Cardano

Cardano is a Hong Kong-based platform that was created on September 29, 2017. Cardano is used to run the ADA cryptocurrency and its sole aim is to ensure that its platform issues smart contracts and also run decentralized applications, side chains, and multiple party computation. Cardano sits as one of the 15 largest cryptocurrencies in the world with its total market capital value of about $3.5 billion.

(Image Source : https://www.cardano.org)

According to the developers of the Cardano platform, this platform is the only cryptocurrency platform that was designed and launched from a scientific and philosophical research approach. The main aim of the developers of the Cardano platform is to offer a sustainable and balanced blockchain ecosystem that takes into account the unsurmountable needs of thousands of users on the network. This effective and efficient accounting system that is offered by this platform is also available for systems that seek to integrate the network into their already established structure.

It is unfortunate to know that at the onset or creation of this platform, the developers had no planned roadmap. All they did was to welcome multiple design principles and other relevant and necessary avenues or means for integration. The mission of the development community of Cardano is to create a platform that issues smart contract functionality and that also at the same time seeks to offer more innovative and enhanced internet protocol that will be better than anyone that has been created prior to this time.

Features of The Cardano Project

The project was designed with two layers; the settlement layer and the control layer. The settlement layer has been described as a computation layer that examines the proof of stake mechanism to ensure that all computations carried out on the network are 100% accurate. While the settlement layer deals with computation, the control layer specifically deals with verification of identities, credit management, and systems.
As announced by the community of developers', the Cardano platform was developed for the purpose of solving all the internal end external problems that plague cryptocurrencies like Bitcoin and Ethereum.

There are over 40 billion ADA tokens in circulation as at February 2018. Also, it has a market value of about $3.5 billion.

Users who own the platform's currency ADA can suggest modifications that they would love to see on the platform. For better understanding, the Cardano platform is designed in such a way that all suggestions, modifications, upgrade of any sort are proposed on the Library of the network. Once either a suggestion or upgrade has been proposed by a user, the platform opens the voting system. Other users will vote if either they want to accept the suggestion or discard it.

Pros:

• It is a secure, fast and reliable network. The adoption of several technologies ensures that it remains like that.
• Almost all errors made by humans on the platform are eliminated by the Haskell programming language.
• It seeks to improve the structural design of most cryptocurrencies.

Cons:

• The network is designed with limited features.
• Its support of one wallet limits its users.