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If you are a crypto trader in a company like BitQt, then you must have heard the name Cardano, only if just once. But even if you have never heard the name before, here is all you need to know about Cardano.
Cardano is a peer-reviewed blockchain. This is also the first peer-reviewed blockchain that has ever been introduced to the world. This platform allows people to create smart contracts. Many academics and intellects are grouped by a non-profit foundation that is responsible for Cardano, by various universities to review all the introduced protocols before their release to the world.
Why was Cardano needed?
You might have heard of Ethereum. It is a similar platform to Cardano. The creator of Cardano named Charles Hoskinson was also a co-founder of Ethereum. He saw all the problems crypto was facing and introduced a new platform. According to him, the design of Ethereum is a bit too limited and was not designed to be used by a lot of people.
Some many problems and challenges are being faced by cryptocurrencies. These challenges include energy usage, scalability, and being able to interact with real-world money. In this essence, Cardano has proved to be a problem solver.
The community of Cardano that consists of intellects are working hard to solve all these problems that are faced by the crypto world and make them work on the network of Cardano.
Cardano’s currency
The currency of Cardano is known as ADA.
History of Cardano
Cardano first began in 2015. The main purpose of this project was to research to know how crypto could be improved and how the problems faced could be solved. After two years, Cardano was released to the public on 29 September 2017.
In 2018, the community of Cardano started making new changes to it. The networking is starting to make new features to make it even better at handling large transactions made by several people.
What are Bryon and Shelley’s stages?
When Cardano was first introduced to the world, this stage was named as Bryon stage. Bryon was named after a famous poet.
According to the roadmap of Cardano, it will enter the Shelly stage by 2018. In this stage, new features are coming out to make Cardano better at handling larger transactions.
What is meant by the peer-reviewed nature of Cardano?
This nature is the foundation of Cardano. The community that is responsible for the advancement and solving problems of Cardano is made of scientists and academics from many universities. That means, all the changes that Cardano has introduced to be developed are first agreed upon and reviewed by these academics before the actual release or use.
How is Cardano better than Ethereum?
Many aspects come to mind when we compare Cardano to Ethereum. First of all, the developers of Cardano have seen a major fault in Ethereum that it is not made for many people to use and has experienced many ups and downs that are common to disrupt the network.
On the other hand, Cardano welcomes the concentration of people on the platform. The other one is that the Ethereum network uses proof of work to verify the transactions which use a heavy amount of electricity and cannot process many transactions at once.
Meanwhile, Cardano uses proof of stake to verify transactions that use a considerably small amount of electricity. The Cardano network also uses a system known as Ouroboros to choose who creates the next block.
The team of Cardano has also been working on a way by which everyone will not need to store a complete copy of the blockchain. This method will allow more people to use Cardano for more simultaneous transactions.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
