ACADEMICAL SOPHISTICATION FORGING A BLOCKCHAIN LEGEND
Some confusion between the two entities Cardano and ADA is not unheard of so I thought I’d start this conversation by establishing two facts, namely that Cardano is a R&D blockchain platform company which has its own, crucial cryptocurrency called ADA. So with this said when you own ADA you are basically invested in the blockchain R&D company Cardano.
Cardano = Blockchain R&D project supporting the cryptocurrency ADA with new developments from a decentralized collaboration of academic brain power.
ADA = The network utility token (or cryptocurrency) used in Cardano’s blockchain protocol.
As Cardano becomes more and more advanced as their roadmap goals are reached one after the other, the demand for ADA has a strong chance to increase and I see ADA as having a much higher demand in 2018- This thesis is intended to work as a introduction to the technology as well as outline the reasons for clients in choosing ADA as one of their investments.
HONEST PARTICIPANTS & DECENTRALIZED COLLABORATION
As noted earlier Cardano is a blockchain platform that focuses a lot on decentralized collaboration efforts to advance their technology. What really makes the project stand out from the crowd is their advanced Proof-of-Stake protocol Ouroboros created through a collaboration between software engineers and researchers from all around the globe. With Cardano using Ouroboros as a staking protocol the need for massive resources normally required for Proof-of-Work protocols becomes obsolete, thus Cardano is prepared for scaling without having to address many of the resource consuming issues that Bitcoin and similar cryptocurrencies currently face while at the same time boasting in offering a protocol security comparable to that of Bitcoins PoW protocol. Trust in blockchains is needed and in a attempt to increase the dynamic of trust assumptions in Cardano their protocol rewards “honest” participants in the protocol and punish those whom act “dishonestly” (selfish mining, block withholding’s etc).
The collaboration of academic brain power is a principle that Cardano took to heart fully and all their developments are peer audited by many independent researchers, coders and academicians. The unique collaboration between research and development participants has given ADA and Cardano a reputation of being superbly technological efficient and ADA is also the first cryptocurrency to be formed using the Haskell coding language thus lifting some of the restraints met when using JavaScript.
A BALANCE OF FREEDOM AND REGULATION
Blockchain technology and cryptocurrencies has a history of inceptions based on economic privacy and freedom but to just focus on those aspects in a societal revolution still leaves some important things left out from the formula, things that often prevent governments from looking at the tech with favor. Cardano does not just focus on privacy in their technology but also has a so called “control layer” in their protocol which can be used to verify identities and allow for the blacklisting of accounts, thus striking a perfect balance between freedom and governmental compliance.
To keep the balance in a new and very unstable technology does come with the need for adopting to changes, and Cardano whom strongly believes in decentralized collaboration principles maintain this balance by letting their blockchain platform being easily customized with soft forks in the future if needed be.
K & IELE — THE ONLY MISTRESSES A BLOCKCHAIN DEVELOPER NEEDS
The Ksemantics project that is currently being developed by computer scientist Professor Grigore Rosu, CEO of start-up Runtime Verification in a collaboration with the University of Illinois is a funded venture by IOHK (the company behind Cardano and ADA) that consist of both a universal virtual machine (IELE) and language framework (Ksemantics). Currently they are offering a complete Ethereum Virtual Machine (EVM) environment written in K. The K Ethereum Virtual Machine (KEVM) takes on the official 40,683-test for EVM implementations with flying colors and also takes it a step further by revealing potential formalization errors that are otherwise hard to detect, furthering the principle of being a solid basis for smart contract designs, but the IELE VM intends to take things a step further.
With IELE many different coding languages can be translated, compiled and executed on multiple blockchains as smart contracts while also creating universal standards in aspects like gas calculations and smart contract standards. At the same time the Ksemantics project is intended to also make the developing process easier for all blockchain developers through code writing requirements and automated developing processes.
BE THE ARCHITECT OF THE MAZE — THE DAEDALUS WALLET
The Daedalus wallet is a Hyper Deterministic (HD) virtual wallet for ADA, basically meaning that users
can manage a unlimited number of addresses with one seed phrase and currently it is the only wallet that supports ADA. The aim is to stretch beyond only being a simple to use wallet and extend its features to being a Dapp development platform with a corresponding application store. The team behind Daedalus are also working hard on making the wallet software available for both Bitcoin (BTC) and Ethereum Classic (ETC).
The wallet also offer the possibility for developers to design their own plugins for additional features and visual interfaces for full integration into their own operations — this aspect could also show itself to contribute with non-expected innovations for the wallet that others also can integrate, a exciting aspect according to me.
