What is Cardano?
In gist, Cardano is a 3rd generation blockchain network, utilising the Proof of Stake (PoS) mechanism (based on its scientifically peer-reviewed Ouroboros protocol) to achieve its vision of a distributed consensus. Its internal cryptocurrency is named Ada.
The mission/ philosophy of Cardano is to provide a digital economic identity to anyone, be it from the developed or the developing world, so that we would all share similar opportunities to change the world for the better.
Unlike Bitcoin and Ethereum, Cardano is built and run using the peer-reviewed Ouroboros consensus protocols to ensure a high assurance code and to address 3 main concerns from the other blockchain networks, namely:
a) Scalability – How does Cardano ensure faster Transaction per sections (Tps)?
Key: Slot leaders, Rina, Hydra
b) Interoperability – How does Cardano work with traditional institutions and other blockchains?
Key: Metadata, Bridges
c) Sustainability – How does Cardano continue to self-fund its reinvention?
Key: Treasury, Catalyst Fund
Of course, it is strongly recommended that you watch the full whiteboard video from October 2017, as explained by Cardano’s founder Charles Hoskinson himself. We had also linked a 8 min condensed video explaining the basis of Cardano. Even with an elementary understanding of Cardano, we should be able to appreciate the possibilities that this 3rd generation blockchain network could address, and its vision to achieve distributed consensus!
The overarching broad and long term strategy for Cardano was further explained by Charles, using the Island, the Ocean and the Pond as an analogy. In light of the upcoming launch of smart contracts, Chares also shared on the latest progress of smart contracts and what’s beyond.