The Cardano: 6 Things You Ought to Know
Cardano is a digital currency that stores value and sends and receives funds. Charles Hoskinson, Ethereum’s co-founder, developed it in 2015, and it launched in 2017. It is an open-source, third-generation cryptocurrency and is an updated version of Ethereum. This cryptocurrency uses blockchain technology and facilitates peer-to-peer transactions. Cardano gets its name from the Italian mathematician Gerolamo Cardano. The platform’s primary digital currency “ADA”, is named after an English mathematician Ada King, Countess of Lovelace and poet Lord Byron’s only child. Cardano aims to generate a decentralized application (DApp) development platform. The blockchain constructs smart contracts to create decentralized applications and practices. Cardano has three stakeholders, Cardano Foundation based in Zug, Switzerland, Input-Output Hong Kong (IOHK), and Emurgo, a worldwide initiative. The following are characteristics of Cardano:
<h2> 1. Transaction Speed</h2>
When first tested in 2017, Cardano could process 257 transactions per second (TPS) while Bitcoin 4.6TPS, and Ethereum 15-20 TPS, a higher speed than the first and second-generation cryptocurrencies combined.
<h2> 2. Ouroboros Algorithm </h2>
Cardano runs on the Ouroboros protocol, a proof-of-stake (PoS) model to distribute rewards to miners, saving energy costs and enabling faster transaction processing. Ouroboros, built on scientific and mathematical ideologies, improve the skill and security of the platform. Bitcoin and Ethereum are proof-of-work (PoW) currencies run by many nodes connecting to a blockchain. Cardano is eco-friendly since it uses PoS, designed to reduce energy expenditure. It consumes the same energy as 600US homes each year, while Bitcoin consumes the same energy as the Netherlands each year and Ethereum the equal to a small country like Portugal.
<h2> 3. CSL and CCL</h2>
Cardano’s architecture comprises the Cardano Settlement Layer (CSL), which powers the Cardano unit of account and facilitates peer to peer transactions. Cardano Computational Layer (CCL) is the lifeblood of the Cardano network maintaining the chain’s security.
<h2> 4. Decentralized Applications </h2>
DApps work like computer programs that run definite purposes for users. Both Cardano and Ethereum use smart contracts and decentralized applications. Cardano considers itself an upgrade of Ethereum since proof-of-work is less flexible than the proof-of-stake Ouroboros consensus protocol.
<h2> 5. Use of Layered Blockchain </h2>
Cardano can track transactions and stock information since it uses a layered blockchain and a second layer called Hydra. This feature enables Cardano to have high TPS than other cryptocurrencies.
<h2> 6. Value </h2>
Cardano has a value of approximately $2 as of 2021 and has the fourth largest market cap of $64 billion. Ethereum and Bitcoin at the same period had a value of $2800 with a market cap of $250 billion and $40,000 with a market cap of $750 billion simultaneously.
In conclusion, Cardano, like the other tokens, is suitable for financial payments, and it is also used for traditional payment, making it a popular crypto asset.
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