The developers of Cardano, the project dubbed the Ethereum of Japan, recently announced that they have rethought their technology from zero, and that thanks to this revolution they believe they have a new card to play to beat Ethereum and Bitcoin. But how, precisely, would it pretend to challenge the two giants of the cryptocurrency market?
At this time, Cardano is ranked seventh in the ranking of the most capitalized cryptocurrencies, the same in which BTC and ETH appear in first and second place, followed by Ripple and Bitcoin Cash. With the Litecoin rather stable in fifth position, the ADA of Cardano plays against NEO, another very interesting reality that is getting very successful in the last days.
What is Cardano on? On scalability
Cardano aims to solve the problems that most afflict other cryptocurrencies, such as those related to flexibility, limitations due to the protocol, the slowness of transactions and their costs. For all these problems, Cardano proposes a new revolutionary, flexible and ‘democratic’ cryptography system.
According to the developers of the digital coin, if Bitcoin represents the first generation of cryptocurrency and Ethereum the second, ADA sees itself as a third-generation blockchain network that will solve problems that currently frustrate the blockchain space, while ensuring that its technology is peer-reviewed and implemented in a high assurance manner. If Bitcoin launched the blockchain decentralized technology, Ethereum has added smart contracts to this technology, with rules and protocols programmed during the transaction. ADA in this regard places at the center of the whole problem of scalability.
To achieve its goals, the Cardano project is proposing a layered architecture where it splits its stack into two layers, which will function in a coupled manner, but maintained as two distinct parts of the system.
At the moment of writing, sccording to the data provided by coinmarketcap, ADA is traded at 0,3092 $