Cardano is a cryptocurrency which holds the 7th rank on a popular cryptocurrency website. It also strives to become the next generation of block chain along with top crytocurrencies at this point of time which are Bitcoin and Ethereum. Charles Hoskinson, one of the founders of Cardano said that Ethereum was not scalable or expandable, interoperable or the ability to exchange and use information, or sustainable. Hence, Cardano has been introduced so that it can fix scalability, interoperability or sustainability in a thereum cloned to be put in a colloquial way. In this article we will discuss what Cardano is and how it works.
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Contents
What is Cardano
Cardano is a decentralized public block chain which is also a smart contract platform which concentrates on the security through a layered architecture. By decentralized blockchain we mean to say that the power of planning and decision making are not in the hands of any particular top management. It is developed by previously CEO to the Ethereum project, Charles Hokinson.
Cardano has been designed keeping the end – users as well as the regulators in mind so that they can find a medium in order to balance the need of regulations with privacy and decentralized principles at the core of block chain technology.
One of the main benefits of Cardano is that it is written in the code called ‘Haskell’ which is a programming language with a high degree of fault tolerance. Haskell is also considered to be the secured code which is not hackable.
It has been also claimed to be the “the first block chain platform to evolve out of a scientific philosophy and a research – first driven approach”. So the ‘Research – first driven approach’ is where the academics for say professors, doctorates onlook the theorem and they make sure that all the important points are intact. This also gives Cardano a lot of credibility, especially from the academic perspective.
Being a fully open source currency, Cardano can be transferred fast that are guaranteed to be secured through cryptography. Cardano coins are mined by Epoch, which requires lesser computational power than Bitcoin. Also dissimilar to Bitcoins which creates one block at a time, Epochs can create blocks, chains simultaneously.
Cardano gains its accountability through a large global collective of expert engineers and researchers. They dismantle the internal structure or deconstruct cryptocurrencies in order to assemble Cardano.
How does Cardano Works
Cardano works in two different layers that separate the ledger of account values from the reason why values are moved from one account to the other. This separation enables the smart contracts that are written on the platform to be more flexible.
Cardano Settlement Layer (CSL)
CSL or Cardano Settlement Layer is the first layer of the platform which also acts as the balance ledger which is the balance of a customer bank account that displays on a bank statement. CSL was created as an improvement to Bitcoin.
CSL happen to use proof – of – stake consensus algorithm in order to generate new blocks and confirm transactions.
Read the below mentioned points to roadmap for the CSL:
- Two sets of scripting languages
- One set to move value
- One set to enhance overlay protection support
- Side chains to link to other ledgers
- Multiple signatures types including quantum resistant signatures
- Multiple user – issued assets
- Scalability in which the capabilities of the system increase as more user join
Cardano Computation Layer (CCL)
CCL or Cardano Computation Layer is the second layer of the Cardano platform and it contains the information on why transactions occur. Because the computation layer is detached from the CSL, different users of the CCL can create different rules when evaluating transactions.
KMZ Side chains
Cardano will support sidechains which are based on a new protocol by Kiayias, Miller, and Zindros (KMZ) involving proofs of proofs of work.
Daedalus Wallet
Team Cardano has created an open source wallet where one can freely exchange between the supported currencies. The wallet will begin the expansion of support with Bitcoin and Ethereum Classic.
Ouroboros Proof – Of – Stake
In order to reach consensus on the state of the ledger, Cardano uses the Ouroboros Proof – Of – Stake (POS) instead of Proof – Of – Work (POW).
Cardano Fees
Fees of Cardano depends on the below mentioned equation i.e.
Transfer fee = a + b * size
a = a constant currently equalling 0.155381 ADA
b = a constant currently equalling 0.0000043946 ADA / byte
Size = size of the transactions in bytes
The minimum transactions fee you’ll pay is 0.155381 ADA and will increase by 0.000043946 ADA with each byte increase of your transaction size.
What is ADA
ADA is a secured multi – platform wallet for the currency. Deadalus is built by the Cardano Enterprise, which you need to download and after that you can send and receive ADA; also you can see your transaction history. There are other beneficial features as well, which are as follows:
- It has encrypted (convert a readable data into a code, in order to prevent unauthorized access) and spending passwords, offering protection against malware
- ADA redemption directly built into the wallet and support encrypted and unencrypted redemption certificates
- It is also possible to export wallet wallets into paper certificates, by giving the maximum security option for holding funds in cold storage
- Transactions assurance level monitoring
How to Buy Cardano ADA
If you wish to own a Cardano ADA, you can buy them from the exchanges. According to the reports, crytocurrencies will be soon available at certain ATMs in Japan. And those with ADA will also be able to opt for a Cardano Debit Card, which lets you use it just like any other currency. The Debit cards will also be connected to the applications, so you can track transactions and your ADA balance.