Cardano is a Hongkong supported project that was launched in 2017. It is the first blockchain project that is looking after the current cryptocurrency advantages and problems. The approach that is being used is ceinture and has been formed on new codes.
Charles Hoskinson the ex-CEO of Ethereum, and a well-known crypto world is running the Cardano project. His team has one of the most brilliant members from amongst the different fields who are well versed in their respective fields to make one of the best blockchain projects. If you are interested in bitcoin trading, then you can visit TheNewsSpy.Technology and get information from there.
Cardano had strived to become the next generation cryptocurrency after Bitcoin and Ethereum who are known as the first and second-generation cryptocurrency. It wants to become the next generation cryptocurrency so that it is better than the other two currencies by solving the problems that arose in the present time.
- Cryptocurrency’s first generation: Bitcoin
- Second generation: Ethereum
Cardano wanted to become the 3rd generation currency, which is an improved and better version of the other two-generation cryptocurrencies.
Every blockchain project has a cryptocurrency, Cardano’s currency is ADA. ADA are pre-mined coins which means they cannot be mined like Bitcoin and Ethereum. Like any other cryptocurrency, ADA can be used in a transaction whether you want to pay or purchase etc. ADA coins are based on proof of stake concept, resulting in meagre transaction cost compared to proof of work coins like Bitcoin and Ethereum needed to be mined.
PROBLEMS THAT CARDANO WANTED TO VANISH:
- SUSTAINABILITY
- SCALABILITY
- INTEROPERABILITY
Cardano wanted to solve all these problems by making different moves in its work example, as the Cardano coins are already mined, the mining fuss comes to an end that involves a lot of electricity consumption which is not good for the environment. Some epochs are further divided into slots for block creation for ADA where members are already selected.
WHY ADA IS BETTER?
ADA the Cardano coin provides a blockchain that helps you to solve more complex transactions that involve much coding. It is done in a much safer and protected way. There is a certain transaction that involves a lot of coding and is rather complex to complete, in such a case ADA helps to solve the problem.
It also allows smart contracts just like Ethereum but in a much easier way. It has wiped out the loopholes that other currencies had. Misprices has also shown promising results and as per reports Cardano can be one of the best coins to invest in for future profits if held for a longer time. Its total supply and circulation are almost similar which means it is limited.
Further for the development of technology, it has formed an uncontrolled treasury so that its future workings are in operation. It is also called the Ethereum killer because it also includes the smart contract feature but ADA makes it much easier and less time consuming through the usage of advanced technologies. It has more features like compressing, partitioning is pruning the data if the blocks are overloaded with data.
Conclusion
The articles state why Cardano is called the 3rd generation cryptocurrency. I hope this article proved beneficial for your crypto journey. Crypto world has got a different and way better cryptocurrency in terms of features that it possesses. But investment should be done by keeping in mind all the dos and don’ts. Have a thorough knowledge and invest in smaller chunks to get an idea about the working of cryptocurrencies. To make a profitable future in a crypto race you must be aware of the working of the respective currency. Have a happy investing!