Cardano is the pioneer third-generation cryptocurrency project that aims to run a public blockchain platform for smart contracts with a native cryptocurrency (ADA) and its scientific philosophyLEARN MORE
Cardano is the pioneer of third-generation cryptocurrency project that aims to run a public blockchain platform for smart contracts with a native cryptocurrency (ADA) and its scientific philosophy, designed & developed by a team of worldwide scientists & engineers. The first gen was Bitcoin and is essentially a digital gold but is plagued with scalability issues and the second gen was started with Ethereum, a blockchain featuring smart contract functionality, it improved scalability but not enough to become a global currency. To become successful in the long run, Cardano is created to solve 3 pain points of current generation issues: scalability, interoperability and sustainability.
There are 3 challenges for Cardano to improve scalability issues: Transaction per second (TPS), Network bandwidth & Data storage. For TPS issue, Cardano’s Ouroboros Proof of Stake algorithm will solve this problem and makes much more efficient if compared to Proof of Work consensus algoritm which used by first and second gen. Cardano intends to use a technology called RINA to solve the network bandwidth issue. The final aspect of scalability is data storage, to solve this issue, Cardano solution is implementing techniques like pruning, compression & partitioning.
Cardano aims at enabling the different blockchains to communicate with each other. A solution to this problem should be for Cardano, Sidechains. Simply put, sidechains are parallel blockchains that can communicate with the main blockchain. Then there is also a problem with governments and banks, Cardano tries to comply with all existing compliance rules: KYC (Know Your Customer), AML (Anti Money Laundering), ATF (Anti Terrorist Financing). In order for this, Cardano provides metadata to each transaction.
It means that continuous developments must be carried out on the system. This requires financial resources. Cardano is oriented towards Dash’s treasury system. Each time a block is added to the block chain, a portion of the rewards is added to the Treasury. If funds are needed for development, they can be allocated. To this end, Cardano has developed a governance model (“liquid democracy”) in which stakeholders can vote on a proposal for the distribution of funds.
IOHK, EMURGO, Cardano Foundation: Building Cardano together
When it comes to delegating ADA and choosing a stake pool, it can feel a bit overwhelming at times. The Cardano stake pool ecosystem is coming alive, with a host of great stake pools to choose from.
We are Cardano. And if you'll permit us, we'd like to change the world...