A cryptocurrency from 3rd generation.
Sometimes called the Internet of blockchains. It noted a huge increase of its price in January 2018. Another cryptocurrency from our list. Check the previous one very similar to Cardano – IOTA.
Maximum amount of coins: 45 billion
First block: 29th of September 2017
Cardano with its abbreviation ADA was launched in September 2017, but works on this project lasted for over two years. Instead of implementing whitepaper, available on the project’s website, Cardano’s developers decided on peer-reviewed papers. It means that papers were sent to specialists that agreed on its assumptions.
Cardano as IOTA is struggling with the biggest problems connected with cryptocurrencies. That means scalability, sustainability and interoperability. Bitcoin faced the problem of overload blockchain not such a long time ago when its price increased rapidly and a lot of users tried to make a transaction. Cardano is trying to solve this problem by the implementation of Ouroboros system with adoption proof-of-stake.
Mining Cardano is also very different from Bitcoin. In the most popular cryptocurrency, all miners are trying to mine one block. Cardano’s developers have decided to choose slot leaders that are allowed to mine. Developers have divided time for an epoch. Every epoch four slots. In every slot in the epoch, there is exactly 1 miner who can mine the block in that time. If he fails or doesn’t start mining – he will be banned and have to wait until he is reelected by the network.
To finance further development of Cardano, developers created a system called Treasury. A small percentage of every transaction fee is going to Treasury’s wallet which isn’t owned by anyone. It is something like smart contracts. Its goals are to finance developers who would want to implement something new to the blockchain or Cardano. To “win” the contest, a developer has to propose an improvement and how much money he needs to accomplish that task. Then a community is voting for the best idea and the funds from Treasury are sent to the winner.
First months for Cardano were very stable and static as its price for two months was on the same level. With popularity of cryptocurrencies in December, Cardano also gained and noted an increase from $0,030 to $0,055. ADA surprised, even more, reaching its all-time-high price $1,27 at the beginning of January.
What do you think of Cardano? Is this project going to beat Bitcoin? Share your thoughts in the comment section.
Last modified: February 12, 2018
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