Cardano Coin Overview

Cardano: Coin Overview

Cardano is a financial stack for the unbanked of the world according to Charles Hoskinson, the CEO of IOHK. IOHK is the firm that is responsible for developing Cardano, from inception until completion. They have funding until they complete all parts of the Cardano development roadmap, which is expected to be in 2020.

Cardano is built from scratch using the Haskell programming language. This language is widely respected as being extremely safe and secure among programming professionals. This security aspect is a major selling point of Cardano, which prides itself as being the first peer-reviewed coin in the industry. Peer review means that all of Cardano’s innovations are checked against rigorous academic standards. Unlike many other projects in the cryptocurrency space, Cardano is being built to be a high assurance software platform, capable of handling billions of dollars’ worth of wealth as well as vast amounts of data.

Interesting Developments with Cardano

Cardano is expected to launch its staking feature in Q1 2019. Cardano uses a Proof of Stake consensus mechanism, known as Ouroboros. Ouroboros is a provably secured Proof of Stake mechanism that ensures consensus. Holders of the Cardano coin can stake their coins on the blockchain and receive rewards for doing so. There is an expected 1000 stake pools available for coin holders to choose. This makes Cardano magnitudes more distributed than other blockchains such as Bitcoin, who rely on only a handful of pools to help validate transactions and secure the network. Cardano’s Proof of Stake protocol is seen as more environmentally friendly than Bitcoin’s, as it does not require large amounts of energy.

Cardano is now available to store on Ledger Nano S devices. This is a welcome addition to the community who widely seek hardware wallet storage options for their cryptocurrencies.