Cardano ADA was launched back in 2015 by Charles Hoskinson, who was previously one of the co-founders of Ethereum (ETH) which now makes up for the largest Dapp platform and the second-largest cryptocurrency in the market.
Cardano (ADA) was launched and designed with the aim of bringing science to the blockchain, as stated by Charles Hoskinson, as in his opinion, many white papers are offering hundreds of thousands of transactions in a single second without having a scientific proof of their claims.
Having been looked over by scientists and university academics, Cardano (ADA) is also being looked after by three different dev teams, which includes IOHK on the head with Hoskinson.
Ever since it was originally launched as a blockchain-based project, Cardano has made a massive impact on the world of blockchain technology and ICOs, but how far has ADA come since it was first introduced to the crypto community?
From Humble Beginnings to Reaching the Top Ten List
One can maybe say that Cardano once did have a humble beginning, however, this may probably only apply on the market capitalization of ADA as Cardano was backed by a strong and experienced team right from the start, having Charles Hoskinson as the founder and CEO of Cardano and IOHK as well.
In the beginning, as Hoskinson mentioned on several occasions, Cardano started off with two team members, one including himself, while in the course of three years, Cardano family grew up to welcome around 160 people to the team.
Cardano already at the start brought some major improvements in the sphere of blockchain to the table, so it had earned itself a head start by introducing an altered Proof of Stake protocol that is now known as Ouroboros.
Ouroboros was introduced to the public as the spinning wheel protocol of the ADA network, designed to replace Proof of Work which is originally a more energy consuming protocol when compared to PoS, or altered PoS in the case of Hoskinson’s Ouroboros.
This way, team Cardano managed to solve some of the problems that networks like Bitcoin and Ethereum are having due to the utilization of PoW protocol, which was only one of the ways how Cardano had impacted the blockchain space, which eventually helped ADA reach the top 10 list with now counting around 1,6 billion dollars in market cap.
More Features Being Added to Cardano Daedalus
Daedalus might be one of the sleekest digital wallets available in the market since Daedalus makes up for a rare piece of blockchain technology that not only allows for safe and secure storing of ADA, but it offers various handy features that go with it.
One of such features is the ability to activate Dapps of choice within the network by gaining access via Daedalus wallet, offering a wide range of versatilities with it. However, the community is still expecting to see more improvements with the future updates, although the team is already keeping up with frequent updates to the wallet.
Following up with community demands, the team has already solved the issue with syncing as well as diminished the problem with balance overview.
IELE Test Net Release and Cardano Powered Smart Contracts
What Cardano has managed to do besides from presenting an alternative and faster option for transactions in oppose to both, traditional payment methods and the energy consuming Bitcoin-based transactions is approaching the second generation of cryptocurrencies by allowing smart contract operations on the network.
This way, Cardano has definitely earned more interest among the investors not only because it can now attract developers to the network, but also because IELE virtual machine launched at the end of July, actually represents the extended release of the previous test net, while presenting the second Cardano test net.
The machine is created in a way that it translated high-level programming languages to low-key commands, which makes it easier to use, thus being more accessible to Dapp developers.
Cardano ADA Aims to Become the Third Generation Cryptocurrency
Cardano brought so many improvements to the blockchain space, offering faster and more energy=efficient ecosystem for making transactions in oppose to Bitcoin (BTC) that represents the first generation of cryptocurrencies.
Once Bitcoin was taken over by an escalating adoption, it was only then that crypto enthusiasts, as well as blockchain developers, could see how blockchain technology can be further improved, which is when we met the second generation of cryptos, represented by Ethereum (ETH).
What Cardano is aiming to do is to provide solutions that these two generations weren’t able to find the right answers to, referring to finding a solution for interoperability, scalability, and sustainability in the blockchain space.
In accordance with Hoskinson, Cardano is already working on these solutions alongside with ten more universities, so in case Cardano manages to find these solutions in its future endeavors, ADA might become a third generation cryptocurrency.