Know your coins: What is cardano (ADA) ?

Hello fellows today i will try to explain 5th cryptocurrency with it's market cap . We all know ethereum and IOTA. I think if you are a cryptocurrency investor, trader you should know at least 10 popular cryptocurrency maybe more if you are serious about cryptocurrency world. Cardano(ADA) is i think most unique project. Currently cardana(ADA) is trading around 0.94$ but i think it has some potential of up to 3$ in year.

What is cardano (ADA) ?

Cardano is home to the Ada cryptocurrency, which can be used to send and receive digital funds. This digital cash represents the future of money, making possible fast, direct transfers that are guaranteed to be secure through the use of cryptography.Cardano is a project that began in 2015 as an effort to change the way cryptocurrencies are designed and developed. The overall focus beyond a particular set of innovations is to provide a more balanced and sustainable ecosystem that better accounts for the needs of its users as well as other systems seeking integration.

This is the first blockchain project to be developed from a scientific philosophy, and the only one to be designed and built by a global team of leading academics and engineers. It is essential that the technology is secure, flexible and scalable for use by many millions of users. Cardano is a smart contract platform, similar to Ethereum, with a focus on security through a layered architecture. Cardano is one of the first blockchains to be built in the highly secure Haskell programming language.

Cardano is something other than a digital money, be that as it may, it is an innovative stage that will be fit for running monetary applications as of now utilized each day by people, associations and governments all around the globe.

WHAT IS CARDANO SL
Cardano SL (or Cardano Settlement Layer) is a cryptographic currency designed and developed by IOHK in conjunction. Cardano SL is based on the Haskell implementation of the white paper “Ouroboros: A Provably Secure Proof of Stake Blockchain Protocol”

The CSL uses a proof-of-stake consensus algorithm to generate new blocks and confirm transactions.

The roadmap for the CSL is as follows:

• Two sets of scripting languages
• One set to move value
• One set to enhance overlay protection support
• Sidechains to link to other ledgers
• Multiple signature types including quantum resistant signatures
• Multiple user-issued assets
• Scalability in which the capabilities of the system increase as more users join

KMZ Sidechains
Cardano will support sidechains based on a new protocol by Kiayias, Miller, and Zindros (KMZ) involving proofs of proofs of work.

The KMZ sidechain protocol allows funds to move securely from the CSL to any CCL or any blockchain that also uses the protocol.

Ledgers with certain regulatory compliances will be able to interact with the CSL without having to share data that needs to remain private by using KMZ sidechains.

Ouroboros Proof-of-Stake

Instead of using a Proof-of-Work (PoW) consensus algorithm, Cardano uses the Ouroboros Proof-of-Stake (PoS) algorithm to reach consensus on the state of the ledger.

In this protocol, slot leaders generate new blocks in the blockchain and verify the transactions. Anyone holding a Cardano ADA coin can become a slot leader. When the “Follow the Satoshi” algorithm selects a coin that you hold, you can become a slot leader and publish new blocks to the network.

Your node automatically does this process, so you don’t have to worry about manually verifying each transaction.

Conclusion
Cardano is an ambitious project tackling a large number of problems in the crypto industry. After seeing the potential security flaws of Ethereum through the DAO hack and recent Parity wallet fiasco, it’s nice to see that Cardano has a focus on code scrutiny and peer-reviewed security measures.

The sheer scope of the project could be lethal to the project, as it leaves a lot of opportunity for error. However, Charles Hoskinson at the helm does help instill some confidence that the team can handle a project of this magnitude.