- Cardano is one of the least energy-intensive blockchains trusted by many enterprises.
- It offers high transaction speed and security.
Charles built Cardano when his vision came into conflict with the founder of Ethereum, Vitalik Buterin. He wanted to make the Ethereum blockchain commercial. Therefore he launched Cardano in the year 2017. This cryptocurrency is also called ADA named after the Augusta Ada King. He is known as the first programmer in the world. In this article, we will discuss in detail Cardano and the reasons why you should add this cryptocurrency to your portfolio.
What is Cardano?
Cardano is a blockchain-based on proof-of-Stake. It was founded in 2015 by one of the co-founders of Ethereum Charles Hoskinson. It was finally launched in the year 2017.
Cardano is also known as the “Ethereum Killer”
Cardano aimed to provide banking services to the people who are still left unbanked. It’s for those adults who still do not use any banking services. Another aim of Cardano is to increase the Ethereum scalability and solve the problem of its high energy output. Cardano is also known as ADA.
Reasons why Cardano can rule the crypto world
Cardano is one of the fastest-growing blockchains. It is the seventh biggest blockchain as per market share. Today many organizations and enterprises use Cardano as their primary blockchain. Because of its advantages, it is constantly attracting new investors.
The Cardano blockchain allows users to create smart contracts that too without entering into third-party agreements. Cardano is also the pure 3rd generation of cryptocurrency. Bitcoin is the first followed by Ethereum which is called the second generation. Hence, it has introduced many appealing features to the crypto world.
Cardano has solved the energy consumption problem of Ethereum. You will be shocked by the fact that a single transaction consumes as much energy to power an average US household for 5.5 days. Not only this, it also pollutes the environment by leaving carbon footprints.
In a year ethereum can leave as many carbon footprints as the whole ireland. This is a huge problem for the sustainable growth of the world. Cardano solves this problem by being one of the least energy-intensive blockchain networks because of its randomized consensus mechanism.
Fast transaction process. Cardano is not only energy efficient but also capable of performing fast transactions. Bitcoin is still able to process only 5 transactions per second and Ethereum is also way behind Cardano in transaction speed which is 15-45 transactions per second.
Cardano has the capability of processing 250 transactions per second. It is working hard to increase this number to 1 million transactions per second with its Hydra Layer 2 system.
Cardano enjoys high staking. 70% of the cardano is staked and users receive up to 5% APY. It uses two wallets called the Daedalus and Yoroi.
Cardano ensured its safety with its two-layered architecture. Cardano applies very minimum transaction fees. It allows users to create defi apps with its high-security features.
Cardano team. Cardano has a strong team of hardworking developers and researchers working day and night. To improve the functioning of the blockchain and make it the competitor of Ethereum. Currently, it has a team of approximately 150 developers.