Ada cryptocurrency, also known as Cardano is utilized to send and receive digital funds. This digital currency showcases the future of money with instant and direct transfers that are secured via the use of cryptography. Cardano is not only a crypto currency; it is a digital platform that will be able to run financial transactions that are used on a daily basis by individuals, organizations and governments in all the countries. The decentralized applications that are not controlled by any single party and operate on a block chain will also be run by Cardano.
Cardano is a block chain project that has been developed from a scientific philosophy. It has been designed and built by a global team of leading academics and engineers. While designing Cardano, it was kept in mind to ensure that the technology is secure, flexible and scalable for use. Subsequently, a lot of thought and care from some of the leading experts in the fields was devoted to the project. It can be said that the scientific rigor applied to the banking apps have been brought to the field of cryptocurrencies, with an implementation with high assurance.
One of the major salient features of Cardano is that it will strike a balance between the users and the regulators, and in this process it will combine privacy with regulation. Cardano is being visualized to bring a new style of regulated computing that will enable greater financial stability and will open access for all financial services. Bu using the approach of side chains, Cardano will enable domain specific cryptocurrencies, such as Ethereum Classic. In this way, any sort of innovation that has been developed via the domain specific cryptocurrency could have participants who hold the value in a general cryptocurrency.
WHAT MAKES CARDANO SPECIAL?
While a Bitcoin and Cardano are almost similar, there are certain differences between them too. The major difference is that Bitcoin is a type of cryptocurrency that is based on proof of work, while Cardano is based on a proof of stake approach. The proof of stake approach encourages honesty and a long term engagement.
Cardano is called “Layer” for a reason. It is a part of the Cardano platform or framework. Eventually, it is supposed to be expanded with a control layer that will serve as a secure computation platform to evaluate that a certain computation was carried out accurately. In the field of gaming and gambling, these kinds of systems are used for interpreting the truthfulness of random number generation and game results. The application of the control layer will go beyond gaming and gambling. Credit system, identity management and much more will now be a part of Cardano Platform. Very soon one will see Daedalus, the Cardano wallet application, a universal cryptocurrency wallet that will feature automated cryptocurrency trading and transactions.