The increase in blockchain-based solutions is always in motion. A new protocol has been making noise; it’s about Cardano, and we’ll talk about it here.
The Cardano protocol aims to be a platform for smart contracts, cryptocurrency, as well as to develop intelligent accounting books. Something like a mix between Monero, Bitcoin and Ethereum, and you would get something similar to Cardano. The first proclamation of Cardano’s team is to be the “first block chain project developed from a scientific philosophy”.
Cardano partnered with IHOK and a large team of academics. Cardano uses a test test algorithm known as Ouroboros that claims to be able to defend against many of the attacks that affect the blockchain while keeping the door open for further development. Ouroboros tries to protect the privacy of users and also create “side chains”.
In addition to this, the project aims to launch an ADA debit card, which comes with its wallet, Daedalus. The attempt is to create the popularization of the cryptocurrency to be used in the general economy with ease. The immense rise of Cardano’s price in exchanges like Bittrex comes with questions that pertain not only to his main project, but also to what happens with associations and investors.
The only problem with all the advertising and news is that this has happened many times before in the space of cryptography. Typical steps such as publishing a white paper, presenting the project with expert alliances and developers, increasing the price and then charging are the main reason why there are so many booms and bumps in the crypto project arena.
The real difference for Cardano is that there are significant alliances with private organizations and governments that will bring the project to life in a different way from the others.
The central organization behind the project is the Cardano Foundation. He has selected a well-known group of experts – Distributed Futures from Z / Yen Group – to partner with a research program on blockchain applications to improve the Cardano and Ada Protocol.
This new association will try to cover the proof of concept and pilot tests, and has already published two joint research papers on intelligent accounting books, which the Dutch government is trying to use in its blockchain work. The association aims to directly affect banking, commerce and insurance, and will interact with regulators, investors and policymakers.
In general, this new project could be the new blockchain standard protocol, and its great potential is the link between all crypto projects and the status quo.
Cardano is one of the first attempts to create a comprehensive protocol to launch the chain of blocks to real-world practicality and its general adoption.