ETHEREUM COMPETITOR?: CARDANO PROJECT (ADA COIN)

What is Cardano?

Cardano is a community-driven third-generation blockchain platform. This platform was developed by Charles Hoskinson, former co-founder of Ethereum and Bithsares. Although the Cardano project started to be prepared in 2015, its launch with its own currency was not until September 29, 2017. In addition, the development stages of this platform continued over the following years. These development stages serve as a stepping stone towards the sustainability, scalability and reliability goals of the Cardano platform.

So, what is the purpose of Cardano? This third-generation blockchain platform aims to create its own platform by eliminating the problems that occurred in the second-generation blockchain platforms. Cardano's goals include being a more scalable alternative. So much so that this platform also allows the development of decentralized applications. This means that people who own the currency of this platform have the right to vote on proposals to make changes to the software. Cardano's internal currency is known as ADA coin.

What is Ada Coin?

ADA coin is the native currency of the Cardano blockchain platform. As you can guess, the infrastructure of this currency works through the Cardano network. It is possible to do mining and staking through ADA coin. ADA coin, which had its lowest value when it was first launched, reached its highest value in 2021 with the increased interest of investors. When it was first released, it was sold for $0.02. It reached its maximum supply with 45 billion ADA.

ADA coin, the token of the Cardano platform, is distributed 86 percent to investors and 16 percent to founders. However, before this sharing, 648 million ADA coins are given to the Cardano Foundation, which is responsible for partnership formation and marketing. The allocated amount is used to contribute to the promotion of the platform. ADA coin can also be used to pay for transactions within the Cardano network. The amount of the fee varies depending on the size of the transactions made.

How Does Cardano Work?

Cardano works thanks to various layers. In these layers, which are used to organize different functions of the protocol, accounting and calculation operations are carried out in different sections. Thanks to each layer performing a specific task, different tasks are easily accomplished and the efficiency of the platform increases.

The second layer added to the Cardano project helps the system, called a decentralized application, to work well, allowing users to have a say in the software by voting. In other words, processes are accelerated and scaled by dividing the work between layers.

Cardano consensus layer: It enables the transfer of ADA coins between accounts and facilitates transactions.
Cardano computation layer: Contains smart contract logic. Smart contracts, on the other hand, ensure the independence of the platform by working automatically and eliminating third parties.

What are the Development Stages of the Cardano Platform?

Cardano continues to complete its original goals by spreading its development stages over the years. These stages also enable the Cardano project to develop in scalability, unlike other generations. The development process of the platform is ongoing and it is aimed to be released in five separate stages. The majority of the stages have already been completed.

Byron: It is the first phase of the establishment of the Cardano platform. ADA, the platform's own currency, is introduced at this stage and ADA coin transfer starts here.

Shelley: This phase ensures that the Cardano project is community-focused. The transition to a distributed network, that is, a decentralized application, also increases the management of platform users on the software.

Goguen: Thanks to the Goguen stage, smart contracts come into play. These contracts support a decentralized application that operates independently by eliminating the presence of a third party. The smart contract program fulfills its functions if predetermined conditions are met.

Basho: Scalability, which is the original goal of the Cardano platform, is realized at this stage. It is known that the updates at this stage will be made in 2022.

Voltaire: Self-financing and management features that make the ADA currency independent are implemented in the Voltaire phase.

What are the Features of Cardano Platform?

Cardano differs from the first and second generation blockchain platforms with some features. The Cardano project, which is increasingly adopted in the industry thanks to its updates, has many advantages. This platform, which stands out with its aim of being a more sustainable and scalable alternative, also has other capabilities. You can continue reading to learn about these in more detail!

Cardano blockchain platform stands out with its scientific approach. This platform, supported by scientific studies, also publishes academic research articles on its official website.
Since the accounting and calculation layers are separated from each other, transactions become easier and thus efficiency increases. The main purpose of modular architectural design is to adopt an independent understanding!



It aims to improve itself by taking into account the needs of first and second generation systems. In other words, it brings a new breath to cryptocurrency systems!
It aims for independent and future-oriented uses by adopting a decentralized approach. The layered architecture of the platform, the algorithms it uses and the updates made support Cardano's independence function.
Being one of the largest blockchains that use the proof of stake mechanism, it ensures the security of the network and increases its efficiency.
It uses its own cryptocurrency called ADA coin. Transactions within the platform are also carried out in this currency.
It offers a system model in which platform users can participate in management and vote. This feature makes Cardano a community-oriented platform.
It allows hosting even complex DApps. This puts data control in the hands of users without involving third parties. In other words, security, which is one of the main goals of the Cardano project, is always prioritized.
Thanks to the smart contract, debtors have the right to keep locked funds in case users do not pay.
The Haskell programming language used by the platform stands out with its high fault tolerance. Plutus uses its codes for smart contracts. Thanks to the Alonzo update, it can support smart contracts, decentralized exchanges and NFT applications.
Cardano uses the Ouroboros protocol. This protocol actually forms the basis of the platform and represents the main factor that distinguishes it from other blockchain platforms.

I tried to briefly explain the Cardano project to you, I hope you like it, do not forget to follow and comment.