Cardano and ADA — what's the difference? What does that have to do with Ethereum?
ADA is the designation of a digital currency which was officially issued on the Cardano platform on September 29, 2017. The team of founders and developers of this project aims to surpass the leaders of the blockchain market in the flexibility of technology, transparency for participants, convenience for consumers, and the potential for business.
Software platform document.
What’s wrong with Bitcoin?
Developers of new cryptocurrencies or altcoins have released them in a considerable number (there are almost a thousand items on Coinmarketcap), and they are not going to stop. The desire of businesspeople to get their share on the roll of interest in digital money and blockchain technology is quite natural.
Many altcoins are being born even because their creators are dissatisfied with existing virtual currencies. Mainly, they are not happy with lack of anonymity, high energy consumption for mining, low stability of the algorithm to ASIC-mining, lack of intelligible prospects for upgrading the technology, inconvenience in the implementation of smart contracts, cloudy chances to receive the approval of public authorities.
The emergence of ADA was also a result of the reluctance of developers to put up with the problems of the leading cryptocurrency.
The history of ADA or how to please everyone
The founders of Cardano believe that their platform is devoid of Bitcoin problems: the emission is produced by the protocol "Proof-of-Stake" — much less energy is needed to create a unit of a new currency.
ADA turnover occurs in the network of a blockchain called CSL, separated from the network, serving the system of smart contracts and decentralized applications of CCL — in contrast to Ethereum, where all these functions are not separated.
Due to the modular platform structure, upgrading and improving the algorithms will be more accessible and much less expensive to implement.
Cardano crypto moves towards the state control institutions consciously and purposefully, seeking to obtain official and legal status, unlike anonymous cryptocurrencies like Dash, Monero, Zcash.
Persistence, reliability, and security of cryptographic protocols are confirmed by reviewing and checking of the conformity with security specifications.
The inclusion of self-government mechanism (asset holders voting) is planned.
Who creates Cardano
Charles Hoskinson, the founder and the head of Cardano
The Ouroboros protocol is the basis of the ADA cryptocurrency. It was developed by scientists of five universities in Connecticut, Athens, Edinburgh, Aarhus, and Tokyo.
The head of the company — Charles Hoskinson, co-founder of financial platforms BitShares and Ethereum, launched the Cardano project with the support of a group of Asian investors.
Structurally, Cardano consists of three separate departments with different functions and tasks:
- IOHK (Input Output Hong Kong) — cryptographic research, development, launch and support of technological solutions of the platform;
- Cardano Foundation — standardization, protection and promotion of project technologies;
- Emurgo — development, implementation, support and integration of commercial services with existing solutions.
What's the word on Cardano? Cardano crypto news
Charles Hoskinson, the founder of Cardano: "We will become better than Bitcoin and Ethereum within one year."
Charlie Lee, founder of Litecoin: "I just noticed Cardano (ADA) is #6 on CoinMarketCap. How did Cardano crypto price become a $10B coin when it's only 3 months old and the only major exchanges trading it is Bittrex and Binance and without even any fiat trading pairs? Either the market is crazy or Cardano will end world hunger."
Alfred Moesker, the owner of the Ginebra hotel in Catalonia (the first company that officially supports the ADA cryptocurrency as a means of payment for its services): "We are extremely proud of ourselves for having started accepting the ADA as a means of payment."
The Swedish Pension Fund appealed to Cardano for consultations on the reorganization of the country's pension system.
Pros, cons and prospects of Cardano
For a newcomer who recently entered the market, the current position in the Coinmarketcap rating, as well as the exchange rate of Cardano cryptocurrency is a very serious achievement. Investors and ordinary players trust the ADA.
The technological capability of the platform looks promising.
The desire of the company to continue working within laws and openness to state regulators promises to face smaller problems in the market, where the pressure of state institutions is growing every day.
Cardano crypto predictions
The critics of the project are questioning the reliability of the cryptographic algorithms of Cardano cryptocurrency and the effectiveness of the platform l. For example, Daniel Larimer, CEO of the Cryptonomex project, published a post with an analysis of Cardano technology.
However, the opinion of a direct competitor should not be taken as a final judgment.
Cardano cryptocurrency: where to buy and store
Cryptocurrency wallet Daedalus
Cardano crypto wallet Daedalus is used for any operations with ADA — this is the development of Cardano. You can buy cryptocurrency Cardano on several exchanges: Bittrex, Binance, Bitmex (with restrictions), Upbit, HitBTC, Huobi. Cryptopia (soon). Learn more details on the official website of the Cardano cryptocurrency.
How to use Cardano
Despite the limited number of exchanges, the undeveloped ecosystem of the platform and functional which is still being planned by the developers, the current position of the ADA in the rating of the cryptocurrencies does not allow us to overlook it. This cryptocurrency deserves to be in the investment portfolio. Also, the Cardano cryptocurrency is in the TOP-10 according to the capitalization, and its outlook for 2018 is quite favorable. The same can also be assumed for the currency rate of Cardano crypto (buy).