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Cardano is a decentralised public blockchain and cryptocurrency project. The development team consists of a global group of experienced engineers and scientists. The goal of the Cardano project is to build a better blockchain that solves the problems faced by existing projects such as Bitcoin and Ethereum. In this article, we take a look at all the features of Cardano and explain why you should invest in it!
How much is Cardano worth now?
Cardano’s live value today is €0.236805 and the 24-hour trading volume is €90,159,417.
We update the price of cryptocurrencies like Cardano in EUR in real time. Cardano’s price has changed by 0.34% in the last 24 hours.
The current position in cryptocurrency market capitalisation is #8 and the real-time market capitalisation is €8,303,527,870.
What is Cardano and how does it work?
Cardano is a cutting-edge cryptocurrency that leverages a unique proof-of-stake system to protect its network. Ditching the proof-of-work system that other cryptos use, which needs miners to verify transactions, Cardano empowers users themselves to verify and approve transactions.
This makes Cardano more decentralized than other cryptocurrencies, slashing the chances of 51% attacks by half. Cardano also harnesses a one-of-a-kind algorithm called Ouroboros, giving it a green edge over other proof-of-stake systems. Although it’s still in development and not widely available, Cardano could skyrocket to the top of the cryptocurrency market soon.
The history of Cardano
They signed on to work on Cardano from 2015 to 2020. The Cardano Foundation is a non-profit organization focused on developing the Cardano core and its value ecosystem. Emurgo, a Japanese venture capital firm, rounds out the trio. Cardano’s full launch consists of five phases: Byron, Shelly, Goguen, Basho, and Voltaire.
The Byron era kicked off in September 2017, launching the Cardano blockchain mainnet. Shelly began in July 2020, unveiling Cardano’s Ouroboros Proof-of-Stake (PoS) protocol. The third phase, Goguen, is in progress, and will add support for smart contracts and local tokens. Cardano’s development teams, IOHK and Emurgo, are investigating the remaining phases, Basho and Voltaire, concurrently with Goguen.
How does the Cardano blockchain work?
Cardano is a decentralized public blockchain and cryptocurrency project. It shares similarities with Ethereum, acting as a platform for smart contracts. However, Cardano’s primary aim is to offer a more secure and scalable platform for smart contracts.
A Two-Layer Masterpiece: CSL and CCL
To achieve this ambition, Cardano deploys a unique multilayer architecture. The Cardano Settlement Layer (CSL) is the first layer, handling ledger account balances. The Cardano Computation Layer (CCL) makes up the second layer, executing smart contracts and calculations. The Ouroboros proof-of-stake consensus algorithm used by Cardano provides enhanced security and scalability compared to traditional proof-of-work algorithms. This design makes Cardano a highly efficient and adaptable platform for developing decentralized applications.
The Power of Proof of Stake
Cardano uses a proof-of-stake protocol. More precisely, a delegated proof-of-stake protocol. In general, proof-of-stake protocols have the advantage that developers can control exactly the conditions under which a user can become a participant. Interested parties have a certain number of coins. This number of coins entitles them to verify transactions in a decentralised network. If an interested party only pursues its own benefit, e.g. tries to manipulate transactions to its own advantage, the protocol recognises such behaviour and immediately excludes that party from the network.
This includes the complete loss of the coins held. In some circumstances, this can be very costly for the stakeholder. If a stakeholder behaves according to the rules, it is part of a decentralised network with other stakeholders. All stakeholders have the possibility to verify transactions and control them according to the appropriate protocol.
The more stakeholders verify a transaction, the more likely it is that it has been performed correctly. Stakeholders are rewarded for managing the node by verifying a block of transactions. The dPoS algorithm allows stakeholders to select so-called consensus nodes. These nodes perform a special task: they verify the correctness of transaction blocks that are included in the blockchain. Each stakeholder has the possibility to personally manage a consensus node, if selected. Furthermore, each stakeholder can select any other stakeholder. This benefits both parties, regardless of whether they have the right to vote or are elected. Stakeholders who elect another stakeholder are rewarded if the elected stakeholder is able to manage the consensus node. Each consensus node receives a higher reward.
This not only motivates stakeholders to manage the consensus node themselves, but also to vote for consensus nodes. Cardano uses the delegated proof-of-stake algorithm Ouroboros. This algorithm was developed on a scientific basis as a result of an intensive collaboration between the Tokyo Institute of Technology, the University of Edinburgh, the University of Connecticut and Input Hong Kong. As with Cardano himself, each stage of development was scientifically reviewed several times before being incorporated into the protocol.
Ouroboros works with so-called temporal epochs. Within each epoch, there are several time intervals, so-called slots, which represent potential blocks. The algorithm provides a random consensus node that can select a slot and fill it with transaction information. Once a block is created, it is passed on to other nodes to be checked.
At each epoch of time, all newly created tokens are combined and then distributed among nodes according to their share. If a forest is to be harvested and only a certain time period is available for each square metre, the forest host with the most wood has the opportunity to harvest the next square metre. Since he has the largest amount of wood, he is chosen by the other woodcutters for this task. If he is selected, he can cut another square metre within a certain time frame. The entities that have selected this woodcutter will share in his profits.
They keep a certain amount of timber to vote on, which they can sell to support themselves. After this period, a new logger is elected and the yield is shared among all loggers. The advantage of the delegated proof-of-stake algorithm is that consensus nodes can simultaneously process multiple slots in many different blockchains. This solves the problem of scaling. The platform uses the concept of sharding currently implemented in Ethereum.
ADA – Cardano cryptocurrency token
ADA is a proprietary token for the Cardano blockchain. It is used to power all transactions on the network and to reward users who participate in consensus. ADA holders can also pledge their tokens to receive rewards. The total supply of ADA has been set at 45 billion and the token is divisible to seven decimal places. ADA was released in 2017 and is currently traded on several cryptocurrency exchanges. The Cardano ADA value has fluctuated over time, but has generally trended upwards since its launch. As the Cardano network grows, the use cases for ADA will expand, offering holders even more ways to use and store value.
Cardano or Ethereum: which design is better?
There are many advantages to using Cardano cryptocurrency over Ethereum. Firstly, Cardano offers greater security and scalability than other platforms, making it an ideal choice for those wishing to transfer large amounts of data or conduct high-value transactions. Furthermore, the world’s leading experts in cryptography and distributed systems are behind Cardano, providing a solid base of technical expertise on which to build. In addition, Cardano offers users advanced privacy and compliance tools not available on other platforms. Overall, if you are looking for a reliable and efficient cryptocurrency solution, Cardano is definitely worth considering.
Cardano vs Ethereum – which solution is better?
Cardano is a more advanced open source project than Ethereum. Cardano’s value lies in solving the problem of Ethereum’s blockchain size and the fact that it also uses less energy. Cardano is also working on scalability solutions that would make Cardano the best platform for smart contracts and dapps. Ethereum has existed for longer and has more stable coins, but Cardano is quickly closing the gap.
Cardano’s network is still in the early stages of development and faces some problems. For instance, the network is not yet very decentralised and is only operated by a few nodes. This means that the network is more vulnerable to attacks. In addition, the Cardano team is still working on developing features such as smart contracts and dApps. However, they have made significant progress and are well on their way to becoming a major player in the cryptocurrency industry.
Overall, Cardano is a promising project with great potential. It has a strong team behind it and is constantly being developed. If you are looking for an altcoin with long-term potential, Cardano might be worth considering.
Cardano’s future and path
The future of Cardano and smart contracts is bright. Cardano is a revolutionary new platform that aims to provide the next generation of smart contracts and decentralised applications, or dapps. Unlike other smart contract platforms such as Ethereum, Cardano’s core value technology is based on a unique multi-level architecture that offers greater security, flexibility and scalability.
With Cardano’s cutting-edge blockchain technology, developers can create truly innovative and powerful applications that can change the way we work today. In addition, Cardano’s Haskell programming language offers users unparalleled privacy and security, making it particularly attractive to companies and individuals who want to protect their data from prying eyes. Overall, it seems that Cardano will become a major player in the world of smart contracts and decentralised applications, revolutionising the way we use technology in the coming years.