Cardano — Self Soverign Economy
Cardano is the platform for financial application and this is the 3rd generation cryptocurrency. The first cryptocurrency concept was successfully introduced by Bitcoin. And then the first platform is ethereum where that the platform is run by the smart contract on a network of blockchain.
Some scalability issues are :
Transaction backlog: More transactions are handle by the system used in the intensive method. Where they increase the transaction costs, and the transaction speed is very low.
Energy consumption( Proof-Of-Work) POW: In the small countries the mining energy and the driving energy consumption are equal.
Cardano is built from the scratch. And they have both potentials in the projects they are worked together. The moving project car keeps with the head start. Eventually, the Cardano has an efficient to design a new car with a catch-up.
Many projects aim to improve the scalability, interoperability, and also sustainability in the crypto ecosystem.
Development:
In 2017 the crypto projects launch the ICO and they wrote a whitepaper with concrete deadlines and expect to work hard and raise money. Their approach attracts the users and the investors and we give a clear explanation here the result is high-quality products. The new one takes some time. They want to build a possible system based on the best available science theory and the puzzles are probably solved.
Every Cardano product was released by IOHK with the process of stiff. Without negative consequences, it allows both sides to do vice versa. After the reviewers give an opinion about a critical option here the deciders accept, reject, and sent the author for their revisions.
In the targeted application, they develop a new theory. When we finish the 3rd party auditing service called an FD complete and they audit the code and finally the audit code was published. The Cardano release the weekly technical report.
They slow down the process whether they compared to other projects. They write a code and test it on the test net. In cryptographic science the result is transparent.
Less energy consumption, Faster, and cheaper:
Bitcoin is the decentralized ledger every node in the network stores a copy. Alter the transaction and double-spending they use consensus mechanism that is (PoW) Proof-of-Work. In the POW node, they solve the difficult cryptographic puzzle. Which node first solves the puzzle they can enter into the mine and they receive the mining rewards and the other nodes are process to the transaction while finishing the currency state of the ledger.
Assuming cryptocurrencies are successful and in 2009 the bitcoin was introduced, in our time this is the biggest technology. Cardano using an innovative variant in the consensus mechanism with a (PoS) Proof-Of-Stake. They are called Ouroboros. This mechanism creates the next block.
Conclusion:
By introducing Cardano we offer exciting new technologies ad we never talked about privacy, interoperability, paper wallets, and also Cardano wallets introduce in japan.
Cardano is a type of slow cooking and mindful eating. This is the best meal.
