Cardano is a project modeled and developed to transform the way cryptocurrency architectures are structured. With an objective to deliver an improved blockchain ecosystem for programmers, Cardano developers launched the project in 2015.
In precise terms, one of the most significant objectives of the developers is to roll out smart contracts that will eventually kick out Ethereum in 2018. With this end in view, they have written smart contracts that will mirror improvements on Ethereum Platform, thus making Cardano super engaging. But will this dream ever come true? Let’s find out.
Consensus Algorithm
With a Proof of Stake consensus algorithm known as Ouroboros, nodes can reach a consensus in the network seamlessly. This is the essential part of the plan that defines Cardano platform. Furthermore, with Ouroboros, the energy-zapping Etehereum’s PoW algorithm becomes archaic, preparing ADA for the future.
An innovation of IOHK (Input Output Hong Kong) scientists, Ouroboros has become the first ever consensus mechanism that experts believe is mathematically feasible, leading to its acceptance at a 2017 cryptography conference. Also, Cardano delivers topnotch security as good as that of Ethereum.
How Has Cardano Fared?
Just as a typical cryptocurrency with a roadmap, the team has been rolling out its plans for the cryptocurrency.
- KVEM Testnet Launched
Cardano’s smart contracts known as KVEM testnet launched in May 2018. With KVEM written in the K framework, the smart contracts depict a pattern similar to Ethereum Virtual Machine. Furthermore, the collaboration with Runtime Verification and the contribution of IOHK made the third-generation blockchain’s smart contracts become reality. - Collaborations
The Japan-based investment unit of Cardano, Emurgo, is partnering with startups to build real-world applications to run on the platform. One of these startups is Traxia, a finance-based startup that scrutinizes unpaid invoices. Additionally, another startup that has partnered with Emurgo is Sirin Labs. This business relationship is focused on making cryptocurrency-compatible smartphones with ADA support. - Daedalus
Daedalus is the name of Cardano’s e-wallet. The truly decentralized wallet guarantees users three main advantages: versatility, effectiveness and also safety. The wallet became a product of the development team’s response to the Cardano community’s desire to have the wallet improved. Earlier, the wallet had two hitches, taking too long to synchronize and difficulty in displaying coin balance. These issues have been effectively tackled. - Expansion
Charles Hoskinson, the developer and co-founder, recently paid a visit to Ethiopia to recruit developers who would work toward improving the platform in the future. There is also a plan in the roadmap to set up a Vietnam-based research and development unit, enhancing the existing APIs and developer tools.
Final Words
With these plans perfected and executed according the Cardano roadmap as detailed in its white paper, will Cardano kick Ethereum into obsolescence? Well, Ethereum founder Vitalik Buterin and his team of developers will be in a perfect position to answer this question – that’s because Ethereum is seeing improvement too.
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