Cardano is one of the most interesting projects in the crypto space. It is a public Blockchain and a smart contract platform similar to Ethereum’s. Cardano combines the best of Bitcoin, Litecoin, and Ethereum. It supports ADA cryptocurrency which users use to receive and send funds.
The token is named after ADA Lovelace, a mathematician and the first ever computer programmer from the 19th century. ADA, Cardano’s crypto had a crowded sale that sold about $62 million.
Who Created Cardano?
Its name was inspired by an Italian mathematician and physician Girolamo Cardano. He is famous for the first systematic probability computations.
The conceptualization of Cardano network was realized by Charles Hoskinson and Jeremy Wood in 2015. Charles Hoskinson is a math genius and a crypto enthusiast and also happens to be one of the Ethereum’s co-founders.
Hoskinson had a vision that diverged from Ethereum’s. He, therefore, partnered with the Cardano foundation whose function is standardizing, promoting and protecting Cardano protocol technology. Hoskinson then started the IOHK, a company with a mission is to encourage innovation and provide financial services. The IOHK has also been contracted to design, build and maintain the Cardano up until 2020.
Emurgo is another entity that participates in Cardano. It focuses on incubation, support, and development of commercial ventures.
The project’s objective is creating a next-generation platform and ecosystem and improvement of Ethereum and bitcoin. Cardano boasts of being the first platform stemming from a scientific and research-driven approach. Cardano’s goals include security, scalability, governance, and interoperability with the other systems and regulations.
One thing that is common between Cardano and Ethereum is the fact that both have funded a non-profit organization solely based on the research and development on the project’s protocol and community development. While its innovations can be compared to Ethereum’s, Cardano’s approach to meeting its goal is different.
What Makes Cardano Different?
Besides being a relatively new platform, Cardano was built on peer-reviewed papers. Instead of the typical creation of white papers like other networks, Cardano’s ideas were first analyzed and verified by experts worldwide.
Another difference with Cardano is the fact that it is third generation crypto. Bitcoin being the first is slow and costly to maintain. To run the bitcoin on a large scale is actually difficult. Ethereum is a 2nd generation network and a first to employ smart contracts. Although it’s better when it comes to scalability, it’s still not up to par with speeds of a global currency. And that’s where Cardano comes in.
The layered approach in Cardano is also different from other platforms. Layers are divided into two, one for handling crypto transactions and the other one for computing smart contracts.
Cardano also allows for decentralized applications, best known as DApps to run the network. The DApp application runs on the Blockchain and not a centralized server. DApps utilize smart contracts to perform transactions throughout the Blockchain.
Last but not least, the Cardano network was built with the future in mind. It was made in such a way that future upgrades and modifications won’t be too difficult.