Cardano is an open-source, decentralized public blockchain. It is fully open sourced and completely decentralized which means there are no real centralized servers keeping the cryptocurrency alive.
The Cardano currency went live in September 2017 and began to gain a lot of traction in the cryptocurrency market due to its innovative technology. The keys points that set Cardano apart from other cryptocurrencies is that it’s not only a cryptocurrency but also includes many features such as smart contracts, quantum computing language, decentralised applications (DApps) or what they call smart contracts applications.
This is a great step in the right direction in comparison to other cryptocurrencies as they are starting to look towards the future and understand that they need to do what’s best for the industry as a whole.
The team behind Cardano aim to build a cryptocurrency that will be used by many, therefore it needs both public and private blockchain solutions. There are various reasons why your average Joe would opt for private blockchains such as privacy, regulation and security.
It is also important to note that unlike Bitcoin and Ethereum, Cardano has two layers of blockchain. The first layer is the public blockchain where all transactions are recorded and the second layer is the private blockchain which is used for currency transfers which do not need to be publicly recorded.
The Cardano currency was launched by IOHK, an organisation that aims to develop technologies such as DApps, smart contracts and much more with the aim of bringing their technology platform to various industries such as finance, intellectual property management, etc.
IOHK is currently the biggest holder of Cardano currency and employs some of the brightest minds in Asia. Cardano is unique as it does not rely on a foundation like the Ethereum Foundation, rather it relies on scientific philosophy.
There are a few other cryptocurrencies that use Cardano’s technology but most of them are considered ‘altcoins’ (alternative coins) rather than cryptocurrencies – this is because they haven’t been around for long, are not as popular or aren’t as developed.
I hope you’ve found this article about Cardano Cryptocurrency for Beginners interesting and informative. If there’s anything you’d like to add or share please leave a comment below.