Cardano

Cardano

Cardano is a blockchain-based project in the field of cryptocurrencies, which was created with the aim of scientifically researching and solving all known, current difficulties of previous blockchain currencies. The project, which started in 2015, wants to completely redesign the way cryptocurrencies have been designed and developed on different levels and ultimately create a decentralized platform for complex, programmable transfers of values ​​from the point of view of scalability and security.

From the beginning, the team members agreed on certain basic principles that should serve as a guiding principle during implementation - these include scientific procedures, complete transparency, implementation with a modular and functional language, openness to official institutions and regulators, and openness to sources.

f the project is still successful, Cardano sees itself as the most complete cryptocurrency that has ever been created. [3]

Cardano uses the internal cryptocurrency ADA as a means of payment for its transactions.

Description

From the point of view of the project's founders, all previous blockchain-based cryptocurrencies inevitably encounter a number of serious problems that affect the practical usability, security, scalability and social and economic integration of cryptocurrencies. These problems arise from the weaknesses inherent in the technical structures of established cryptocurrencies:

The world of cryptocurrencies has changed from a 1st generation, in which static payments were made without contracts, to a 2nd generation, in which dynamic contracts were possible (programmable smart contracts) to a third generation that was just emerging developed (worldwide scaling and legitimizing regulation).

The 3rd generation of cryptocurrencies would therefore introduce any scalability for mass use, interoperability and sustainability by learning from the mistakes of previous generations and by implementing new technologies.

From a technical point of view, Cardano is based on several layers, each of which should offer relevant services and functions. [5]

Scalability

For any scalability to mass use, Cardano wants to solve the three most important problems in this area. On the one hand, this is the number of transactions per second (TPS), on the other hand the necessary bandwidth of the network and finally the amount of data that is required to store the transaction information. To solve these problems, Cardano is working on a new, secure proof-of-stake protocol called Ouroboros. [6] Ouroboros should allow parallel, partitioned blockchains in the future and implement quantum-safe encryption. The formation of a block in the blockchain is said to cause a fraction of the costs associated with current blockchain implementations.

Interoperability

The Cardano team sees the lack of interaction between the individual cryptocurrencies as well as the lack of interaction of the external financial world with the cryptocurrencies as a major problem. So far, at the interface between the financial world and the world of cryptocurrencies, as a rule only a number of exchange platforms were available, which can exchange cryptocurrencies in fiat money and vice versa. In this respect, it has been very problematic to switch back and forth between the world of cryptocurrencies and the regular financial world in the context of regular business transactions and to prove the legitimacy of the transactions carried out within the world of cryptocurrencies vis-à-vis financial institutions and the public sector.

Cardano is therefore working on a platform that would like the interaction of various types of protocols from the world of cryptocurrencies to interact with one another and from protocols in the external financial world. In the future, the aim will be to store encrypted metadata for each transaction, which store the source and other master data of a cash flow and can be disclosed to confidential bodies for proof. Cardano wants to strike a balance between openness to the public sector and protecting the privacy of participants in the network and decentralization. [8]

Project

In addition, the tokens of other cryptocurrencies should also be able to be used within the Cardano sidechains (side chains). [9]

Cardano wants to be democratic.

Weblinks

• Projektplan Cardano(English)
• Cardano-Foundation (English)
• Offizielle Cardano-Website(English)
• IOHK (English)
• github.com: Cardano Node