The Recent Adventures of Cardano (ADA)

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The CEO and founder of Cardano, Charles Henderson had recently revealed in an interview that the developer team of the crypto coin is on the way to conduct interledger peer-to-peer transactions by overcoming the issues of scalability. At present, Cardano is focusing on segregation of data such that the data is transferred at incredible speed. This will eliminate the need for downloading the entire data set in order to access it.

Cardano developers are currently aiming to use Recursive InterNetwork Architecture (RINA) to split the network into multiple sub-networks. The total size of data is in terabytes and petabytes and thus needs to be stored in a safe location. The cryptocurrency is planning to use complex data pruning and partition to minimize the data volume. The intention of developing sub-networks is to limit access of the users to the same data sets. Cardano developers are thus conducting intensive research about scalable sub-networks and how they can converse with each other. The developers are planning to use the sidechain concept to create a bridge linking multiple sub-networks. This is what Cardano terms as “interledger transactions”.

Block Explorer

Cardano uses its own Block Explorer to check the record of transactions made through the Cardano blockchain. Cardano Testnet is the experimental version of the network that the developers are using to run tests to ensure that it works smoothly and safely before launching the network. The task of the Cardano Block Explorer is to verify the transactions on the Cardano testnet on the real version of the network. Presently, the developers of Cardano are planning to expand the horizon of Cardano Block Explorer such that it will contain charts, statistics, and sport many more features.

Proof of stake

Ouroboros is the latest proof of stake algorithm that Cardano has started using to determine what makes individual nodes to reach consensus regarding the network. The algorithm is considered to be a major innovation in the world of blockchain technology and it is a vital aspect of the support system of Cardano cryptocurrency. Using Ouroboros means that ADA no longer needs a proof of work protocol that consumes much more energy. Moreover, this energy-hungry PoW acts as a barrier to blockchain scaling. Ouroboros was designed by a team led by Professor Aggelos Kiayias, IOHK Chief Scientist. It is the first proof of stake that has been proved to be secure mathematically. It is also the first to have been accepted in Crypto 2017, the leading cryptography conference. Experts say that the security features of Ouroboros are on par with that of Bitcoin blockchain.

Cardano Accepted By Centra

Cardano has made it to the Centra wallet recently. This means that the vendors who are integrating cryptocurrency payments into their system will have one more crypto coin to add to their list. Before the addition of Cardano, the vendors only accepted Bitcoin, Ethereum, Litecoin, Monero and Dash as means of payment. Considering that many cryptocurrencies are competing to gain worldwide acceptance by Centra and the vendors, it can be stated as a big achievement of ADA. The team of Cardano is hoping that this acceptance will bring in many more investors and the traders will also seek the crypto coin. The expected exponential increase in trading volumes would be due to Cardano’s position on the Centra decentralized marketplace. ADA can be traded here for different crypto coins. The end result would be an increase in the value of ADA.

The cryptocurrency market speculators say that even though Cardano (ADA) was struggling a little to stay in the green, the future of the coin looks pretty good. The market price of ADA as of 11th March 2018 is approximately $0.20 USD. The addition of sub-networks and acceptance by Centra will undoubtedly have a positive impact on the price movements of the coin.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of JD Hancock via Flickr

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