Today let’s do an analysis of one project that got everyone by surprise last Oct 1st, 2017 when a not very known cryptocurrency called Cardano — or ADA, as its corresponding coin is called — showed up on Coinmarketcap with a market cap of about $600 million, getting the 15th position out of nowhere. Nowadays, this project has climbed all the way up to the 6th position by market cap, only surpassed by Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin with a market cap of $5,6 billion reaching its all time high at $10 billion at the end of the year.
Cardano is a decentralised public blockchain and cryptocurrency project and is fully open source. Cardano is developing a smart contract platform which seeks to deliver more advanced features than any protocol previously developed. It is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach. The development team consists of a large global collective of expert engineers and researchers
Cardano is considered a third generation cryptocurrency, referring to Bitcoin and Ethereum as first and second generation cryptocurrencies as they were the first of their kind, making impossible to their teams to be ready for all the potencial problems they could find out on the way. Cardano has the benefit of starting from scratch knowing the history of its predecessors.
Cardano claims to be able to solve all the issues other existing projects are suffering, providing secure code written in Haskell, a programming language typically used in critical systems in the banking and defense industries, also, every time the team gets involved in some proposal, they write a paper, that is after reviewed by cryptographers and experts.
Cardano’s own Proof of Stake algorithm, Oroborous, is already running on their network and its first layer, the settlement layer, which is similar to Bitcoin, is also live.
Cardano will have a treasury system, funded through 25% of block rewards. ADA token holders can vote on how to spend that money.
Cardano is still far from production ready. Its second layer, the control layer, which is similar to Ethereum is still undergoing testing. Until then, no dApps can be developed and no ICOs conducted.
Its adoption is a disadvantage right now against its competitors. Ethereum already supports over 800 dApps. NEO is rapidly supporting more applications, while Cardano would need to convince developers for using its platform.
Ethereum plans to implement scaling solutions like Casper would narrow the number of advantages for choosing Cardano instead.
Cardano looks very promising but there are a lot of projects trying to be the Bitcoin or Ethereum Killer, this year will be really important for all these projects and the rivals are not going to make it easy. The process of checking every little change with academic validation could make the project not to move fast enough, but is true that the project already has a network working with their own Proof of Stake algorithm, Oroborous, while Ethereum has been working on this for three years already.
IMPORTANT: Never invest money you can’t afford to lose. Always do your own research and due diligence before placing a trade.
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