Cardano (ADA) was created to secure the world of cryptocurrencies. But how can this be done compaered to competitors like Bitcoin or Ethereum?
The cryptocurrency focused on security
Cardano is a smart contract platform similar to Ethereum, with particular attention to safety through a layered architecture. It is the first blockchain project to be created by scientific philosophy and built on academic research.
The team is building Cardano thinking of both the end user and regulators. They are trying to find a middle ground that balances the need for regulation with the principles of confidentiality and decentralization.
How does Cardano work?
The platform uses the Haskell code, a programming language with a high degree of fault tolerance. With the relatively unknown future and the complexity of blockchain-based systems, it is important to create flexible projects. It is almost impossible to know what a system can implement in months or even years, so it is important to have a robust language like Haskell that allows some margin of error.
Daedalus is an open source walletcreated by the Cardano team. Although this wallet is closely associated with Cardano, the team is planning to significantly expand its capabilities. The wallet will eventually be a multi-currency portfolio in which the supported currencies can be freely exchanged. The walletwill begin expanding support with Bitcoin and Ethereum Classic.
It will also include an app store containing applications created by the Daedalus community. The latter is currently only available on the web, but will soon be available on iOS and Android.
Investing on Cardano
Cardano’s blockchain is similar to that of Ethereum, which reflects decentralized applications (DAPPS) and smart contracts can be built on the blockchain.
However Cardano focuses on some fundamental elements:
the first blockchain must be developed by a scientific philosophy;
regulatory focus and compliance;
Cardano aims to integrate with all other major cryptocurrencies without the use of third parties, which could lead to small problems such as: commissions or slower transactions. This company is a good investment for the reasons mentioned above and the fact that it is on the market only from October.
Where to negotiate ADA
Cardano can be found as ADA on: Upbit and Binance, which represent the overwhelming majority of the trade volume of this cryptocurrency, registering respectively 70% and 12%, in the last 24 hours (you can view volumes live on coinmarketcap).
As an smartcontract platform, Cardano is competing with similar and new encryption projects, in particular Ethereum. The team is trying to separate by focusing on scalability through research and highly secure coding practices.
White Paper and Road Map
The company’s white paper contains many useful information. I will list one but you can find everything in detail directly by clicking here
Money is as safe as the secret key that allows you to spend it. This means that storing the key on a USB stick is equivalent to having notes in a safe. Absolutely no one can steal this money even by making a successful cyber attack.
There are many objectives within this company’s road map, which can be verified by clicking here.
Cardano is an ambitious project that tackles a large number of problems in the cryptocurrency industry. After seeing the potential security flaws of Ethereum, through hacking on dao and the recent fiasco of the Parity portfolio, it is nice to see that Cardano focuses on code control and security measures.