Third generation of Blockchain network
Cardano digital currency entered the digital world in 2017 and called itself the third generation Blockchain network. The reason for this naming was that according is the blockchain network of these cryptocurrencies was stronger and more professional than Bitcoin and Ethereum. The possibility of creating a smart contract and other issues all went hand in hand to make Cardano Bring the third position.
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cryptocurrrencies similar to Cardano
Know more about Cardano
Cardano project was started by Charles Hoskinson in 2015, then after 2 years of researching and developing in 2015 was entered the digital arena. This digital currency is growing intending to build a stronger and more professional Blockchain than the Ethereum Blockchain. He calls himself the third generation of the Blockchain network, after Bitcoin and Ethereum. The platform of this currency is decentralized, it mines no organization, government or bank controls it and it does not have a special headquarters. Cardano's platform was built on his nodes network. On January 4 2018 this crypto feels its higher price than 1.22$. But on that year Cardano's price experienced a downtrend and reached $ 0.09. The symbol for Cardano is the ADA. But many people think that the two are different, but Cardano is the name of the Blockchain of this currency and ADA its symbol. Like Ripple, where Ripple is the name of its Blockchain and XRP is its currency symbol.
Cardano system allows you that create your smart contracts. A smart contract is a type of contract in which there is no third person.
What is Cardano's work process like?
It is important to first understand how Cardano Blockchain works. It can be divided into two different layers:
The first section is fully ready to use, and users can purchase ADA coins and transfer them to their wallets, just like other digital currencies.
The computational layer, introduced as the second part of the story, is still under development. Once launched, it allows users to create and sign smart contracts.
That's why Cardano is different from other blockchains that normally work on one layer. Two separate layers have potential benefits for Cardano users.
The first part, which includes the computational layer, is slightly different from the computational layers of similar cases such as Ethereum because small changes can be made to different users. For example, because different nations have their own rules, Cardano can change the way data is stored and accessed, depending on their rules.
Pros and cons of ADA digital currency
Professional development team that was a member of successful projects such as BitShares and Ethereum.
First multilayer Blockchain
No restrictions on scaling. The more people use Blockchain, the more transactions can be processed.
Trade in the fastest and cheapest way possible.
More environmentally friendly to users than other Blockchain.
Theoretical claims, due to incomplete parts of the layers.
Ability to support more than 1000 transactions per second in Neo, Stellar, and Ripple blocks.
Ability to process and support only 257 transactions per second.