What Is Cardano?
Conceptualized by Charles Haskinson who is also one of the co-founders of Ethereum (ETH), the cryptocurrency Cardano ADA is designed with a sheer amount of care in its upkeep.
There are three organizations that work full time to take care of Cardano. All of them work in synergy to ensure that the Cardano ADA development is going on at a good pace.
Cardano describes itself as a third-generation blockchain. This basically means that it is beyond the first generation of Bitcoin and money transfer without middleman – and beyond the second generation known as smart contracts (helping to exchange money, property, shares or anything of value in a conflict-free way).
So, Cardano ADA is a proud member of the third generation blockchain principle which aims at maximum scalability, interoperability and sustainability. As we already noted, Cardano is unique in the sense that it is built on scientific philosophy and peer-reviewed academic research.
So, the philosophy of Cardano ADA is best described by the following:
- Separation of accounting and computation in different layers
- Implementation of the core components in a functional and modular code
- Small groups of academics and developers working based on peer-reviewed research
- Heavy use of teams and InfoSec experts
- Development of a decentralized funding mechanism for future work
- Abstracting transactions to include optional metadata and conform to the needs of legacy systems
- Adopt standard-driven processes inspired by the Internet Engineering Task Force
And obviously, many other things. Instead of a whitepaper which would serve to them as a roadmap, the Cardano team focuses on embracing a “collection of design principles, engineering best practices, and avenues for exploration.”