Cardano has been doing fairly well these days. And that's what makes us more curious about it.
The company named IOHK(Input Output Hong Kong) founded by Charles Hoskinson is responsible for development of Cardano.
First of all cardano is a open source, decentralized project that follows consensus mechanism called Ouroboros(a family of proof-of-stake blockchain consensus protocols that can run both permission less and permissioned blockchains). Since it works on proof of stake it can't be mined, instead you have to purchase a stake by depositing ADA to get rewards by validating transactions. . Ada is the native cryptocurrency which lies over this blockchain. And the good news is you can trade it on major crypto platforms like Binance, Coinbase, wazirx, etc.
Cardano provides sustainability, scalability to it's financial and social applications on a global scale.
Cardano uses Plutus as a native smart contract language. It is a universal language written in Haskell therefore, we can say that Plutus smart contracts are effectively Haskell programs. In contrast to Ethereum, Plutus supports user-defined tokens(both fungible and non-fungible) natively which requires much less code.
It has two layers the settlement layer and the computational layer.
The settlement layer enables consumers to send and receive ADA tokens, from one wallet to another similar as that of Ethereum. The Computational layer that provides validators rewards on the basis of their stakes.
Cardano network consists of a number of stake pools. There Slot leaders that are randomly elected from the stake pools. The more stake a pool holds , greater are the chances of being elected as slot leader to produce a new block that is accepted into blockchain. A Cardano Epoch(that lasts for 5 days) currently includes 43200 slots . In a any slots one or more block-producing nodes might be nominated to be the slot leader.
On average, one node is expected to be nominated every 20 sec, so there are 216,000 nominations per epoch i.e. 216,000 nominations per 5 days. Then randomly elected slot leader produce blocks, one of them will be added to chain. Other candidates blocks will be discarded.
While accumulating Ada the user have to store safely two address one is used for transactions and the other is for staking. This what makes Ada different form most staking pools on DeFi. You can easily take exist from staking process any time you want.
It takes around 15 transactions per 10 min. Might change in future.
Since cardano works on proof of stake the network participants and the chain selects a node to add the block, the block producers do not have to spend more computational power to slove some random puzzle as in bitcoin or ethereum. It is estimated that cardano's energy use is just 0.01% of Bitcoin uses.
It consumes 0.5479k Wh per 1000 transactions per second approximately. And that's what makes it ecologically and economically better choice as compared other blockchain technologies that consumes far more electricity.
Cardano has its own wallets where you can store your ada cryptocurry like Daedalus and Yoroi.
It is a full node, desktop wallet. Daedalus downloads a full copy of the cardano blockhain and independently validates every transaction in its history. Most importantly it works too well without centrally-hosted third party server.
2. Yoroi is lite hierarchical deterministic wallet( HD wallets enable a series of key pairs to be created from one random seed, providing convenience and manageability as well as high-level security.) runs as a browser extension just as mestamask does. It connects to a full Cardano node hosted by a third party(Emurgo- is the official commercial arm of Cardano, providing solutions for developers, startups).
There are a few hardware wallets thar supports Ada
Trezor Model T
Ledger Nano S
Ledger Nano X
As we all are aware of the fact that issuance of academic certification is heavily centralized. As the matter of fact it is also difficult to share and often makes it impossible to share when needed in that case cardano comes in. Atla prism is an ID and credentials solution built on cardano blockchain. It secures academic certifications that gives students to own share their achievements and institutions to instantly verify those credentials without any third-party intermediaries.
In the market today their of tons of fake products those are sold under some reputed company name that leads to substantial financial losses and damage to companies reputation. Besides it is difficult for customer as well to identify between the true product and fake product here, Atala SCAN can help solve this problem brands can deploy a customizable mobile application that allows consumers to authenticate a product.
Similarly it has also laid its hand in the finance, health care and agriculture industries by making authentication process easier .
Cardano provides certification and traceability and security to their products such as medicines, fertilizers, customer documents so that anybody can transfer the information or product details.
Cardano summit has collaborations with leading ESport-Platform Rival to facilitate NFT Campaigns. And partnered with AID-TECH to provide support development of identity solutions. Making further ventures into decentralized finance it has collaborated with UBX.