After the crypto bull-run of 2017, a variety of altcoins have been launched and are available in the market. While most of them are profit-oriented start-ups and financial scam-businesses, none of them might be as scientifically driven as Cardano. Most cryptocurrencies talk about solving similar issues and offer more or less the same benefits. However, Cardano is an advanced blockchain platform with ADA serving as the network’s crypto-token.
Cardano is one of the very few projects that was purposely built by a team of professionals including researchers, scientists and engineers. Thus, the foundation of the technology was laid down by the experts of each field and is backed by proper scientific knowledge. The project was founded by Cardano Foundation which is a strictly research-oriented organization. Among the famous names on the development team are Charles Hoskinson, who was also the co-founder of Ethereum.
Cardano, as a blockchain technology, aims to provide a cryptocurrency which is incorporated with enhanced and advanced functionalities of all cryptocurrencies combined. The team plans to develop their own technology stack to support the integration of smart contracts with in the Cardano’s network. It will also provide a platform for developers to so that they can work out and launch their own decentralized applications (dApps). To top it all, Cardano does not disregard any cryptocurrency but hopes to develop such a system that interoperability can be achieved between different cryptocurrency technologies .
However, what is little disappointing is that despite having top-notch researched technology, Cardano Foundation has not been able to launch any product up till now. The decentralization of the network is being questioned as it is claimed to have been controlled by IOHK Company, and hence is a centralized blockchain.
The Cardano foundation
The developers at the Cardano Foundation are steadily working to improve and upgrade the platform, its associated wallets and the whole blockchain overall. The development works can be tracked on their Github repository which is seen to be very active lately. One thing which is very surprising about the blockchain however, is that it is using Haskell programming language, which is considered to be very obsolete in this age of modern languages. This can be partly because of the presence of experienced veterans in the development team, who might have felt comfortable in using Haskell for development.
The marketing strategy of Cardano is focused towards China, Japan and South Korea which are supposedly the largest crypto-markets currently. They have even formed a partnership with Metaps to launch a prepaid card that was scheduled to be released in South Korea in December 2019. This will boost the acceptance of Cardano among the community and will further help its development.
Cardano is gaining popularity slowly and steadily as more and more people put their trust in the vision of the founding member Charles Hoskinson. The foundation, however, has been very slow in delivering projects and much of their work is limited to research only. On the sidelines of the Cardano project, the team has been working on KMZ protocol and Quantum Resistant Signatures to offer better security and prevent cyber-attacks.
With the rapid evolvement of the crypto-industry and the related technology, Cardano can unleash its true potential if proper efforts are directed towards its development. The best possibility for Cardano blockchain is that it can readily become the single-most widely used platform for the development of dApps.