Thursday, 27 December 2018 20:55

Cardano ADA: Cryptocurrency Coin Review

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What is Cardano? Cardano (ADA) is a blockchain which aims to be more advanced than any other in the cryptocurrency space.

Cardano is a project that is committed to a highly academic, peer-reviewed scientific philosophy.

This means that IOHK, the firm tasked with building Cardano, have a team of over 160 expert engineers, scientists and researchers focused on delivering the aims set out in the Cardano roadmap.

Built on Haskell

Haskell is the highly secure programming language that Cardano is built on. Cardano is also the only coin currently built on Haskell. Haskell is described by IOHK as an industrial strength product that delivers the resilience necessary for mission-critical systems. IOHK are also developing their own smart contract programming platform. Working in conjunction with RunTime Verification, IOHK is implementing a Virtual Machine (IELE) which allows programming languages to be run on top of K-Framework. This means that any programming languages described by K can be written as smart contracts on the Cardano platform. This is in stark contrast to other smart contract platforms such as Ethereum, which require the contract creator to use Solidity. IOHK are also developing their own smart contract programming language known as Plutus, similar to Haskell.

The Three Pillars of Cardano

Cardano is built on three pillars of scalability, interoperability and sustainability.

Scalability:

According to the Cardano Foundaton, the Cardano protocol achieves ~200 transactions per second. Furthermore, they are working on Sharding, and have proposals for Sidechains which allow blockchains to communicate and interoperate like APIs.

Interoperability:

Interoperability means that blockchains should be able to interact with each other as well as with legacy systems such as banks. Cardano is focused on offering support in the protocol so that banks can implement compliance in transactions while also using Sidechains protocol to move between chains.

Sustainability:

Cardano is building a treasury system to fund future developments of the protocol. This means that a small percentage of staking rewards will go to a central pot, and allocated to parties who wish to carry out work on the protocol. As Cardano is decentralized, updates and improvements to the protocol will be voted on via Liquid Democracy. This means that ADA holders can delegate their votes to informed parties who are more knowledgeable in certain areas of blockchain development. For example, a marketing expert could vote on marketing developments in Cardano, while a software engineer could vote on engineering projects.

Cardano’s Vision for The Future

The vision for Cardano is to become the financial stack for 3 billion people in the world. This is according to Charles Hoskinson, CEO of IOHK, the firm tasked with building Cardano. As part of this vision, Cardano is investing heavily in developing partnerships with emerging African markets, such as Ethiopia. A Memorandum of Understanding was signed between Ethiopia and IOHK to begin training Haskell developers to build on Cardano’s platform. Cardano has already run several Haskell training and recruitment courses in Athens and Barbados.

Exciting ADA Developments:

In 2019, Cardano aims to be the first blockchain based on the first peer-reviewed provably secure Proof of Stake protocol, known as Ouroboros. Proof of Work is what most cryptocurrencies, such as Bitcoin and Ethereum, are founded on, in order to secure the network. However, Proof of Work requires vast amounts of energy to sustain. Bitcoin, for example, consumes more energy in a year than the country of Ireland. While some cryptocurrencies currently run on Proof of Stake, Cardano will be the first to implement one that has been peer reviewed at the highest academic standards.

Cardano will also be available for Ledger Nano S devices in 2019. At present the only cold storage means of storing ADA is Trezor. Cold storage on Ledger will allow users to stake their funds while storing their funds securely.

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