Cardano is the brainchild of Charles Hoskinson- a person who is also the co-founder of Ethereum. The craze of cryptocurrencies did not start in 2000; it dates back as far as the 90s. In 1996, E-gold was introduced to the public. Despite the aid of the internet and social media, it made it into the million-dollar club. However, it was discontinued by the U.S government in 2008. Today, Bitcoin is known among crypto enthusiasts as a first-generation cryptocurrency since it depends on the Proof of Work (PoW) protocol.
The second most prominent cryptocurrency is Ethereum which was launched in 2015. Its DeFi application and smart contract ability helped it get promoted to another level. However, Cardano, which is now the third-largest cryptocurrency in the world by market cap, has been called the third generation crypto asset. It has features like Proof of Stake, Mary Hard Fork, and an off-chain protocol that is considered an improvement.
How Cardano Acquired the Third Place in Crypto Verse?
Unlike the traditional cryptocurrencies, Cardano did not get its popularity after the publication of a white paper. It was made popular by peer reviews and developed under the supervision of academic experts. Hoskinson and Jerry Wood are two people who worked for years with Ethereum and the research and development project that resulted in the creation of this cryptocurrency. The main forces behind the Cardano project are Input Output Hong Kong (IOHK) and EMURGU.
According to Hoskinson, the launch of the native cryptocurrency of Cardano, ADA, took its time because they wanted to “Do it right.” The name ADA is inspired by one of the first computer programmers and mathematician ADA Lovechild. Cardano is also named after Italian polymath prodigy Gerolamo Cardano. After experiencing a big fall last year, Cardano seems to be picking up the pace. Today, the cryptocurrency is trading with a price of $1.44 that makes up for a 7400% YTD upsurge.
Where the Eligibility and Supremacy of Cardano lies?
The innovations behind Cardano make it a better cryptocurrency in comparison to the older versions like Bitcoin and Ethereum. Cardano has already earned the nickname “Ethereum Killer” in the industry as it has introduced a solution for the scalability and high gas prices problems faced by Ethereum. The Cardano blockchain is also being promoted due to its capability to integrate interoperability and sustainability on blockchain technology. The Cardano protocol would be able to facilitate the users with the ability to create their own customized rules for validating a transaction.
In this manner, it would make it possible to increase this blockchain’s utility and trade many different types of assets like fiat currency, stocks, ownership contracts, and election votes. The proof of stake is also an improvement upon PoW technology that Bitcoin uses. PoS would enable Cardano to evaluate nodes based on the number of coins that are staked for a particular transaction. Cardano is also showing good business strategy cards. Its merger with projects like Cardano’s Africa and Fortune 500, the bull streak of this blockchain continues to soar.