Whenever we think of investing in cryptocurrencies, we always consider Bitcoin as our investment vehicle. Such is its magnitude of power and popularity in the world of digital tokens that it has helped Bitcoin to showcase 1000% price gain in the current year when compared to the last fiscal. But given such a humongous price increase we feel a deep-rooted pocket pinch whenever we think of buying Bitcoin at such premium rates. Keeping such things in mind, KryptoMoney brought for you another cryptocurrency which has been making waves for quite some time now and houses enough potential to emerge as the dark horse of this race.
Cardano (ADA) – not much familiar right? But it could be the biggest star of the crypto radar in days to come. It first came into spotlight after zooming into the list of Top 20 cryptocurrencies ranked in accordance with market capitalization on its first trading day. It created a significant stir when it derailed some US based hotshots such as Hshare, Bitshares and Lisk which have been plying the top spot for quite some time. However the developers of Cardano were quick to realise that US markets were already saturated and had limited scope for further advancement. This led to their decision of venturing into virgin Asian territories which paid off magnanimous return.
The Cardano blockchain functions both as a cryptocurrency as well as a smart contract platform whose development started way back in 2015. Japanese investment company Emurgo which looked after the financial aspects of its development work and IOHK, a blockchain research and development company were the working force accelerating the establishment and functioning of The Cardano Foundation. Charles Hoskinson, one of the core Ethereum developers is known to be heading the IOHK.
Cardano (ADA) was developed with the main motive of altering the design and development procedure of digital currencies by bringing upon a total makeover in its current and future operations. This propelled the developers to build a platform meant for development of smart contracts by addressing major issues which have been handicapping other crypto platforms such as Ethereum in terms of security and scalability.
The network and algorithms need to evolve themselves for accommodating new users given the massive surge in user numbers. The modular structure of Cardano imparts utmost flexibility to the same. Security and privacy of users will now receive maximum protection relying on Ouroboros algorithm which facilitates sidechain creation and enables the network to alter its process of random number generation. This also helps in building better data structure and delegating based on the stake of the user.
Ethereum was the first to introduce an array of new possibilities to the world of crypto aficionados through smart contracts. Cardano on the other hand aims to attain the position of the latest go-to platform meant for creating smart contracts. Ethereum depends on Solidity for creating smart contracts using its programming language which shall also be used by Cardano but only for its lower assurance applications. The Plutus language based loosely on Haskell will cater to higher assurance applications of Cardano. The language can be distributed freely amongst developers for integrating their development process with specialized tools meant for formal verification.
Cardano relies on Ouroboros, a proof-of-stake algorithm rather than the traditional proof-of-work algorithm introduced by Bitcoin and relied by miners worldwide. This sets it apart from its peer cryptocurrencies which have been developed in the past two years using the traditional method. This algorithmic composition helps Cardano in ensuring maximum security through its rigorous cryptographic model which allows developers to enhance functionality by composing new protocols.
The functional programming language termed as Haskell has been used for building the Cardano blockchain from scratch. Philip Walder, the principal designer of this programming language has looked after the entire developmental process. Codes can be written in a much more reliable and secure manner using Haskell given its mathematical approach. This unique security protocol has passed rigorous peer review which led to its acceptance into the Crypto 2017 which is the biggest cryptocurrency event organised annually. This machine language shall make use of a security-first protocol known as Cardano Settlement Layer (CSL) for wrapping its users with a further layer of protection.
When viewed in terms of market value, Cardano has established its stronghold in the list of top 20 cryptocurrencies. It achieved this position within the first 20 hours marking its operation. In spite of having a highly affordable market price of just $0.04, its market capitalisation stands tall at $1.2 billion. IOHK announced that it is estimated to take another two years before the complete roll-out takes place. The experimental platform operational at present is termed as Bryon and the more advanced one is known as Shelley which is expected to come into fruition within early next year. However, its price will surely not be within the affordable range till that time. Thus, if you want to take the most advantage of its massive potential then now is the right time to invest. As far as the market dynamics portray, the future of this crypto is surely shining bright.
Cardano recently aided a bull run where it quadrapuled in value from $0.03 to now at it’s current market price of $0.13. Caradano was usually hovering at 16th or 17th position in the list of top cryptocurrencies as per market cap, but now it is in the list of top ten cryptocurrencies.
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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.
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