Cardano (ADA)

Emurgo and SIRIN LABS are among firms recently joining Cardano’s platform. This collaboration will enable Cardano to have its platform available to all smartphone users. Despite its uniqueness and apparent success, the CEO Charles has recently taken to Twitter to express his frustration towards Coindesk for its apparent refusal to publish an article on the currency. The CEO’s frustrations may be as a result of the coin’s recent continued poor run and that performance often depends on the hype it receives from the media.

The coin market has been trading on a downward trend. Ana’s price per unit has continued to depreciate despite other coins experiencing some stabilization. This drop can be attributed to a number of factors covered in my previous article on EOS. Some of these issues  include the recent bans on advertising for virtual currencies by Facebook and Google. This is expected to reduce the rate of uptake of the new system of payment

Charles Hoskinson founded Cardano (ADA) 6 months ago . The highly social CEO has also previously cofounded BitShares and Ethereum, some of the largest  cryptocurrencies currently in circulation. Introduced at the start of October 2017, ADA is relatively new but is already curving a place for itself among its peers with over 25.9 billion units  in circulation with a market cap of 4.7 billion USD, placing it 6th among all coins presently available. The currency is however trading at its lowest for the 3-month period from mid December 2017, closing at 0.1857 to the dollar on 15th march, an 86% drop since its peak in January this year. This saw the coin drop to seventh in Coinmarketcap’s ranking for a moment this Friday.

Security is at the center of ADA’s blockchain network, coded in Haskell, a language famed for its low fault tolerance. ADA’s technology was built on the basis of comprehensive research that has seen a lot of peer reviews. Some of the publications behind ADA are “SCRAPE: Scalable Randomness Attested by Public Entities” and “Ouroboros: A Provably Secure Proof-of-Stake Blockchain Protocol” among others.

Cardano (ADA) has been developed using in two layers: the CSL layer is the blockchain that ADA operates on and CCL aimed at supporting the use of smart contracts. This approach enables for the addition of capabilities to the smart contracts without affecting the virtual coin’s protocol.

Mining Cardano units uses formal verification. This relies on votes from coin holders. This is a departure from the proof of work process, which involves solving complex puzzles, used in mining other currencies such as bitcoins (BTC). Currently ADA is only traded on Brittex with the exchange only available between ABA and BTC units. Trades between ADA and other traditional and virtual currencies is expected to be made available in the near future.

Cardano is structured into 3 teams, each set up to fulfill different objectives. Cardano foundation  collaborates with government agencies and partners with companies in the private sector to push for more penetration of the platform globally. The other team, IOHK is responsible the design and maintenance the Cardano (ADA) platform until 2020. Emurgo is the other team, its primary concern being the integration and support of firms joining the cardano platform.

 

loading...

LEAVE A REPLY

Please enter your comment!
Please enter your name here