The open source nature of most blockchains enable rapid development of chains but also work against most of these as scams and frauds copy the codes to produce a similar product. There is a whole lesson on how most of these innovative tokens and coins protects their originality and creativity. Cardano (ADA) has however remained unique and scam resistant since its advent in September 2017. These are some of the most unique features that makes Cardano stand out from the rest.
What makes ADA different?
- The Haskell programming language
Recently, a Cardano community member (@roughcam) asked, “Why is Cardano written in Haskell? It’s not like IOHK will run the Cardano project forever and there is also a limited number of Haskell programmers, so human resources are quite limited as well. So what advantages of Haskell have triggered the project to be written in Haskell?”
This is a question that is raised multiple times by most of the community members. Haskell is a computer programming language that uses complex mathematical logic to code, hence making the language different from the other languages. The protocols building Cardano (ADA) are built to be distributed with a lot of cryptographic codes hence the need for a high degree of fault tolerance structure. Haskell allows quick lead times while providing shorter lines of code and growing libraries to allow development of applications using the language.
- Daedalus Wallet
Cardano (ADA) recently announced the release of the beta version of its Daedalus wallet on Linux platform. According to old Greek mythology, Daedalus is a god who is also a skillful craftsman. Just as the Greek god has excellent crafts due to the skillfulness he possesses, so does Daedalus digital wallet. The wallet is a highly secure platform that is built using advanced cryptography keeping your coins safe.
The beta version is based on the IOHK platform with the full release of the Linux version to be released on the platform later. The ease of download and use of the platform is the competitive advantage Daedalus holds over other crypto wallets. Some of the unique features on the wallet include unlimited number of wallets on the platform to allow easy management of funds and advanced security features. It is key to note that the platform does not hold your private keys.
- Governance by ADA holders
One major problem that is faced by all major cryptocurrencies across the board is participation of token holders in development process of the platform. As more and more money is poured into the crypto world, more responsibility rests on the development’s team. However, if the future developments of the blockchain are solely placed on a group of 30 professionals, then the ordinary community member person will not have a chance to add their wit and needs towards developing the system.
Cardano has however let the governance of its blockchain to be handled by all token holders. If there are any upgrades of modifications to the system, a user can propose them to the ADA library. Here, the ADA token holders will be able to vote for the proposed changes to be implemented on the blockchain. Once a specific percentage of votes is reached, the updates and modifications will be implemented.
Cardano (ADA) at the moment
Since Binance cryptocurrency exchange announced the addition of two trading pairs to Cardano (ADA), the coin has seen an appreciation in its trading numbers. ADA token recorded a 2-month high on both the daily volumes traded and the price of ADA on Friday. The coin briefly touched the $0.3 mark but soon dropped to $0.29 and has remained relatively stable during the weekend. With a total of $730 million worth of Cardano being traded on Tuesday last week, the coin witnessed its highest 24-hour trading volume since late January.
The coin is placed 7th on the Coinmarketcap rankings as EOS eclipsed it and Litecoin to reclaim the fifth spot.