What exactly is Cardano?
Before diving into new Cardano projects, let’s take a short look at the Cardano platform. Cardano was established in 2015 by Charles Hoskinson, depicted below. Cardano’s Mainnet became online in 2017, and the cryptocurrency is now the fifth-largest by market cap, trailing BTC, ETH, USDT, and BNB.
Cardano submits every new feature for academic peer assessment, which Hoskinson believes will help the platform construct a strong basis for future network security.
Cardano is frequently compared to Ethereum, which Hoskinson co-founded with Vitalik Buterin and Gavin Wood. However, the two platforms’ goals and methodologies are not identical. Check out CoinMarketCap’s Cardano Deep Dive for a detailed explanation of the cryptocurrency
What Sets Cardano Apart from the Crowd?
Cardano’s primary focus is on developing safe, long-term blockchain solutions for real-world use cases.
Cardano revealed the world’s greatest real-world blockchain development to date in April of this year. IOHK collaborated with the Ethiopian Ministry of Education to give blockchain-based digital identification to 5 million instructors and students. The initiative will eventually become a national academic achievement record for student grades and overall school performance.
According to Outlier Ventures, the cardano smart contracts community is recognized for being one of the most active, and as a result, its blockchain attracts more attention than any other blockchain. Because there is no staking lock and unlock period on Cardano, staking tokens is considerably easier than on other networks. ADA may also be staked straight from exchanges like Binance and Kraken. According to a recent blog post, 71.4 percent of total ADA supply has been assigned to stake pools for a total value of little under $60 billion, and yearly staking incentives are presently between 4-6 percent.
Why Did Cardano Take So Long to Release Smart Contracts?
As previously noted, Cardano has taken its time in establishing a solid basis. While this method will help Cardano acquire relationships with governments, corporations, and regulators in the future, it has resulted in the cryptocurrency behind its competitors.
How Do Cardano’s Smart Contracts Differ From Those of Ethereum?
Cardano’s spokesmen point out that its network is not similar to Ethereum’s, necessitating “a learning curve and a different approach.” Furthermore, as previously said, “a developer cannot just utilize an altered Ethereum contract.”
Plutus scripts are used to write smart contracts on the Cardano network, as opposed to Solidity scripts on the Ethereum network. Plutus is a programming language based on Haskell that has been modified particularly for constructing Cardano smart contracts.
Cardano’s Bottom Line
When purchasing cryptos, investing for the long run may be a wise decision. The ADA-USD has a strong chance of becoming a mainstream currency in the future. However, investors should only invest in Cardano if they have a long-time horizon.
It is just impossible to predict what will happen in a week or a month. Daily movements of 3 percent to 5 percent are relatively normal in digital assets. Therefore, Cardano is the safest and best way to invest your money in cryptocurrency.