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Cardano (ADA) is gradually creating a buzz in the crypto world and it seems the cryptocurrency is ready to take up Ethereum. Cardano is the 8th coin in the market and has been holding its place quite well.
The platform is security-oriented and managed by a team of individuals who are futuristic and aim to make it a smart contract platform built with scalability and security.
A strong contender with Ethereum, Cardano blockchain is written in “Haskell” and was launched on September 29, 2017, after two years of development.
The CEO for Cardano, co-founder Charles Hoskinson was formerly Ethereum’s CEO. He left the Ethereum project after a fallout with Vitalik Buterin and eventually went on to establish Inside Outside Hong Kong (IOHK).
One of the features that distinguishes Cardano is that it’s preserves its users’ privacy while still compliance with regulations. Cardano is allegedly the first protocol that balances the requirements of maintaining its users’ privacy and regulations together. That has actually made some people believe that Cardano is one of the more future-proof platforms.
Ethereum’s Contender is Bringing More to the Table
Cardano is built using a proof of stake algorithm called Ouroboros. This algorithm allows the foundational settlement layer connect to a control layer uniquely. The control layer runs on smart contracts while the settlement layer has a unit of account. Cardano is believed to be a future-proof platform.
Despite Ethereum being at the number two spot, Hoskinson has several reasons to believe that Cardano will outperform Ethereum. For one, Cardano is attempting to capitalize on Ethereum’s accessibility through its use of Ethereum’s Virtual Machine (EVM) by bringing in IELE Virtual Machine which was launched yesterday.
IOHK has launched the second Cardano testnet. The testnet which is an essential part of Cardano’s roadmap is for the IELE virtual machine (VM).
Cardano’s IELE is a virtual machine, with its attendant low-level language, designed to execute smart contracts on the Cardano blockchain.
Runtime Verification developed IELE in partnership with IOHK who provided funding for the project.
The IELE language will provide a blockchain to store and retrieve data. While the integration is taking place, developers can use the IELE VM, the Mallet and Remix Tools to create and execute smart contracts on the IOHK testnet site. The Virtual machine is safe from DAO attack that is prominent to Ethereum.
Cardano is also planning to expand on the nature of its adoption. The platform also has the unique advantage of having a system that can be upgraded through the use of soft forks.
Hoskinson also believes that Ethereum excludes certain developers such as those who write codes using Go, Java or C++. However, Cardano is trying to create a better consensus model with “backwards-compatible”.
By employing an EVM in its build, Cardano aims to allow developers transfer and run all of their Web 3 and Solidity code on the system.
Beyond the Competition
Although, some community members consider it inconsequential whether or not a cryptocurrency is gaining an advantage over another. For the fact that there is enough room for all to thrive. However, Cardano has other plans beyond just out running Ethereum.
Hoskinson announced via a tweet that the cryptocurrency has launched its e-Wallet called Daedalus.
Currently, Cardano is worth $0.148439. The cryptocurrency is still a work in progress, but it is working towards visibility. The project has excellent features such as a working paper wallet and a proof-of-stake algorithm.