What is Cardano Cryptocurrency (Ada Coin) ?

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ADA Coin Price

What is Cardano Coin? A Quick Summary

Cardano Cryptocurrency is a decentralized public blockchain.

It is an entirely open source blockchain built by a team of academics and engineers aimed at helping to create the premiere smart economy.

Cardano features the ADA Cryptocurrency as the currency of the platform.

Similar to Ethereum, this coin will feature the ability to create Dapps and code the smart the economy in the prevailing technological world.

The History of Cardano (ADA Coin)

Cardano was created in 2015 to change the way the Cryptocurrency industry works and functions.

As the idea was born, it started without a design principle or a white paper. Instead, it explored the route of multiple different ideas to improve the space.

What they ended up building was a library of papers with scripting language overview and much more - finding a few flaws in most Cryptocurrency.

They realized that most Cryptocurrencies aren’t layered, don’t use basic Cryptographic protocols, and don’t make accommodations for future updates.

Cardano has been in a steady development since.

Today it is in the top 10 cryptocurrencies and currently sits at:

Who is The Cardano Cryptocurrency Team?

The ADA Cryptocurrency team is a combination of three different institutions.

The Cardano Foundation

This foundation is based out of Switzerland as a body to help both works with the regulatory agencies and ensure that quality is on point for its users.

Their chairman, Michael Parsons, has been involved with Cryptocurrency since 2012.

You can find his LinkedIn profile here - Michael Parsons

The Cardano foundation helps with (1):

  • To Study and Propose Blockchain and Cryptocurrency Regulation
  • To act as a Blockchain and Cryptocurrency Standards Body
  • To Protect, Enhance and Evolve the Cardano Ecosystem
  • To Aggregate, Educate and Grow the Cardano Community
  • To Serve as an Objective Organization for Enterprises to Join

Emurgo

Emurgo has development centers in South Korea, the Philippines, Vietnam, and is headquartered out of Japan.

Unlike the Cardano Foundation, Emurgo helps to incubate startups.

For Cardano, they are both helping with direct investment into start-up ventures and by developing commercial partnerships who want to use blockchain technology to revolutionize their industries.

IOHK

The last organization partnered with Cardano helps lead Cryptocurrency research and development technology.

They hold the contract until 2020.

Founded in 2015 by Jeremy Wood and Charles Hoskinson they specialize in engineering being committed to helping to provide financial services to the 3 billion unbanked in a p2p manner.

What Is Cardano Coin’s Purpose?

This Cryptocurrency was developed with a few intentions.

They wanted to stick to the original intention of Satoshi's which was to create a distributed and resilient network.

Thus they want to try and help get the 3 billion unbanked, banked while improving the Ethereum smart contract platform.

Subsequently, they will create an entirely functioning smart economy.

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The Benefits and Special Features of ADA

The Cardano Settlement layer (CSL) - A Secure Proof-of-Stake Protocol:

With Ethereum and many other cryptocurrencies, proof of stake is controversial.

Many people think that proof-of-work is the most secure way to conduct and run a secure peer-to-peer blockchain.

Although, Cardano researched to create a secure and adaptive proof-of-stake (POS) model (2)(3.)...

For a few reasons such as:

  • To introduce secure voting
  • It has a better capacity to scale
  • Has a more exotic incentive scheme

This POS model called Ouroboros allows for features like delegation, side chains, random number generation, the ability to structure light clients, and subscribable checkpoints.

All of these together help ADA coin have an ability to scale.

Scripting:

Support two sets of scripting languages, one to move value and another to enhance overlay protocol support.

Cardano uses the scripting language Simon for easily understandable security and execution, while the other language Plutus is for general purpose smart contracts and special purpose DSL for interoperability.

Sidechain Support:

The design of these side chains comes from something called proof of proof of work.

The concept allows for the secure and non-interactive movement of funds from CSL to any Cardano Computation Layer or other blockchain supporting the protocol(4).

Signatures:

Cardano uses many different types of signatures.

Mainly it's using an elliptic curve signature, as well as adding support for HD wallets.

They will be adding BLISS-B to help improve the protection and include quantum resistant signatures.

As the team develops on its roadmap (5) utilizing soft forks, they will be able to add more signature types.

User Issued Assets (UIAs):

Ethereum has ERC20 standard tokens, such as SUB or PAY that exist on that platform.

The ADA coins will be used to solve the resources, concerns, and incentive structures which they have been making headway on.

In early 2018 they will have more on how the progress has been going.

Scalability For More Users Without Decreased Efficiency or Congestion:

Using the Ouroboros consensus protocol (POS), it will help Cardano coin scale at a faster rate than most Cryptocurrency.

Ouroboros uses a decentralized means to elect quorums which are consensus nodes.

This allows the network to select multiple quorums concurrently and partition transactions to different quorums.

What is a Quorum?

The minimum number of members of an assembly or society that must be present at any of its meetings to make the proceedings of that meeting valid(6).

In other words, some nodes on the network that allow an action/transaction to take place.

The Cons Of Cardano

Cardano is currently still in development, and much of it is still to be developed.

Otherwise, it lays a solid foundation for a Cryptocurrency to be built upon.

What We Think of Cardano ADA

Cardano is an interesting coin.

The ADA coin has a lot of potential when it comes to being a platform to build on.

Not only do they have a solid team built on PHDs, engineers, and people with experience in building cryptocurrencies (as their co-founder worked on Ethereum)...

It has a lot of room for growth.

The technology behind their mission is solid, but they also can grow in market capitalization and investments.

We currently do hold Cardano and like the mission of helping to provide materials to the 3 billion unbanked.

If you are interested in getting Cardano check out our free guide to buying alt-coins and make sure to look for ADA.

If you liked this review and want to help support the academy donate some Ethereum below!

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February 22nd 2018, 23:58