What is Cardano?
Cardano is a proof-of-stake, scalable and secure third-generation blockchain smart contracting platform.
Cardano’s architecture comprises two layers. The Settlement Layer (the accounts or balance layer) and the Control Layer (the computation layer). The Settlement layer is the home of the Cardano Coin, ADA, a native currency of the platform that facilitates value transfer within the Cardano ecosystem. Meanwhile, the Control Layer is where Cardano’s smart contract will operate from.
Cardano is a product of scientific philosophy and research that is interoperable, energy-efficient and sustainable. All updates and developments are peer-reviewed before implementation. Also, Cardano supports proof-of-work Sidechains through the KMZ protocol.
Who is behind Cardano?
Cardano was conceptualized by Charles Hoskinson, a blockchain thought-leader, programmer and one of the co-founders of Ethereum. Given the sheer amount of research and diligence that has gone into the actualization of Cardano, there are three organizations that coordinate, maintaining the blockchain. They are:
⦁ The Cardano Foundation, which is a regulated, non-profit organization and the main custodian of the project. Their primary task is to promote, standardize, and protect the Cardano core protocol.
⦁ Input-Output Hong Kong (IOHK) is the research and quality arm of Cardano. Headed by Hoskinson, they play a role in helping build blockchain-based financial services accessible for all. IOHK is a research and development company known for its innovativeness, patience, and reliance on science. As they make progress, they adhere to a collection of design principles and engineering best practices towards their objective of being a preferred platform, eventually dislodging Ethereum. They researched and eventually published the first sidechain white paper for a Proof-of-Stake consensus algorithm.
Latest Cardano News
- Cardano has partnered up with COTI, a blockchain protocol that allows crypto payments for various businesses. Named, ‘Pay with Ada’, will allow almost instant settlement and payment with 35 different fiat currencies into the merchant’s bank accounts through an adaPay web button or a QR-based point of sale (PoS) system. This could be a huge moment as this will only increase Cardano’s ADA token’s usage points.
- Cardano has also been added to Travala’s growing list of tokens that can be used on the cryptocurrency travel site. The website added Cardan on the 30th of October, much to the delight of Hoskinson and the Cardano team.
⦁ In late September 2019, Tim Harrison, the Communications Director at IOHK, through a press release announced the launch of Shelly Testnet which would be a “dry run” from different environments to test the stability and reliability of the network. Subsequently, Cardano users will probably begin earning ADA from November as the Cardano gears up for a Shelly mainnet launch scheduled for March 2020. The announcement marks the beginning of a trial that will see Cardano embark on a decentralization strategy. Shelly is the major stage after Byron in which the Ouroboros Genesis consensus algorithm, based on Proof-of-stake, will be implemented. All updates will be updated at the Jörmugandr GitHub repository.
⦁ Diverting from their partnership with different governments, the Cardano Foundation and Emurgo have also struck a deal with New Balance, a sneaker brand. Together with developing the New Balance Realchain. Through this collaboration, New Balance will use Cardano’s “colored coin asset” embedded on the main chain to identify the authenticity of select shoe models and to weed out fakes.
Cardano Price Prediction
The past month has seen the price fall and then return against the Dollar, but the token was unable to keep up with Bitcoin’s huge shift in price. At the time of writing, ADA is firm at 12th in the market capitalization leaderboard ahead of LINK. The trading volumes of the past 24 hours (10/11/2019) is $45,267,071 USD (Coinmarketcap). The coin is up 0.15% on the Dollar and 0.33% on Bitcoin.
The current trend is looking good for Cardano. Previously the thought was that should bulls flow back and there is an uptick of trading volumes surpassing $246 million of Sep 24, ADA will soar to 6.5 cents or better by the end of 2020. The recent trading volume level suggests this should be the trend.
Disclosure: This is not investment advice. Do your due diligence.
Update: This article was updated on 11/11/2019 to show the latest price prediction news on Cardano and on 7/11/2019 with regards to the COTI partnership and the Travala addition to their ecology.