WHAT IS CARDANO?

Cardano is a decentralized platform that allows for a complex and programmable transfers of value in a secure and scalable environment. Cardano is among the first blockchains to be built in the highly secure Haskell programming language. Cardano is developing a smart contract platform which will deliver more advanced features than any protocol previously developed. Cardano is also the first blockchain platform to evolve out of a scientific philosophy and a researched first driven approach. The development team consists of an ample global collective of expert engineers and researchers.

CARDANO AS A BLOCKCHAIN

Cardano is a blockchain technology that is designed to build a new decentralized economy and democratize finance in emerging markets. Cardano will also allow for decentralized applications and smart contracts to be built and executed in a very low-cost, secure and scalable manner.

Blockchain has the ability to become a globally transformative technology, but current solutions have been faced by a number of critical issues: experimental software development with unproven security, lack of regulatory oversight, poor governance that slows updates and a lack of planning for the long-term future of protocols; But the Cardano project is different: it openly expresses and addresses the need for regulatory oversight whilst maintaining and ensuring consumer privacy and protections through an innovative and new generation software architecture.

The Cardano protocol features a layered blockchain software stack that is scalable, flexible and is being developed with the most rigorous academic and commercial software standards in the crypto-industry. Cardano will use a democratic governance system that will allow the project to evolve over time, and provide funds for itself sustainably through a visionary treasury system.

 

CONCEPTUAL INNOVATION OF CARDANO

  1. Privacy and regulations
  2. Governance
  3. Funding

 

THE CARDANO TOKEN; ADA VOUCHER

Every blockchain project has a token system of value commonly known as a Cryptocurrency. ADA is the Cryptocurrency on the Cardano blockchain. With ADA, holders can send the value between friends, traders and customers, to pay for a good or service, deposit funds on an exchange, or enter an application. In other to perform a transfer on the settlement layer requires you own ADA, or acquire ADA through an exchange. It will also be the primary token to be used in applications built on the computation layer.

 

THE CARDANO WALLET DAEDALUS

Just like almost every cryptocurrency requires a wallet Cardano also requires a “wallet” to store ADA. Technically this wallet is a software application that can be installed on any smartphone or Computer. Daedalus is a highly-engineered wallet with an advanced security feature that was developed by IOHK specifically for the Cardano blockchain and protects your assets with the most advanced cryptography. In the future, Daedalus will not only support ADA, but other cryptocurrencies such as Bitcoin, Ethereum Classic and many more.

 

CONCLUSION

Cardano aims to become an “Internet of Blockchain,” making it very possible easy for all cryptocurrencies to exist side by side alongside be able to convert from one to another without intermediaries or third-party. Cardano will also enable users to attach metadata to their transactions if they want to, making the network friendlier to banks and governments.

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