Crypto of the year Is Cardano destined to change the world

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Crypto of the year: Is Cardano destined to change the world?

A fairytale of a universal crypto allowing exchanging any digital tokens may soon come true. Even though creators of every other cryptocurrency describe their inventions with such superlatives, ADA seems to be really different. Along with the affiliated platform called Cardano ADA appears to be the only digital currency created on a universal soil. How much has the currency been affected by the strict criteria of the academic research?

Oxford University, The University of Edinburgh, Karlsruhe Institute of Technology, but also Bratislava’s Comenius University and many other institutions took part in the development of a unique platform Cardano.

Needless to add that Cardano and Ada are not absolutely universal things. The commercial interests of the platform and the related cryptos are backed by Input-Output Hong Kong (IOHK), an organization involved in funding the development. Promotion is the responsibility of Cardano Foundation; while Emurgo is in charge of the development of decentralized applications called „dapps“.

The platform launched in September 2020 is supposed to work as a decentralized financial system. The goal of the authors was:

  • to ensure compatibility across all cryptocurrencies,
  • to create transaction environment for individuals, organisations and governments,
  • to develop a system for the mediation of smart contracts (similar to NEO or Ethereum) and,,
  • to minimise transaction costs.

A new revolution underway?

Cheap operation of the platform should be achieved by low energy consumption. Coins are mined and decisions are made via a proof-of-stake algorithm in a language called Haskell, instead of a proof-of-work system. Based on the calculations, the consumption of the transactions processing system should be much lower than of a bitcoin blockchain. On the other hand, the safety standards should remain the same as of bitcoin.

Unique is also the principle of operation. The Ada cryptocurrency operates on its own blockchain called the Cardano Settlement Layer (CSL). The CSL is an accounting layer and supports ledger transactions. A second layer called the Cardano Computation Layer (CCL) will support smart contracts and decentralized applications. Both layers are supposed to work more or less independently. The reason is to facilitate the adoption of new measures.

While CSL is already in operation, the launch of CCL (and the roll-out of a new decentralized transaction system) is planned for 2020.

Video: Simple explanation of Cardano

Mining of ADA

Coins are mined and decisions made via a proof-of-stake algorithm called Ouroboros. New blocks within the blockchain are generated by slot leaders, an equivalent of traditional miners; reward for the computing power is the aforementioned Ada tokens.

A prerequisite for being nominated as a slot leader is to hold a certain amount of tokens. The more tokens you hold, the more likely you will become a slot leader. The mining mechanism rewards people who have invested their money in the project.

Where to buy ADA

The previous text indicates that to be able to efficiently my tokens one must have a certain volume of tokens. Ada can be bought at various crypto exchanges such as Bittrex, Binance or Bitmexu. The only wallet to put your coins in it for the time being the official wallet Daedalus.

As of 4 June 2020, the value of one ADA token was around USD 0.215, total market capitalization USD 5.57 billion.

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More about the author J. Pro

Unlike Stephen (the other author) I have been thinking mainly about online business lately. I wasn’t very successfull with dropshipping on Amazon and other ways of making money online, and I’d only earn a few hundreds of dollars in years. But then binary options caught my attention with it’s simplicity. Now I’m glad it did because it really is worth it. More posts by this author

Charles Hoskinson says this will be the decade of Cardano

Charles Hoskinson, the CEO of IOHK, believes that this will be the decade of Cardano. With a successful incentivized testnet launch and over 500 stake pools already launched, Hoskinson said that Cardano was ramping up its efforts to commercialize the tech they’ve been developing for the past three years.

2020 will be the most important year for Cardano yet

After successfully deploying the incentivized testnet for the Shelley era of Cardano, IOHK seems to have gone into overdrive when it comes to developing its ambitious blockchain project. With over 500 staking pools already deployed on the incentivized testnet , Charles Hoskinson, the CEO of IOHK, believes major success is just around the corner for Cardano.

In a YouTube AMA on Jan. 3, 2020, Hoskinson gave one of his lengthy updates about the current state of Cardano and future plans for IOHK, Cardano Foundation, and Emurgo. Hoskinson said the date of the AMA had a special significance—it coincided with Bitcoin‘s 11th birthday. He noted that the world’s first cryptocurrency was very important both for him and for Cardano, as it gave birth to a whole new industry that’s already changing the world:

He said later in the AMA:

“Bitcoin is a gateway drug to our industry. We have to remember where we came from—we came from Bitcoin.”

According to Hoskinson, the past decade brought so much fundamental change that it’s quite possible the next one will end with things like commercial quantum computers and private space travel becoming the norm.

However, the biggest change will be brought on by cryptocurrencies, he said, as it will bring about changes not only in industries such as journalism and funding but also be a driving force that will boost the economies of developing countries and bring their people out of poverty.

Fundamental changes to the world won’t bypass Cardano, either. Hoskinson said that the Cardano team plans on reaching unprecedented success in the next ten years.

“This is the decade of Cardano,” he said in the AMA, adding that serious work is being done to make Cardano the most predominant force in the cryptocurrency space by the end of the 2020s.

Hoskinson believes that IOHK’s obsession with getting the technology right is the right approach to ensure future development. From there, he said, they only have to make sure that the technology they developed has the right commercial utilization. With a platform that’s built to handle billions of transactions each day, Hoskinson believes that achieving over a billion users isn’t all that far-fetched.

“Cardano is a platform for solutions”

One of IOHK’s main focuses will be to make sure that the tech they have developed so far and continue developing in the next decade has the right commercial utilization. Without a useful product, the blockchain itself and all the research that has gone into it would have been for nothing, he explained.

Luckily, IOHK has a very good understanding of what needs to be done to build a functioning, global, interconnected system. The reason why both Hoskinson and IOHK seem so optimistic about the future of their product is the fact that they have intentionally made it slow and simple.

He explained, adding that Cardano employed incentives in its testnet in order to facilitate the growth of the network:

“The reason why Bitcoin was so successful is that Satoshi created a simple system with great incentives.”

However, he noted that despite the continuous research that has gone into incentives, Cardano is not an academic project.

All of the efforts that have gone into perfecting staking and incentives were part of IOHK’s “aggressive” commercialization of Cardano. It’s a commercial project first and foremost, Hoskinson noted, explaining that Cardano was a platform for solutions.

Hoskinson also took the time to comment on the rivalry between blockchain projects. He said that the division in the crypto industry benefits nobody, as he believes there can be no single solution to the problems cryptocurrencies went on to solve. There won’t be a single global cryptocurrency or one blockchain to rule them all, Hoskinson said. Instead, he believes the future will be an internet of interconnected blockchains and value where everyone will have to work with each other.

“We either succeed together or fail together,” he said.

Major releases and important projects coming in 2020 for Cardano

When it comes to concrete announcements about upcoming releases, Hoskinson was reluctant to give any specific dates or information. However, he shared some of the plans IOHK and the Cardano Foundation have for the first half of 2020, revealing that the company has only ramped up its efforts since the deployment of the incentivized testnet for Shelley.

January alone will bring a lot of updates to Cardano. Hoskinson said that apart from the Haskell wallet backend, the Haskell Shelley testnet will also be released in the following weeks. The mainnet for Shelley, while scheduled to be released “soon,” will most likely go live sometime in February.

The first quarter of 2020 will also be a busy one of the Plutus team at IOHK—Hoskinson said that they would be “dialing up” the Plutus team and ramping up their work on Goguen. The goal of this operation will be to make it easier for people to write and deploy dapps on Cardano in the following months.

The most important thing that will happen this year will be the development and deployment of succinct non-interactive zero-knowledge proofs SNARKs. Sonic, Cardano’s own SNARK deloped in 2020, will be one of the main topics discussed in the upcoming Cardano summit in Edinborough at the end of the month. With an entire team dedicated only to implementing SNARKs and Sonic, there will definitely be a lot to discuss.

There are new papers being written within IOHK, Hoskinson said, revealing that most of them will focus on interoperability. More information about these papers and the research that has gone into them will be announced soon, he added.

Another topic that will be important for Cardano development in the following year will be private computation. Hoskinson said that private smart contracts could have a wide variety of uses, especially in things like medical records, which is why Cardano wants to have a working product as soon as possible.

To keep the Cardano community in touch with what’s going on behind the scenes, product managers will publish regular, monthly updates where they’ll go into detail about what’s been going on both in IOHK and the Cardano Foundation. The first product manager update most likely won’t be published this month, he said but will be regular starting in February.

With the first draft of the rebranding report from McCann Dublin expected by the end of the month, Cardano seems to have taken its commercialization promises seriously. The ambitious blockchain project is gearing up for what could become its best year yet.

‘Beast Mode’ – Cardano’s Charles Hoskinson Affirms ADA Is The Crypto To Watch In 2020

Cardano is about to go big this coming year.

That’s according to the project’s founder, Charles Hoskinson. Charles sent out a tweet highlighting the recent roll-out of advanced protocols that, in his opinion, will work to position ADA as one of the strongest cryptos in 2020. According to Charles, Cardano will be a beast come 2020.

What’s truly exciting about the recent releases is how fast we are able to move. Our scientists have done a remarkable job designing great protocols and our engineers are able to bring them to market. Cardano in 2020 will be a beast

Hoskinson’s claim comes as the crypto market seems to have taken a hit and has been drawing back over the last few days. Bitcoin alone has shed close to $500 this week.

Granted, Cardano is already among the top 20 cryptos, with a lot being said about its improving network capabilities. Currently, ADA sits at the 12th spot on the crypto ranking charts, with a total market cap of $1.15 billion and trading at around $0.044.

Enthusiasts Are Optimistic

Following Hoskinson’s tweet, Cardano fans came out in numbers to commemorate the release. By all indications, the crypto’s fan base looks optimistic. In fact, one of them posted a reply declaring that, indeed, Cardano has raised the bar for blockchain projects and is set to make huge waves in the market within the coming year (2020).

According to another enthusiast , Cardano will be successful mostly because of its great, innovative ideas planned and executed meticulously. The user went on to say that Cardano’s goal is to “change and better people’s lives, and that’s a blessing”.

Strong Competition From ETH

While a lot of people may have great expectations for Cardano in the realm of smart contracts, the existence of others like Ethereum presents a rather strong competition that could mar Cardano’s efforts to become the dominant project in smart contract handling.

Still, the Cardano ecosystem seems to be enjoying a growing support base, and that’s always a good thing in the crypto and blockchain industry.

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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

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