Cardano is a technological platform and a financial system created by the former CEO of Etherium Charles Hoskinson. Cardano’s cryptocurrency called Ada coin spent two years in development before launching in September of 2017. It is a truly unique cryptocurrency, as it is based on peer-reviewed scientific research. It is sometimes referred to as the third-generation blockchain project, solving a lot of issues occurring with Bitcoin and Ethereum. Using the system interoperability, Cardano sets out an ambitious goal of becoming the ‘internet of cryptocurrencies’, where cryptocurrency exchanges can be made possible without an intermediate.
Cardano blockchain technology operates on the proof-of-stake model, in contrast to most cryptocurrencies that use the proof-of-work model. POS means that traditional mining processes are substituted with security calculations.
Ada is more consistent than other cryptocurrencies because of its improved scaling. With Ada cryptocurrency, the entire P2P network is divided into several nodes called RINA. Within the node, users take turns as the system selects a ‘slot leader’ to ‘mine’ for a set period of time called an Epoch.
Cardano Ada is more reliable than other cryptocurrencies for several reasons. First is the fact of it being developed by a team of academics and engineers. However, the development of technology used in Cardano did not end with its launch. In order to ensure its constant technological progress, the developers formed a treasury consisting of transaction fees, small enough to be insignificant to its users. Yet the funds keep growing and new resources can constantly be invested into Ada development.
The updates themselves are non-intrusive. In order for an update to be implemented, developers have to submit an update proposal for community members to vote on. This ensures that when making any changes to the system, it is done with the best interest of the community in mind.
Finally, Cardano is more acceptable for financial institutions enrolled in traditional banking. This is because with Ada, user metadata can be provided with the transaction if needed. User data is vital in strictly regulated traditional banking. Having the option of providing transaction metadata is what makes Cardano more flexible than most other cryptocurrencies in this regard.
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