Cardano is a an open source, public blockchain that will allow for smart contracts to build decentralized applications upon it. Designed in part by the co-founder of Ethereum, Charles Hoskinson, Cardano looks to be a direct competitor of Ethereum and NEO. Referred to as a “3rd generation blockchain” by Hoskinson, Cardano uses the present blockchain generations weaknesses and strengths to its advantage (In this instance, 3rd generation refers to Bitcoin being 1st generation and Ethereum being 2nd generation). Cardano released a research document that focused on the limitations of the current chains before releasing its own whitepaper detailing its blockchain network.
Using a different PoS (Proof of Stake) protocol that Ethereum is developing, Cardano plans to implement a unique PoS model called Ouroboros. This would allow the network to randomly pick a node that then confirms the next block and give ADA (Cardano’s token) holders the option to vote for which nodes they prefer to be used for confirmations. This consensus protocol, along with a unique governance and treasury system, aims to set Cardano apart by giving it the best qualities of past generation blockchains in a single network.
Cardano works mostly as a currency as of now. The selling point is the philosophy and research documentation behind the project and the current price is speculation that the team will deliver on their network, not being based on an existing product.
It is important to note that the project was launched in 2015 with it’s initial coin offering and has had quite active development since. The settlement layer has had substantial progress with constant updates and additions to their GitHub. Paired with an explosion in social media and community, the team has gained a lot of recognition. Yet, with Ethereum and NEO continuing to build upon their existing network of users and networks, the price action of Cardano will be interesting to watch as it approaches larger roadmap goals later this year.
A key way to keep tabs on this project is to look at the three major stakeholders, Cardano Foundation, Input Output Hong Kong (IOHK) and Emurgo. Each institution play’s its own role in the success of Cardano.
Cardano is a project that is fueled by the Ouroboros Proas consensus algorithm. That being said, the engine that is powered by that fuel is manufactured by the project stakeholders. In essence, they are the “Core” devs of this project. — Demetrick Ferguson
If you are looking to trade ADA (Cardano’s Token), it is available on Binance and Bittrex. It is built on its own blockchain and requires the Daedalus wallet to hold.