Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

A sneak peek into Cardano ecosystem: Current stage of development, ADA cryptocurrency and more

Cardano is fully open source decentralized public blockchain crypto project behind ADA cryptocurrency created by Charles Hoskinson, co-founder of Ethereum, and Michale Parsons, an early advocate to Bitcoin with more than 25 years experience in banking Industry. The designers have initiated a ground-up scientific philosophy that created a secure and workable blockchain to protect user privacy. It is used in various industries such as financial services, supply chain, etc.

Blockchain consensus mechanism - Proof of Stake (POS) algorithm called Ouroboros which is extremely cost-effective compared to mining. Ouroboros is an innovative Proof -of - Stake which aims at higher security.

Blockchain is a decentralized peer-to-peer system with no central authority figure. To make a decision, it uses a consensus mechanism to verify that the information added to a new block is valid.

Proof of Stake: It is a type of consensus algorithm with no mathematical puzzle and a new block is chosen based on the number of coins or stake a person holds. For example, if a person has a stake of 5 coins and other has 50 coins, the person with 50 coins will be chosen as the next block Validator.

ADA has two layers – a computational layer and Cardano Settlement Layer (CSL). CSL (Settlement or accounting layer) which functions as currency/store of value and the computational layer is the layer of implementing smart contracts.

Cardano uses Haskell programming language which is highly secure. It also came up with its own specially designed wallet called Daedalus which is more user-friendly compared to other cryptocurrency wallets.

Future Developments:

Cardano is in bootstrap phase called Byron. These include construction of different types of digital wallet and mainly to improve the design of Daedalus and make integration through APIs to third parties.

The next phase of Cardano development will be Shelley – a path to full decentralization and autonomy of Cardano. The three main functions of the project namely incentives, delegation and networking. Throughout Q2 and Q3 of 2018, the features of Shelley will be released.

Stake Pools are an important concept that is also under development.

Traxia is the first project to be launched on Cardano. It is a decentralized global trade finance ecosystem. In this invoices are converted into smart contracts and traded as short-term assets.

Cardano invested in Traxia’s ecosytem through investment arm Emurgo. Emurgo will use Traxia’s migration from Ethereum to Cardano blockchain.

Traxia said:

Cardano’s superior technology will allow Traxia to present a more robust solution to better tackle scalability, settlement and security.

Cardano’s Competition:

Apart from Cardano, there are other currencies that are also into next-generation blockchain projects. They are Ethereum (ETH), EOS, Lisk (LSK), Neo, NEM (XEM), and Qtum (QTUM).

Technical:

The major support is around $0.11 and any violation below will drag the pair till $0.0790.The pair declined more than 85% from the high. The minor support is around $0.1560.

On the higher side, $0.2150 (100 day MA) and any break above targets $0.2377/$0.3120 (200-day MA).

It is good to buy on dips around $0.125-0.13 with SL around $0.0785 for the TP of $0.2345/$0.3300.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.