Cardano Introduction & Use Cases￼
by Dragan Djekov
What is Cardano (ADA)?
Cardano is a decentralized, proof-of-stake (PoS), third-generation blockchain platform, which was created and structured as an effective alternative to the earlier proof-of-work (PoW) networks. Forefather tokens like Ethereum are quite limited by their technical foundations. They face a number of problems, burdened by their high requirements of energy, their evident, slower transaction rates, and the costs of growth on their infrastructures. Cardano offers a more streamlined solution focusing on sustainability, internal operability, and adaptive scaling ability.
Understanding these issues and the challenges that blockchain networks pose, Charles Hoskinson, the co-founder of Ethereum, the proof-of-work (PoW) blockchain, started developing and launching the powerhouse platform Cardano in 2015, and in 2017 he introduced its main cryptocurrency ADA token, described as an Ethereum killer. Using ADA, Cardano allows the sending and receiving of digital funds, securing, and ensuring direct, fast transactions that are verified graphically in the crypto coding. The name for ADA was conceived and coined after the name of Ada Lovelace who was a royal countess in the 19th century and who is also recognized as an English mathematician, and the world’s first recognized computer programmer.
Cardano is positioning itself and its blockchain platform to achieve and successfully identify as a decentralized application (DApp) development platform, which integrates smart contracts that can be legitimately verified and has an accessible multi-asset ledger. The oversight and guidance of Cardano are also decentralized and equally distributed in responsibilities across all three of Cardano’s partners: The Cardano Foundation, EMURGO, and IOHK. The Cardano Foundation is a non-profit organization and is the main supervisor and legal custodian with an overview of the Cardano brand, its presence, progress, and modern-day relevance. The foundation brings academia, policymakers, and regulators together to push forth viable usability opportunities, and progresses the world stage presence of their protocols. EMURGO is responsible for leading the adoption of the Cardano protocol on a commercial scale as their global technology representative and they access a large scale of areas within international business straight into the inner workings of their systemic blockchain. IOHK is mostly focused on the reliability and long-term scalability of the Cardano protocol through the most up-to-date and applicable, peer-reviewed scientific research, which is then used to educate about platform updates before they are installed and utilized. IOHK also pushes forth Cardano’s role in its education mission by collaborating with its many academic affiliates and associates.
Cardano’s construction is clearly separated into five distinct categories and phases, which are scaling, governance, foundation, smart contracts, and decentralization. This makes it a well-rounded project with a multifunctional purpose that allows for infinite growth and expansion.
The main applications of Cardano are traceability and identity management. What makes this extremely desirable is the fact that in this world, there is, unfortunately, a high volume of fraudulence, scams, and counterfeit deceptions. To combat this movement, Cardano’s identity management application could be used to streamline and uncomplicate the procedural methods of retrieving and processing data collectives from a multitude of sources, which in turn assists in security measures and verifying such important data. The traceability application would be operated to surveillance and audit a product’s manufacturing status, handling, and processes from its origin to finalized products and, likely, combat and hinder the lucrative black market for counterfeit goods.
“Cardano is built by a decentralized community of scientists, engineers, and thought leaders united in a common purpose: to create a technology platform that will ignite the positive change the world needs. We believe the future should not be defined by the past, and that more is possible – and, through technology, can be made possible for all. We measure the worth of a task not by its challenge, but by its results.” – Cardano Team
Scientific Research Matters
What makes Cardano such an intriguing and spectacular prospect in the crypto world is its team’s scientific approach to implement the knowledge of former blockchain technology shortcomings and expand upon the multifaceted possibilities and solutions using evidence and research-based methods towards progression amidst the plethora of other competitors. This gives them a major advantage and a massive potential to solve the apparent, detrimental, financial world problems that are faced and endured by the current time consumers. Cardano is utilized on the Ouroboros consensus protocol, which was made early on in the foundation building process by Cardano. Through academic, scholarly studies, Ouroboros was informed and structured as a proven, secure, first Proof of Stake protocol. Every transition towards growth and process of development for Cardano’s every move and decision is locked into stability through their peer-review insights, the basis of heavy research, and a bright future roadmap geared towards a wide array of applications for the ADA token and the blockchain network.
With its open-source blockchain and layered development, Cardano will be able to execute its project with multiple steps such as connecting its innovative financial applications to worldwide governments, international consumers, and global businesses. Once DApps are successfully implemented, up and running across the board following the completion of the settlement level of ADA, a single processing layer for smart contracts will be built by the team regarding legal agreements and financial regulations. Soft forks make upgrading and technical maintenance to Cardano’s blockchain free of complications, allowing its dedicated team of engineers, coders, and scientists to stay focused on their task lists, showing its resilience and sustainability features.
An Influential Visionary
Cardano shares a big vision to make a true difference in the world and that is why it has not only grabbed the attention of a vast number of investors who see the clear value of its financial technology, but also the hearts and minds of those who agree with the company’s mission and wish to see their success bring about more financial autonomy within the centralized and often corrupt traditional banking foundations that have their modern-day limitations.
For those who invest in ADA and become a holder of the cryptocurrency token, they also hold a stake within the very network of Cardano. ADA has many potential use cases. The token can currently be stored safely into a secured crypto wallet and be delegated to a stake pool in order to be eligible and receive rewards. One could also partake in the network’s success of running, or they could pledge their ADA tokens to a stake pool to increase the chances that the stake pool will receive rewards. In the long run, the vision for ADA’s application will be completely diversified and interlocked with an abundance of services offered on the Cardano platform.
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