and it might just land in the top cryptos soon.
Be sure to find out more about Cardano and other cryptos!