Cardano or ADA has turned into one of the quickest growing assets of blockchain in the whole industry of cryptocurrency. Since it was released in the year 2015, ADA has continued to remain at the topmost cryptocurrency by market capitalization and it has also been successful in garnering remarkable hype. The technology that works behind Cardano is moving at a quick speed as well as looks and so, it is taking on the likes of Ethereum for developing a huge blockchain ecosystem.
However, if the extensive marketing campaign of Cardano is believed then it has been discovered that it differentiates itself by utilizing some mathematical principles right in its consensus process besides an exclusive multi-layer architecture. And so, it can stand out from various other competing blockchains. As it has a team that has created Ethereum, numerous people remain convinced of the fact that Cardano will become the generation next cryptocurrency solutions.
The aim of Cardano is to form a stable ecosystem of cryptocurrency
Even though cryptocurrencies have skyrocketed to eminence in the previous two years, the majority of the cryptocurrencies have also suffered from chaotic developed trajectories. Hacks, disagreements, and scandals that resulted in tough forks have brought forward a bad reputation to their ecosystem.
Charles Hoskinson was the founder of Cardano. Hoskinson is also the person who co-founded Ethereum for providing a highly balanced and strong ecosystem for cryptocurrencies. Based on its website, ADA happens to be the only coin that has particular research and philosophy-driven approach. To put it practically, it means its open-source blockchain does undergo a strict peer-review method by programmers and scientists in the academic world.
The non-profit foundation that does the job of running Cardano has got a partnership with many academic institutions for reviewing and researching every aspect of a blockchain. For instance, Lancaster University researchers are forming a “reference treasury model” for finding a sustainable method to fund the forthcoming growth for the blockchain of Cardano.
The justification of the current valuation of Cardano
ADA of Cardano has impressive ambitions and pedigree and it has the same flaws as other cryptocurrencies. This has very little to flaunt through implementation. In September 2017, the blockchain was released and it has only limited numbers of nodes present in its network. Again, the foundation controls it.
According to Hoskinson, its data-scaling efforts won’t bear fruit until the year 2019. Many innovations that were made in the system, like its intention to standardize protocols are continuously being researched and they would be implemented as the growth of Cardano’s use cases. Presently, the technology of Cardano too is unproven.
The significant stakeholders of ADA
Though Wood and Hoskinson are viewed as masterminds behind the chief principles and extensive marketing campaign that comprise Cardano, they don’t own the Cardano blockchain. There are several stakeholders that the project encompasses and they are:
- IOHK – Hoskinson founded IOHK in the year 2015 and this Development and Research Company has aided with the engineering and design of the Cardano blockchain.
- Cardano Foundation – This foundation works as a custodial and non-profit entity for the whole project for helping the market. Again, it also ensures the blockchain’s security.
- Embargo – This works as a huge funding entity for supporting Cardano financially.
