Cardano has long since been our most-requested token. Yes, even more than DOGE! We hear you, and we agree. Starting today, you can trade ADA-INR and ADA-USDT right here on ZebPay! So, what’s all the fuss about? Why do we believe Cardano is built for long-term value? Read on to find out.
Cardano and its native token ADA have been one one of the fastest-growing blockchain assets in the entire cryptocurrency ecosystem since it was deployed in 2015.
Interestingly, ADA is named after Lady Ada Lovelace, a 19th-century mathematician who is recognized as the first computer programmer, and the daughter of the poet Lord Byron.
At its present pace, it is the most significant threat to replace Ethereum in building a massively-adopted blockchain ecosystem. With a team that had a hand in the creation of Ethereum, many are convinced that Cardano is the next generation of cryptocurrency solutions.
In a sentence, Cardano is a third-generation cryptocurrency and one of the most advanced solutions to the blockchain trilemma, one of the central problems of our industry.
The blockchain trilemma is a name coined by Vitalik Buterin that proposes a set of three main issues that developers encounter when building blockchains.
More often than not, developers are forced to choose two out of three:
- Decentralization. Rather than being managed by a single entity, blockchains distribute control over the network equally to all participants.
- Security. Blockchain networks should have ironclad defenses that prevent malicious entities from taking over.
- Scalability. Blockchains should support an enormous number of transactions and users without faltering by increasing fees and transaction times.
Here’s what Cardano’s doing different
In the early days of Ethereum, one of its co-founders, Charles Hoskinson saw the need for a more standardised, and scalable blockchain. With his mathematics background, Hoskinson began thinking about more scientific ways to build a blockchain.
During this time, Hoskinson connected with Jeremy Wood, a former co-worker at Ethereum, who was looking to create a better blockchain and smart contracts platform. The two began to pursue Cardano as it exists today.
The team behind Cardano has been inspired by the world of science publishing, and has adopted its peer-reviewed approach for their cryptocurrency.
What does that mean? Well, all changes and new features introduced are developed, reviewed and agreed upon by academics before being used, including the network’s consensus algorithm, Ouroboros.
What’s coming next
Cardano is being built in five phases as the network develops into a decentralized application development platform. This platform will come with multi-asset ledger and verifiable smart contracts capabilities.
Each of the five phases is named after an influential historical figure, and are colloquially referred to as an era.
- Cardano began in 2015 as a research project to explore how cryptocurrencies could be improved.
- Cardano was first released to the public on September 29, 2017 with the ‘Bryon’ phase, supporting only ADA transactions.
- The next phase, Shelley, launched in July 2020. It improved the network’s decentralization, and meant that holders could stake ADA.
- The third stage, Goguen, will add support for smart contracts and native token issuance. It’s due in August 2021.
- The final stages are Basho, which focuses on scaling, and Voltaire, which deals with on-chain governance.
We have great timing. Want to know why? The Cardano Summit 2021, a mix of virtual and live events from around the world and cryptosphere is this weekend! The whole world is invited. And it’s free. Register here!