Cardano is a smart contract platform and the product of a scientific approach toward solving the most pressing issues of blockchain projects; security, decentralization, incentivization and system flexibility. It is built on a vision to bring the benefits of the civilized world to communities.
Issues of Blockchain projects
– the existing banking system is too expensive to be implemented
– credit is hard to get
– the lack of a stable identity makes trust difficult
Cardano is a fully open source, decentralized blockchain and allows different Blockchains to communicate. That will drive the adoption of Cardano since interoperability ensures compliance in transactions. Their project was the first to be built on peer-reviewed academic research and one of the pioneers including a multi-layered network, HD wallet and a community-governed treasury.
However, it has been hailed as a blockchain 3.0 network and severely lagged behind the likes of Ethereum and EOS.
Cardano was designed to be the first protocol that will balance privacy and regulation, and it is written in the Haskell programming language known for its strong security. The ADA cryptocurrency was the first application and designed to be the native currency of the Cardano platform.
After releasing the Cardano 1.4 update, it started picking up steam including multi transactions, paper wallets and quantum resistance, etc. Cardano basically makes the energy-consuming PoW algorithm obsolete.
Cardano is scalable and can achieve faster transaction speeds with the upcoming chains. It recorded over 70,000 transactions during its first year. Cardano has struggled with tangible adoption threatening its eventual success against active competitors. We are looking forward to come the future of Cardano technology.