Cardano (ADA) stands for the 10th largest crypto in accordance with the official ranking list as seen on Coin Market Cap, currently counting over 1.8 billion dollars. Ever since it was first launched back in 2015, ADA has seen some amazing progress now being one of the top ten promising blockchain projects, surpassing TRON (TRX) and IOTA (MIOTA) by market capitalization.
The man who started it all, Charles Hoskinson, the founder and CEO of both Cardano foundation as well as IOHK is widely known across various blockchain communities, participating as a co-founder in more than several successful blockchain projects, including Bitshares.
Charles Hoskinson is also known by his work with Vitalik Buterin, also representing one of the co-founders of Ethereum (ETH).
Hoskinson’s fascination with cryptocurrencies and blockchain goes back in 2011 when he first started to learn more about the first digital blockchain-based assets, soon leading them towards launching ADA and participating in revolutionizing blockchain technology.
So, how Cardano (ADA) influenced the blockchain community along the way reaching the top ten list?
Cardano (ADA) and Ouroboros Proof of Stake
Although Proof of Stake consensus mechanism was first presented in 2012 as designed by Sunny King and Scott Nadal in order for the dev duo to be able to effectively solve the cost-efficiency problem that Bitcoin turned out to be experiencing with Proof of Work consensus, Hoskinson additionally manipulated the protocol in order to create Ouroboros.
Proof of Stake was designed to place a relief on the costs of maintaining the Bitcoin network, which at the time made up for around 150,000 dollars on daily basis. Proof of Stake was first applied on the coin that Sunny King later designed, Peercoin, while more than several blockchain projects have since utilized this consensus mechanism.
Even Ethereum is aiming towards solving present issues by switching to Proof of Stake. However, Cardano additionally improves this consensus mechanism in form of creating and designing Ouroboros.
As described in the technical paper, Ouroboros is the most crucial part of the network as it decides which nodes will reach consensus.
Ouroboros is at the same time the first algorithm based on Proof of Stake with the main idea of lowering energy consumption that is proven to be secure and safe.
Ouroboros actually represents a symbol of a snake eating its own tale, which further symbolizes eternity. In a way, this symbolism also explains the mechanism of Charles Hoskinson’s Ouroboros Proof of Stake as it completely diminishes the need for wasting energy at the same time creating a scalable ecosystem.
Cardano (ADA) and the Unique Daedalus Wallet
Another reason why Cardano stands out as one of the most prominent blockchain based projects also being 10th top coin by its market is ADA Daedalus wallet, said to be one of the most functional digital wallets in the market.
Thanks to a unique design, ADA users are able to take advantage of a safe and secure environment where they can store their ADA units, also providing Cardano users with a rare opportunity of being able to access and activate decentralized applications on the blockchain through Daedalus wallet.
Daedalus also has several; key features that make this digital wallet an extremely secure environment. That is how you are protected from malware and hack attacks with encrypted keys and spending passwords while allowing users to place funds in cold storage.
Making up for one of the highly functional wallets currently available in the market, Daedalus might be one of the factors driving Cardano ahead of its competition.
Daedalus, despite its functionality and user-friendly design, has had some reported issues regarding connectivity errors; however, Cardano and IOHK dev teams are always on the lookout for diminishing problems and coming up with new solutions.
Cardano ADA on the Head with Hoskinson and Strong Community
Another key factor that helps Cardano stand out from the mass of hundreds and hundreds of different digital assets is the fact that ADA community is one of the strongest and most faithful communities in the cryptoverse, aside from perhaps Tronics and Dogecoin holders.
Although Hoskinson stated on several occasions that the best thing that Satoshi did was “killing himself” as he wanted to show that s a single person cannot be the center of an open-source peer-to-peer ecosystem, the community sees Charles as one of the true visionaries in the world of blockchain, also being the epicenter of ADA’s success alongside with two more dev teams working on Cardano.
With making Cardano a scientific project rather than a business venture, Hoskinson might be building a smooth path towards sending ADA t0 a one trillion dollars worth of market cap.
Even though Charles Hoskinson stated that market cap shouldn’t make a coin, meaning that the main focus should be on developments and use cases, Cardano makes up for one of the 10 largest digital currencies by market capitalization “threatening” similar projects like Ethereum, NEO, and EOS.