What is Cardano?

Written by Pedro Lopez

July 15, 2022

Cardano is one of the most popular cryptocurrency projects today, ranking #8 on CoinMarketCap for market value. The premise from which the project is based is based on taking crypto decentralization to the next level and, through this article, we will break down what Cardano is and what it is for.

What is Cardano?

Cardano is a public blockchain platform that has emerged strongly in recent years and is characterized by its extensive community backing and decentralized nature.

This digital asset competes with Bitcoin and Ethereum uses Proof of Stake as a consensus protocol, in order to facilitate transactions between individuals and define a powerful system of smart contracts.

The Cardano token is called ADA in honor of Ada Lovelace, considered the first programmer in history who also developed several visionary concepts, such as computer algorithms.

Cardano (ADA) es una de las criptomonedas con peor desempeño en términos de  ganancias - CriptoPasion

In turn, Cardano was the name with which the blockchain was baptized in honor of Gerolamo Cardano, one of the most influential mathematicians of the Renaissance and a relevant figure in physics, astronomy, medicine and chemistry, among others.

The Cardano platform was created in 2015 by Charles Hoskinson, co-founder of Ethereum, a project that he abandoned due to differences in concept with Vitalik Buterin, the main developer.

What makes Cardano special?

Various differences can be found between Cardano and Ethereum, one of the main competitors. There are different points where the Hoskinson blockchain tries to offer a different proposal.

  • It uses the comnsensus test, which avoids having to perform mathematical calculations to maintain the chain and represents great energy savings.
  • It is based on a programming language called Haskel that guarantees investment and greatly facilitates the development of safer and more reliable code.
  • Cardano’s roadmap is defined around a series of big milestones: founding (Byron), decentralization (Shelley), smart contracts (Goguein), scalability (Basho), and governance (Voltaire).

Is it safe to invest in Cardano?

Despite its excellent performance as a crypto asset, it is imperative to emphasize the risk that all investments bring. The cryptocurrency market is very volatile and short-term trading is usually more risky.

However, the future looks very good for Cardano and given the current situation of the crypto market, it can be said that this is an opportunity to acquire ADA tokens at the best prices.

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