Are you familiar with Cardano? A popular cryptocurrency that ranked within the top 10 lists in the coinmarketcap?
Below are the lists of things you need to understand about the cryptocurrency Cardano (ADA).
Fact 1: About Cardano
Cardano got its name from and proficient polymath and influential mathematician of the 16th century. Cardano is a 3rd Gen blockchain protocol that allows the user’s facilitation of sending and receiving digital funds while supporting the execution of smart contracts. ADA also enable the development of centralized applications.
It was technically design to sustain flexibility, high security, and coins scalability. Its unprecedented software architecture is to find balance between regulatory and privacy issues of its user by providing them the option of attaching a metadata to a transaction made.
Fact 2: Creating Cardano
Cardano was mainly created for the purpose of repudiating the blockchain technology set forth by crypto giants like Bitcoin and Ethereum. The primary goal is to increase inoperability, scalability and sustainability.
The first stage of the creation of Cardano goes through a high degree of scrutiny from science and academic scholars who intend to limit any future drawback. The high emphasis on coding and proper development is what made this cryptocoin highly competitive against other cryptocurrencies.
Fact 3: Cardano’s Design
Cardano adopt a layered design allowing upgrades by way of soft forks and giving the coins high flexibility on different transactions.
Cardano Settlement Layer (CSL) is the first layer, considered to be the home of ADA cryptocurrency. It basically handles all token-related economics and manages balances.
ADA is basically used as a toke for paying for goods and services. It is also used as a deposit funds on an exchange, sending value or tokens between two parties and you may also use it to gain access on paid apps.
ADA generally take control of all the transaction on the Cardano network, but CSL essentially filter only the most basic transaction data like the number of ADA transferred from one wallet to another.
Cardano Computation Layer (CCL) is the second layer, characterized by set of protocols that handle all functions related to smart contracts. This layer effectively filter every single transactions and all the details that comes with it.
The CCL allow a more focused updates and better privacy protection of every transaction while effectively communicating the data that was handled through sidechains.
Fact 4: Cardano’s Programming Language
One of the eminent advantage of Cardano is the use of Haskell programming language. It is a computer code that uses mathematical verification methods which eliminate almost 100% of human error and facilitate a system that automatically confirm the correctness of the written codes.
Haskell reduce the risks of attack and highly contribute to the prevention of bugs and errors within the system. Modification and changes under the Cardano coding is only possible when the majority of the token holder agrees into it, a very similar to a democratic model of government which effectively guard the blockchain and prevent the creation of hard forks.
Fact 5: Cardano and Daedalus
Cardano developers provides Daedalus as a wallet for the coin holder, it allows ADA send and receive transactions. The wallet featured unlimited accounting and advance security to keep your coin safe. Daedalus is the kind of wallet that gives you a full control of your money while protecting your funds from attacks by implementing high level of cryptography.
Daedalus offers seeds and spending passwords for all your accounts. It can also be exported to paper certificate, thus enabling users to keep their funds on cold storages for maximum security. Developers also provide users with extra customization in the wallet such as plugins and themes.