Cardano (ADA)

Feb 12, 2018 at 10:37

Cardano (ADA) was just a new comer in the crypto scene when it earned the moniker “Ethereum Killer.”

Launched in September 2017, Cardano is similar to Ethereum — it is a decentralised public blockchain that allows to develop a smart contract platform and it has a cryptocurrency along with it called ADA.

One of the founders is Charles Hoskinson, who was a former CEO of Ethereum and is now the CEO of Input-Output HongKong (IOHK), one of the companies behind the project.

What sets it different from other cryptocurrencies is that it claims to be the first blockchain platform to evolve out of a scientific philosophy and peer-reviewed academic research.

It was built to have a multi-layer protocol platform —one for settlement and another for control to run smart contracts which can be customized depending on the security and privacy needed. This was made especially to balance regulators’ and users’ requirements.

The several layers also allow it to evolve and adapt through soft forks to ensure sustainability of the protocol.

Another unique proposal of Cardano is its plant to offer users a debit card to spend ADA just like any other fiat currency.

Users will be able to send ADA from their Daedalus wallet to the debit card and use it to pay merchants—the funds will automatically be converted into the local currency.

The token is available through digital currency exchanges, such as Bittrex, Binance, UPBit and Coin Nest.

Cardano also plans to spread ADA in Japan’s ATMs, targeting 25 ATMs within the first year of its launch.

To support its token, Cardano uses Ouroboros. It eliminates the need for an energy-hungry proof of work protocol, allowing it to scale up for wider use.

The company said Ouroboros is the first to have gone through peer review, ensuring security without wasting too much energy.

The ADA token has a maximum supply of 45 billion, with 26 billion in circulation following its ICO.