Cardano: The third generation crypto
The Cardano project was the very first with a research-driven approach, ready to solve some fundamental issues they noticed in other blockchain technologies. Calling themselves the ‘third generation of cryptocurrency’, they made quite a few improvements.
For starters, they worked two years on developing this new cryptocurrency and its network before its launch in 2017. Instead of writing a white paper and turning it straight into code, the Cardano team actually made sure that scientists, researchers and experts all over the world read and improved the papers before implementing them. Something no cryptocurrency project had done before.
Secondly, they use a proof-of-stake algorithm, quite the opposite of bitcoin’s proof-of-work algorithm. This basically means that they made sure that keeping the Cardano network going costs less energy — for humans and computers alike. Reducing the energy it takes to run, the network can reliably be used by millions of consumers daily. The matching ADA tokens can therefore be transferred within the blink of an eye.
But they also noticed another big problem: cryptocurrencies don’t work together. Cardano’s idea to solve this problem is to let all these different cryptocurrencies exist side by side and create a world in which you’d no longer need an intermediate to transform your bitcoin into ether. A world where you can use a blockchain that understands what happens in other blockchains. And yes, you guessed it: Cardano wants to be that blockchain.
To top it all up, they offer their users the option of adding a ‘meta description’ to transfers, making banks and governments a little less nervous about cryptocurrency. Thanks to this ‘meta description’, these institutions can use the metadata needed to know who transferred to who and for what reason. Making these transactions more trustworthy — and making Cardano an exciting player in the market.
The Cardano network was founded by Charles Hoskinson: previously one of the co-founders of Ethereum, with the goal to “provide a more balanced and sustainable ecosystem for cryptocurrencies.”
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