Cardano Analysis- the Decentralized Blockchain and Cryptocurrency Project With a Difference
The open source, decentralized blockchain and crypto project called Cardano is here to make a difference. But what sets it apart from the current crypto competitors? Comparing it with the other cryptocurrencies, it is surely a step forward in terms of innovative advancements. The completion between Cardano and Ethereum ETH is not that stiff. On the one hand, Cardano is on its way, but in case ETH was to make the required amendments and advancements shortly before Cardano, there are high chances for ETH to hold strong grounds in the crypto market as a dApp, i.e., decentralized application.
Since the two cryptocurrencies are so closely competing with each other, it is natural to ask that what sets Cardano apart. There are no questions around the potential of Cardano when it comes to the cryptocurrency and technology aspects. One thing that gives Cardano an edge over other cryptocurrencies are features such as the proof of stake (POS) protocol, the ground base of Cardano that offers a lot of security to the user, and the treasure system and governance system which is separate. Another unique feature that sets Cardano apart from the rest is that it has a layered foundation that enables it acts as a blockchain platform as well as cryptocurrency platform at the same time, a feature which you can’t find in the other cryptocurrency platforms.
The unique features of Cardano are a sense of promise to resolve many of the common cryptocurrency issues that other cryptocurrency platforms are struggling with. Cryptocurrency such as Ripple XRP, Ethereum ETH is also targeting the same solutions as Cardano, and this common purpose seems to attract extra attention to Cardano. The second generation smart contract was not able to fully handle the pre-existing issues; therefore, Cardano was built with an advanced third generation protocol. Cardano is a multi-layered answer as it offers the smooth transactions based on the ETH intelligent, smart contract system, and on the other hand, it also offers support for the decentralized applications aka the dApps.
With Cardano, you can expect a higher level performance, as it is backed with the third generation blockchain technology. The presence of the third generation technology is an improvement on many of the pre-existing issues. There is a scope for further growth for Cardano. If it musters the courage to grow beyond ADA cryptocurrency, and if it also manages to build a control layer, a whole new range of possibilities awaits for the cryptocurrency. The cryptocurrency vouches for the security the smart contracts offer to its users. The security comes from the layered characteristics of the Cardano smart contracts which are not easy to tamper with once the user enters the data.
Above were the features of the multi useful Cardano. Now it is time to look at its uses. So, here we go-
Benefits of Cardano-
Based on the successful track record of the cryptocurrency, and the multi-faceted portfolio it offers to its crypto coin users, it has made the market experts hope for a bright future of the cryptocurrency. There are speculations for the rates of the cryptocurrency to rise until May of this year. Given Cardano share quite a few similarities with other crypto platforms such as Ethereum and NEO, this gives room for the creation of new chips and the scope for it to e used in a decentralized manner.
Moreover, Cardano offers a listening ear to its users too. The Cardano coin users are given the power to vote on any changes in the protocol. This naturally gives a wholesome approach towards the future of the blockchain. Whenever anyone makes a contribution to Cardano platform by storing blockchains and other related operations, in return they are offered ADA to them as a cryptocurrency. If in the near future Cardano gains more popularity, there will be a good natural effect on ADA demands too.
Let us now look at Cardano and Ethereum-
The smart contracts from Ethereum ETH platform have by far been quite difficult to process as well as they consume a lot of precious time to process. On the other hand, Cardano seeks to ease these difficulties.
The Ethereum ETH platform is aiming to offer a robust and more successful proof of stake mining system and another related scaling system. Bitcoin BTC, on the other hand, is targeting to be in better synch with the intelligent contract extensions. Cardano, on the other hand, is not having a single pointed approach. It is rather a design that answers all such needs. Cardano aims to be a multi-use cryptocurrency.
Although, Cardano is tagged as a ‘next-generation blockchain platform,’ but it is not the only cryptocurrency platform that is enjoying the limelight. Other cryptocurrencies are here to give it a good competition in this field too. For instance, Lisk, (which was released back in 2016) is a JavaScript-based cryptocurrency. Lisk aims to offer smoothest of the smooth experiences for the developers to build and deploy decentralized applications aka dApps.
Looking at Cardano, one can see an attempt to be multifaceted cryptocurrency to tap into a mass adopted cryptocurrency shoes. Cardano is doing so by adhering to all the regulations. Cardano is the brainchild of the ex-co-founder of ETH. The co-founder naturally was aware of the shortcomings of ETH, and as an attempt to surge ahead of the limitations, he made sure Cardano is advanced enough to surpass the previous limiting issues. One can say that Cardano is a mixed bag of all the good qualities that are expected out of an advanced cryptocurrency.
Usually, it is seen that most of the cryptocurrencies create protocols just to pass the original code of other blockchains. But with Cardano, you will find that special attention is given to make it outperform the other cryptocurrencies. ADA Cardano’s protocol was created from scratch. This feature results in a real-time transaction, meaning that whenever any funds are transferred locally or across the border, the transaction time is recorded as per the real times.
