In an attempt to understand who are our industry leaders, we’ll continue going over some of the biggest blockchain companies in the industry. This time around, we’ll briefly look into Cardano, AKA the Japanese Ethereum. (In case you were wondering why it was given that name, 95% of the participants in the ADA ICO were Japanese.)
Cardano was created by Charles Hoskinson, one of the early Ethereum developers and the former CEO. Hoskinson decided to offer a better solution for scalability, accessibility and price and decided to found a blockchain research firm, Input Output Hong Kong (IOHK). When asked what makes Cardano special, he tweeted: “To put it plainly, if Bitcoin was a bike, and Ethereum was a Camry, Cardano would be a BMW.” Plain and simple.
What makes the project more fascinating is the fact that the unlike most successful coins, Cardano did not begin with a scheduled roadmap or even a finalized white paper, the founders decided to adopt the best practices in the industry in terms of design, functionality and open-source features. Just to give you an example, ‘the aim is to combine the speed and cheap transactions of Litecoin with the smart contract capabilities of Ethereum’, not a bad way to go about it.
The company claims to be driven by scientific and philosophical research, something that they believe, sets them aside from the rest of the industry. That sounds interesting but pretty vague, let’s look into the technical advantage they offer. Cardano is developed on two separate layers, CSL, Cardano Settlement Layer, and CCL, Cardano Computing Layer. We won’t go into analyzing their functionality, however, it’s important to know that CSL, the first layer of the platform was created as an improvement to Bitcoin, The CCL contains the information on why transactions occur. Each layer is detached from the other enabling the possibility to create different rules, or different smart contracts, similar to the way Ethereum works.
There are many projects in the pipeline, talks about a wallet, advanced smart contracts and an internal ADA driven ecosystem in production. There are many interesting prospects on the horizon, now let’s see what kind of a product a $20 B market cap company is capable of creating.
Stay informed and do your research before investing