What is Cardano? Should I consider to invest?

Cardano

Cardano is definitely one of the most interesting crypto projects right now. It was created by Charles Hoskinson who happens to be one of the co-founders of Ethereum. Similar to Ethereum platform, Cardano is a smart contract platform and its digital token is called ADA honoring Ada Lovelace a brilliant mathematician who is considered the first programmer. According the website coinmarketcap, this cryptocoin is one of the top ten cryptocurrencies.

Cardano was designed to solve some of the most important drawbacks in Ethereum, such as: Scalability, Interoperability and Sustainability.  What makes Cardano especially unique is the sheer amount of care and research that goes into its development. It is one of the few cryptocurrencies projects with a solid team of researches and developers reviewing and striving to improve the technology. There are three organizations working full time to keep Cardano as a cutting edge technology. These organizations are:

  • The Cardano Foundation, (https://cardanofoundation.org/en/) which is an independent entity based in Zug, Switzerland, committed to help oversee and supervise the development of Cardano and its ecosystem.
  • IOHK (Input Output Hong Kong)( https://iohk.io/). In 2015, along with Jeremy Wood, Hoskinson found IOHK. IOHK is a “research and development company committed to using the peer-to-peer innovations of blockchain to build accessible financial services for all.” According to IOHK, they are responsible to build, design, and maintain Cardano until 2020.
  • Emurgo (https://emurgo.io/) is a Japanese company with the objective of developing, supporting, and incubating commercial ventures who want to revolutionize their fields using the blockchain technology.

 

 

Cardano Characteristics

Some of the most important characteristics of Cardano are:

Consensus mechanism: Cardano implements a Proof-of-Stake (PoS) consensus mechanism which reduces the amount of energy consumption compared to other PoW-based blockchains and also improves scalability.

Interoperability: Cardano aims to interconnect blockchains and become an “Internet of Blockchains,” making it possible for all cryptocurrencies to collaborate side by side and be traded without centralized exchanges.

Metadata: Cardano will also allow users to include metadata to their transactions, making the network friendlier to banks and governments. This also improves interoperability.

Recursive InterNetwork Architecture (RINA): This characteristic allows for the existence of a subnetwork within a main network, its goal is to create a heterogeneous network which promises to enhance: privacy, transparency and scalability.

Cardano Wallets:

  • Daedalus: According to Wikipedia, in Greek mythology Daedalus was a skillful craftsman and artist. Daedalus is a highly secure digital wallet for the Ada cryptocurrency. It aims to add more cryptocurrencies to become a universal wallet, blockchain application platform and an app store. You can download and install it and start using it to safely store your Ada coins. Website: https://daedaluswallet.io/
  • Yoroi is a simple, fast, secure and lightweight wallet that allows its users to start sending or receiving ADA within minutes. Website: https://yoroi-wallet.com

Programming Language: Cardano implements the functional programming language Haskell. Haskell is a general-purpose compiled purely functional programming language, with non-strict semantics and strong static typing (Wikipedia). The smart contracts will be coded in Plutus which is also a strictly typed pure functional programming language.

Cardano Explorer: Transactions in Cardano can be verified in: http://cardanoexplorer.com

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What is Cardano? Should I consider to invest?

About The Author
- Ph.D. in Computer Science (2012), Carleton University, Ottawa, ON., Canada. My research interests include studies in Network and Computer Security, Ad Hoc Networks and Blockchain Technology. Master in Information Technology (MIT) May, 2004, Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM), B.Cs. in Computer Science (2000), Mathematics School, Merida,Yuc., Mexico.