Cardano

Cardano is a decentralised smart contract all-in-one platform which aims to have the capability to handle agreements between institutions using smart contracts and allow apps to build on the platform. ADA is a digital currency, which can be used to send or receive funds.
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Price
Basic
Announcement Date:
2017-09-19
Initial release:
2017-09-19
Hash function:
PBKDF2 derivation algorithm with HMAC-SHA512
Smart Contract Support:
Yes
Smart Contract Language:
Plutus
Consensus Mechanism:
Proof-of-Stake (PoS)
Cardano101

What is Cardano?

Cardano is a decentralised smart contract all-in-one platform which aims to have the capability to handle agreements between institutions using smart contracts and allow apps to build on the platform. ADA is a digital currency, which can be used to send or receive funds. Furthermore, the Cardano platform will allow legal agreements that underpin business and commerce to be handled and another layer able to run decentralised Apps (“Dapp”) and services.

Cardano was launched in September 2017 after 2 years of development where it utilised academically peer-reviewed open source code (i.e. experts read their papers, improve them and agree with the outcome) which differs from the traditional development approach of producing a whitepaper and implementing its way to code. Cardano’s focus on collaboration with experts to produce a library of papers is seen as a key strength compared to competitors such as Ethereum and NEO as it connects the world leading scientists, academia, cryptographers and engineers in its development.

 

How does Cardano work?

Cardano is considered to be a 3rd generation blockchain (Bitcoin being #1 & Ethereum #2) as it has identified the drawbacks & constraints of previous generation (mainly scalability and the ability of seamless integration with other cryptocurrency).

  • Scalability: Cardano uses the Ouroboros Proof of Stake algorithm as its consensus algorithm, which is regarded as the most important part of the protocol as it defines how the nodes reach consensus about the state of the ledger. Proof of Stake is beneficial as it brings more secure voting, improved scalability and more advanced incentive schemes. Perhaps most importantly, proof of stake reduces energy and electricity costs associated with the traditional proof of work method used by Bitcoin.
  • Integration: Cardano aims to be ‘the internet of blockchains’ and allow for seamless transfer of assets across different blockchain technologies. They are still in the early stages of this development but the interoperability of its technology would be seen as a significant differentiator should they succeed.

 

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