Hello readers, today on Ninelives we are going to explore the Cardano project. Cardano (ADA) has ambitions to be the most advanced protocol blockchain in existence. I call this series Ninelives because cat's are said to have 9 lives due to their amazing ability to survive😸 Cardano has not only survived, it has thrived; today it is the 7th largest cryptocurrency by market capitalization and the outstanding tokens are worth billions of dollars. Cardano is still a work in progress, yet they are extremely popular-so onto the Ninelives of Cardano.
ADA: Cardano is the project, ADA is the cryptocurrency behind the settlement layer of Cardano. You can trade it on Binance, my referral link for binance can be found [here] or on other exchanges. ADA token holders will be able to vote on the future direction of Cardano and how its capital fund is spent.
Open sourced: Anyone can join the project and program something to work with the Cardano blockchain. Cardano is patent free and built in the spirit of collaboration. It's a projected designed for efficiency and scalability.
Research driven: Scalability through peer-reviewed research. Cardano is the first blockchain of its kind to be based on scientific philosophy. It's code claims to be very secure as it has been peer-reviewed by experts in cryptography and programming. Every aspect of the project was built from scratch and should be of high quality as it has been reviewed.
Deadalus Wallet: You store ADA in the oped-sourced Daedalus Wallet It claims to have advanced security, allows for an unlimited amount of wallets and plans to work with more cryptocurrencies in the future.
Charles Hoskinson: The lead Cardano developer and a former CEO of Ethereum and BitShares. He brings much skill and experience to the team. Hoskinson co-founded the engineering firm IOHK which works on the development of Cardano and was also behind the Ethereum Classic hard fork.
Layers: The Cardano Settlement Layer, supports the accounting or transaction functions. The Cardano Computation Layer will support the smart applications and decentralized applications (Dapps). Two layers make updating Cardano easier than updating a blockchain like Ethereum which only has one layer it also makes it more secure.
Ouroboros: Name for Cardano's Proof Of Stake (POS) algorithm. Ouroboros is unique in that it allows any large holder of Cardano to become a slot leader and generate the next block in the blockchain. A POS algorithm is superior to the Proof of Work algorithm used by bitcoin and other mining based algorithms in that it requires significantly less electricity thus making it better for the environment.
Haskell: Cardano is programmed in Haskell which provides flexibility and allows for a high degree of fault tolerance. This language allows Cardano to still operate if there are failures in the coding. . Critical sectors like banks and the Defense industry often use Haskell for it's ability to work during failures. Haskell makes Cardano more adaptable at working with third party applications
Bitcoin 3.0 - Cardano call's itself a third generation cryptocurrency. Bitcoin or accounting tokens were the first major breakthrough. Ethereum and smart contract based tokens are the second generation. Cardano's layers and improvements based on observing 1000's of cryptocurrencies help back it's claim to being a 3rd generation blockchain.
Thank you for reading the Ninelives of Cardano. If you would like to know more about Cardano here is a link to their website. If you think Cardano is a great project or think I missed something important, please leave a comment below.
This is not intended to be financial advice. I do not recommend you purchase Cardano and am in no way affiliated with Cardano or ADA. I do not own any ADA tokens and do not recommend buying, selling or holding ADA as you could lose 100% of your investment. Please do your own research.
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