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Cardano (ADA) Plans for a Comeback in the Crypto Game
Cardano (ADA) is one of the most reputed and well-known decentralized public blockchain and cryptocurrency project, which is entirely open-source. We cannot ignore the significance of it when it’s firmly in the green zone along with NEO and its rival EOS. Where most coin’s value is manipulated by the effect of its hype backed up with misleading information, Cardano’s community remains oblivious and unshaken to such tricks. In the recently formed bullish markets, people would want to get into projects which ensure a healthy return and the Big Five will get its fair share of attention, but Cardano is the project which could actually lead the cryptocurrency markets by the nose in the upcoming days.
Brief Overview of Cardano:
Cardano is building a highly developed smart contract platform whose features outshine all other pre-existent technologies. Cardano is the first blockchain based platform which was launched as a research-driven approach. Cardano names itself as the third generation blockchain platform which was built to solve the problems surrounding blockchain space. The developer’s team working behind Cardano is made up of expert technical researchers who ensure that its technology is peer-reviewed.
Components of Cardano Project:
Following are the components that build Cardano blockchain project:
i. CCL (Cardano Computation Layer)
The Cardano computational layer is all about programming language and it is responsible to bring programming language to Cardano’s blockchain in order to merge with it. This part interacts with CSL that is described below for resulting in a settlement.
ii. CSL
CSL or Cardano Settlement Layer is based on a distributed ledger aspect of Cardano and it functions in an ecosystem which is primarily focused on it. In this layer, the value of Cardano is seen to be transacted.
iii. Ouroboros
Aims and Objectives:
Its Cardano’s own proof-of-stake algorithm which powers Cardano’s blockchain, but it hasn’t been tested anywhere else. It’s an integrated design consensus protocol which has sustainability feature built into its own reward system where approx. 25% portion of the block reward is placed in Cardano to ensure the growth of the ecosystem.
Daedalus
Daedalus is the name of the wallet created and implemented by Cardano’s team to hold Cardano’s tokens (ADA). But due to the open-source nature of Daedalus, a user can store any cryptocurrency in it. Daedalus wallet is being constantly upgraded in order to support various cryptocurrencies and to act as a DApp building platform in the future.
The Cardano project has been an ambitious one where its team functions to overcome some of the major difficulties within the current blockchain technology which are;
i. Scalability
ii. Interoperability
iii. Sustainability
The reason why Cardano project was broken down into the abovementioned layers was due to achieving its goals. The two layers of Cardano settlement and Cardano computational is designed to function as a couple but also keep their differences within the system. The technical and business development aspects of Cardano is taken care of by IOHK and, Emurgo and Cardano ecosystem. During the crowdsale, Cardano tokens were distributed to these organizations as well.
Good News for Cardano Community:
The most hyped part of the Cardano project for its community is perhaps the upcoming Shelley release. In preparation for this release, Cardano has opened registrations for participating in staking pools but not all participants will be able to set-up, maintain and run nodes. But Cardano’s team gave good news to its holders that they too can become a slot leader on the ‘Ouroboros’ delegated P-o-S (Proof-of-Stake) consensus. But since it hasn’t been tested or used before hence, Cardano team has to constantly test it before placement. The recent release of wallet updates for the community to use was also a part of the good news. They recently announced their awaited Daedalus wallet compatible with Linux OS.
On 12th April, Cardano released its weekly technical report that can be summarised as follows;
i. Cardano paper wallets are complete and being tested for quality
ii. Work on Exchange endpoints has also finished
iii. Cardano networking is now 33% faster than before and it’ll increase with time
iv. Cardano’s Virtual Machine Test Version ‘IELE-Testnet’ which is slated to be launched in April is close to completion.
Investor Friendly Coin – Cardano
Cardano wasn’t spared during the extreme bearish markets; it fell with the rest of the cryptocurrencies and lost most of its gains from last December. But because of its constant development and upcoming released from its dedicated team, Cardano is still named as one of the most investor-friendly cryptocurrency. Cardano previously shifted its focus from ADA/BTC pairs to ADA/USD pairs because it was the investor’s need of the hour. No other coin has committed such an accommodation.
Their update to paper wallets has spiked interest of people who have seen ledger wallet’s vulnerabilities. At a time when ledger wallet (previously known as the safest wallet) can be hacked by a 15-year-old kid, the decision of shifting to paper wallets guarantees Cardano team’s concern for security.
Conclusion:
Significant crypto funds like BKCM LLC are bullish on Cardano and many others are sure to raise their stakes till the bulls are free. Cardano is currently ranked at 7th place after suffering losses in Q1. But the price indicates an increase of 23.39% since the last 24-hours. With a market capitalization of $5.6 Billion, each ADA token is priced at $0.214. it is evident that Cardano is set to have a successful Q2. In case circumstances surrounding Ethereum doesn’t die down soon, Cardano is more likely to shift the paradigm and take its place.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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