What is Cardano Blockchain?
During the past years, everyone went crazy about blockchain technology and cryptocurrencies such as Bitcoin and Ethereum. It seems impossible to determine what blockchain project, cryptocurrency or ICO is the best, having in mind that there are numerous of decentralized technologies in the game. However, there is one blockchain technology that is receiving more and more attention from blockchain enthusiasts — Cardano. We know that Bitcoin is a blockchain-based cryptocurrency, and that Ethereum is a blockchain-based smart contracts system. Cardano is a combination of both.
Cardano is a blockchain-based, decentralized system whose goal is to develop a technological platform that will run financial applications used by individuals, governments and organizations all around the world. Cardano owns the ADA cryptocurrency that can be used for sending and receiving digital money. As the Cardano team says, the ADA cryptocurrency is the future of money that will make transactions direct, faster and safer with the use of cryptography.
Cardano is a layered system, which means that it is constructed in layers. The layers enable flexibility to the system that makes the system easily maintained. Through the layers, Cardano offers safety and scalability to its members. The Cardano system is unique because it is based on scientific philosophy and academic research.
The idea of Cardano was born in 2015 by Charles Hoskinson (one of the co-founders of Ethereum) and Jeremy Wood. They found the IOHK (Input Output Hong Kong) company with which they funded the Cardano project. IOHK is a company for research and development of peer-to-peer innovations for better financial services in the future. Hoskinson and Wood contracted to develop Cardano until 2020.
Charles Hoskinson came up with the idea of Cardano because he thought that blockchain technology should be even more improved. Based on this thought, he took elements from Bitcoin, Ethereum, money transfer and smart contracts, added his own elements and created Cardano.
The biggest feature of Cardano is that it is a layered system. This means that Cardano has one layer for running smart contracts, another layer for running ADA exchanges, etc. The Cardano team plans to establish a more improved control layer that will support more advanced systems. They have proved that the Cardano smart contracts are more secure than any smart contract on any blockchain technology, due to their layered system.
The Cardano’s ADA cryptocurrency is traditional cryptocurrency that can be used for sending and receiving digital funds. There is only one wallet that supports ADA, the Daedalus wallet. You can buy ADA on many exchange platforms, such as the Binance. You can also check out the CryptoSouk exchange that allows trading experience with quick trades, fair pricing, world-class customer service, and limitless creativity.
Cardano is the first blockchain technology that is developed from a scientific philosophy and by a team of engineers and academics. They have ensured that Cardano is scalable, flexible and safe technology that will be used by millions of users worldwide. The Cardano team don’t have a white paper or a roadmap for their project, because they are focused on a set of principles and best practices. It is early to say whether the Cardano technology will be successful or not, but as it seems, Cardano is a promising system that can change the way we live.
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