ADA, the native token for Cardano, has become one of the fastest-growing blockchain assets across the entire cryptocurrency ecosystem since its launch in 2015.
ADA is named after Lady Ada Lovelace, a pioneering mathematician from a 19th-century family that includes Byron’s daughter, a celebrated computer programmer.
In the process of building a large-scale blockchain ecosystem, it represents the greatest threat to Ethereum. Many believe Cardano is the next generation of cryptocurrency solutions since it was developed by the same team that created Ethereum.
The Cardano network is a third-generation cryptocurrency, which is one of the most advanced solutions to the blockchain trilemma, which is central to our industry.
Vitalik Buterin coined the term blockchain trilemma to describe a set of three main issues developers face when developing a blockchain.
In most cases, developers must choose two out of three:
- Decentralization. Blockchains are managed by all participants equally, not by a single entity.
- Security. Malicious entities should be prevented from accessing blockchain networks by ironclad defenses.
- Scalability. With blockchain technology, users and transactions can be accommodated without increasing fees or transaction times.
Cardano is doing things differently
Co-founder Charles Hoskinson was an early proponent of a standardized, scalable blockchain when Ethereum was young. Hoskinson became interested in creating a blockchain after developing a mathematical background.
Jeremy Wood, a former colleague of Hoskinson at Ethereum, developed an idea for creating a platform that would enable blockchains and smart contracts. As Cardano exists today, they pursued it together.
By using peer-reviewed methods, Cardano has adopted the peer-reviewed philosophy from the world of science publishing.
In other words, what does that mean? Ouroboros, the consensus algorithm used by the network, is developed, reviewed, and agreed upon by academics before it is used.
What lies ahead?
During the next five years, Cardano will grow into a platform that is decentralized and application-focused. With this platform, multiple assets can be tracked and smart contracts can be verified.
The five phases are referred to as eras and are all named after historical figures.
- Founded in 2015, the Danaco project explores how cryptocurrencies can be improved.
- ADA transactions were the only ones supported by the first version of Cardano, released on September 29, 2017.
- As of July 2020, Shelley will be launched. ADA holders were able to stake their tokens, improving the network’s decentralization.
- Goguen, the third stage, adds the support for smart contracts as well as native token issuance. The deadline was August 2021.
- Those in charge of on-chain governance are Basho and Voltaire. These last stages represent scaling and controlling.
In addition to live events, a virtual conference will be hosted from around the world this weekend called Cardano Summit 2021! There is an open invitation to the entire world. It’s free, too.