ADA-CardanoDetailed Description

ADA-Cardano Detailed Description

The cryptocurrency ADA is the currency of the Cardano protocol, which can be used to send and receive digital funds. This digital cash represents the future of money and enables fast direct transfers secured by encryption.

Cardano is not just a cryptocurrency, it is a technology platform that will be able to run the financial applications that individuals, organizations and governments around the world currently use every day. The platform is built in layers, which gives the system flexibility for easier maintenance and allows for upgrades through soft forks. After the settlement layer that will run Ada is complete, a separate computing layer will be built to handle smart contracts, the digital legal agreements that will underpin future commerce and business. Cardano will also run services of decentralized applications, or dapps, which are not controlled by any one party but run on the blockchain.

This is the first blockchain project developed based on scientific principles, and the only one designed and built by a world-leading team of academics and engineers. It is critical that the technology is secure, flexible and scalable for use by millions of users. As a result, a great deal of thought and care from some of the leading experts in the field has been put into the project, and smart design decisions have been made. The scientific rigor applied to mission-critical systems such as aerospace and banking has been carried over to the cryptocurrency space with a high degree of assurance of implementation. We think it's done for the first time.

A major innovation of Cardano is that it will balance the needs of users with those of regulators and combine privacy with regulation. Cardano's vision is that its new standardized computing will lead to greater financial inclusion by providing open access to fair financial services for all.

1. Project introduction

Cardano is a pioneering proof-of-stake blockchain network that is evolving into a decentralized application (DApp) development platform with a multi-asset ledger and verifiable smart contracts. Cardano is built with strict high-confidence formal development methods, and gradually realizes the scalability, interoperability and sustainability required for practical applications. Cardano is poised to become the platform of choice for mission-critical DApps of scale that underpin future economic development.

Cardano is powered by a team of global experts. Cardano is based on peer-reviewed academic research and embodies the spirit of openness and transparency. All research and technical specifications underpinning Cardano are publicly available, and all Cardano development activity is open to the public. Design, from distributed systems to programming languages and game theory, these experts are leaders in various fields; and jointly developed by IOHK and partners. When the network is fully decentralized, the transformation belongs to the community, which will determine its future through advanced governance functions.

2. Comment

The developers are positioning Cardano as a "third-generation blockchain". The main goal of the platform is to bring all the best features of Litecoin, Bitcoin and Ethereum into one cryptocurrency; and to complement the resulting mixture with many other innovative technologies. Compared to Bitcoin, p2p transactions are faster and cheaper than Litecoin, and smart contracts are better implemented than Ethereum, resulting in a multi-layered, decentralized and flexible system.

The Cardano platform is powered by the ADA coin.

Security
Cardano's cryptocurrency is created in a highly secure programming language called Haskell, which is considered the most secure software language, reducing risk of critical errors and DDoS attacks.

Strong Ecosystem
Cardano uses an innovative proof-of-stake algorithm called Ouroboros, the first of its kind to truly provide security for users, which has been Scientific research confirms.

Legal Support
Unlike many cryptocurrencies that offer anonymity at the expense of their reputation (money laundering fees), the Cardano team has established Good relationship, until recently the idea of cryptocurrencies was condemned.

Official daedalus wallet
It has a staking mechanism with the help of which it is possible to earn money in the storage of ADA.

Limited Supply
The Cardano team has limited the maximum number of ADA tokens to around 45 billion.