Cardano (ADA) is an open-source, decentralised public blockchain ledger. The project develops smart contracts that aim at providing the industry with advanced features, unlike any other protocol that has been created before. Cardano is the only and the first blockchain project that came as a result of a scientific-driven philosophy. The project takes on research-driven approaches and brings together experts in both the engineering fields as well as research
Cardona (ADA) is the currency that drives the project. It has since inception increased in value to make it the 6th cryptocurrency by market capitalisation. ADA has been struggling to break above $0.3 for some time now, but it is still a promising coin. Its market capitalisation stands at 5.59 billion dollars at the time of writing this article. The cryptocurrency has been doing better than most of the top ten coins and was showing positive prospects even when the other coins were plummeting.
The ADA is Cardano’s token, and it is used to process the extremely fast and anonymous transactions powered by Cardano blockchain. The technology has been developed to work well with regulations but at the same time keep its decentralisation in check. The developers were aware of the fact that users desire privacy when using blockchain technology. However, they also appreciated the fact that regulations are inevitable. Therefore, they have carefully integrated the two features into the network.
The Haskell Programming Language
Cardano platform was built using an entirely new programming language referred to as Haskell. The programming language was chosen because it has an incredibly high bar of tolerance when it comes to faults and attacks in the system. The language also adds flexibility to the network to create a proper ecosystem for the decentralised blockchain. Cardona can handle a growing number of real-time transaction and user volume because of its adaptability as well as flexibility. It can process hundreds and even thousands of transactions per second.
Interleger Transactions on Cardano Network
The transactions on Cardano (ADA) are currently working correctly; however, the team is still researching on how to make the transactions even faster to remain at the helm of innovations in the blockchain industry. The developers want Cardano platform to have the highest scalability ratios as well as enable Interleger transactions. To achieve this, the developers are planning to split Cardano into smaller subsections that make it easier to share data in real-time. They will be using the RINA protocol which is a Recursive InterNetwork Architecture.
Furthermore, the network is currently working on a Test Net launched not too long ago. It will ensure that the real Cardano platform to be released soon will operate efficiently without flaws. The new platform will utilise a protocol called Block Explorers. The protocol gives Cardano (ADA) holders the ability to track transactions as the blockchain processes them. Moreover, further improvements and features will allow the addition of charts, statistics and specialised functions for Cardano users.
Cardano (ADA) is Money
Many cryptocurrencies are struggling with being accepted as money in the business sector. A coin must have the features of a currency to be accepted by vendors and merchants in the market. Although the price of ADA has been dropping on the charts; the cryptocurrency is making headway in the real world. Recently, Cardano was added to Centra wallet, which means that it has been accepted on to the Centra card. Cardano is now spendable money to buy goods and services from 38 million locations around the world. Such a move is set to push the price of the cryptocurrency higher and increase its acceptability.