The cryptocurrency landscape keeps changing with new altcoins emerging to solve unique problems. Of the cryptocurrencies available so far, bitcoin and Ethereum are the most prominent. Bitcoin, launched in 2009, is a blockchain-based digital currency while Ethereum uses a blockchain-based Smart Contracts system.
Scientists and academics have managed to roll the strengths of both systems into one to build Cardano. It is the first peer-reviewed blockchain in the world powered by scientists.
This post examines this decentralized smart contract platform in detail. If you want to invest in the cryptocurrency industry, such insight will help you make an informed decision.
Cardano in Brief
The Cardano project started back in 2015 but it wasn’t until 2017 that it launched as a digital asset and decentralized smart contract platform running on an open blockchain. Charles Hoskinson, who is among the pioneer founders of Ethereum, pioneered the project named after Italian scientists and mathematician Gerolamo Cardano.
Several Professional academics and engineers came together under The Cardano Foundation to build a protocol in peer-reviewed papers before it was written into code. Within the Cardano ecosystem is the ADA cryptocurrency, which is the currency used on the network.
There are two levels on the platform, namely the Cardano Settlement Layer (CSL) and the Control Layer. The CSL helps settle transactions that use ADA while the Control Layer handles the smart contracts. This layered foundation basically gives Cardano the capacity to function as a separate governance and treasure system, on the one hand, and a blockchain platform/ cryptocurrency on the other.
This new blockchain addresses multiple issues with existing cryptocurrency networks and coins. The developers invented a unique technique of Proof of Stake (PoS) known as Ouroboros with an emphasis on cryptography. The developers’ vision is already complete with the…