To the uninitiated, Cardano is way more than just a cryptocurrency. The Cardano project encompasses most aspect of a financial prism. It is a decentralised public blockchain project which is fully open source.
But the journey hasn’t stopped there. The Cardano project is building a smart contract platform which will provide more advanced financial solutions to its users.
Cardano claims to be the first platform which was borne out of scientific philosophy. Its evolution has been directly influenced by research and it is confident that it’s a team of engineers and technologists will be able to create a sustainable platform that would be not just disruptive but a game-changer, too.
To think of it, the beginning started with a deconstruction. And it was nothing but the very premise of cryptocurrency. Once that was done, Ouroboros, the ground-breaking proof of concept algorithm was incorporated. Cardano then went through a session of experimentation and was built ground up.
This unique collaborative effort steadily created the most precisely engineered cryptocurrency yet, a product that brings together such myriad disciplines as distributed systems, mechanism design and cryptography. The result of all this is the first cryptocurrency to be based on the Haskell code, an industrial-strength product that delivers the resilience necessary for mission-critical systems, in this case securing investment.
The protocol of Cardano is multi-layered. This was primarily constructed to let it perform advanced functions. At its a foundation, it has a settlement layer linked to the control layer. The responsibilities of these two layers are different. The settlement layer will have a unit of the account while the control layer will run smart contracts. The control layer is programmed to identify identity, assist in compliance and is necessary, blacklist.
The entire protocol is designed to facilitate the safety of privacy of users also keeping in mind the regulatory needs. It has been said that no cryptocurrency or a decentralized system has had such a nuanced approach towards building a system as sophisticated as the one built for Cardano.
However, the amazement doesn’t stop here. Cardano, in spite of being solidly built, is Scalable. Every new advancement can be incorporated as and when it gets created. The basic principle behind the creation of Cardano was evolution and evolve it will.
Currently, open-source and patent-free, the spirit of collaboration is another feather in the proverbial hat.
The price of Cardano is indeed a celebratory one.