CCX014 - Cardano 101 - What, Why and How

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What is Cardano? Cardano is a decentralized blockchain platform and home of ADA (Cardano) cryptocurrency.

Who created Cardano? The blockchain development company IOHK (Input Output Hong Kong) and Charles Hoskinson created Cardano. Charles is also one of the co-founders of Ethereum, Ethereum Classic and BitShares.

Cardano project began in 2015 and Cardano ADA was officially released in Japan on Sept 29, 2017.

Cardano blockchain Ouroboros is the first blockchain protocol based on proof of stake and there is no mining required as its need in proof of work protocols.

What are the benefits of Cardano?
Scalability - Transactions Per Second up to 10s of thousands of transaction. Network bandwidth required is low. Data Storage
Interoperability - by becoming the internet of blockchains and being able to convert other cryptocurrencies to completely other ones, while abiding with all banking regulations.
Sustainability - is enhanced by creating a treasury or a wallet, that can be used in the future. The Cardano community can store money in this wallet and it's a smart contract that will allow for a future proposal of Cardano improvements by its developers. This proposal will then be considered by the Cardano network. The network will then vote and the proposal with most votes will use the funds to improve the Cardano protocol.

How does Cardano work? Right from the beginning the Cardano team decided to collaborate with the experts in the cryptography field and got their whitepaper peer reviewed by the cryptography experts. This is unlike other projects where the creator or the team writes the whitepaper and moves right into the coding stage.

Cardano is claiming to be the 3rd generation cryptocurrency. Bitcoin was the first generation crypto that started the blockchain revolution with a decentralized blockchain platform. And Ethereum was the second generation with smart contracts.

Cardano’s ouroboros blockchain works on proof of stake. Instead of mining, they divide the transaction and the blocks into Epochs or smaller pieces. Then the network selects the slot leaders that are responsible for validating the epochs.

This way the blockchain is divided and the nodes don’t have to download the whole blockchain. Its called RINA (recursive InterNetwork Architecture), increasing the privacy, transparency and security. RINA also allows Cardano to integrate seamlessly into the current network tcp/ip without hogging the bandwidth required to accommodate 10s of thousands of transactions per second.

Where can you get Cardano? Cardano is currently available at many crypto exchanges. Coinbase is currently exploring Cardano to be added to its crypto offerings.

What can you do with Cardano? Cardano can be used for daily transactions due to the high total supply of $31 billion and faster transaction speeds. These low-cost daily items do not make sense to purchase with Bitcoin or Ethereum because of the limited amount available and the slow transaction speeds.

For further insights and updates on Cardano please visit https://cryptochainx.com

Links:
Binance: https://www.binance.com/en
ProtonMail: https://protonmail.com/

16 episodes