Among the fastest-growing projects in the cryptocurrency market is Cardano. However, what exactly is it, their roadmap and outlook?
What is Cardano?
Cardano is a new project in the cryptocurrency field which derives its name from Gerolamo Cardano, an Italian polymath in the 16th C. It is a promising alternative to Etherum among other blockchains. Moreover, it has an open-source blockchain which has a team conducting extensive research using a systematic approach. The blockchain research mainly focuses on decentralizing a network to be secure, scalable, and efficient.
This project was started way back in 2017 by Charles Hoskinson and his former colleague at Ethereum, Jerry Wood. Later, the two form a new company, Input-Output (IOHK), which later leads to the launch of Cardano.
Cardano Roadmap
You can break the Cardano Roadmap into five phases. Unlike other blockchains, the approach used here tends to be more on the modular side. Moreover, each of the five phases is further split into “eras”.
Thankfully, Cardano has its team working simultaneously on each era. This way, they are able to look like a development track instead of a fixed timeline. The eras include;
- Byron Era
During this era, Cardano’s primary architecture was created. It also includes the implementation of the functionality of the Cardano protocol.
- Shelley Era
During this period, there was more decentralization on Cardano. There was also the launch and the introduction of incentivization and delegation schemes.
- Goguen Era
Thanks to this era, Cardano got smart contracts which allowed it to create decentralized applications on its network. This is possible through Plutus, a language to its smart contract development. Moreover, Cardano saw the implementation of a multicurrency ledger.
- Basho
In this fourth era, there is more of scaling the network and including solutions that help make it better performing and stable. Nonetheless, it will help introduce Cardano’s sidechains.
- Voltaire
This is the final era that will focus on decentralizing the network and making the responsibilities of Cardano transferrable to the community.
Cardano Outlook
The Cardano outlook is possible through the help of three main organizations which are responsible for its development and maintenance.
The main protocol is built by Cardano Foundation based in Switzerland. Its main objective is to ensure the Cardano protocol is secure and promotes it. This foundation is also responsible for contracting other organizations; Emurgo which focuses on the commercial aspect and IOHK which deals with technology. They both aid in building an ecosystem for the blockchain.
Recently, Cardano has received increasing attention as an alternative to Ethereum. Its throughput is stronger since it can handle hundreds of transactions per second. Thanks to the Hydra technology it uses, it can manage even more than a million, unlike Ethereum which can only do 15 per second.
Moreover, Cardano offers flexibility when it comes to smart contract capabilities since you can make changes to deployed applications. This is unlike Ethereum which is less tolerant of errors and bugs.
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Cardano is proving to be a good alternative to Ethereum in the cryptocurrency market. This blockchain is promising, thanks to its team and the model it employs.