Ledger’s “Deep Dive Into the World of Cardano, and Its Native Coin ADA”

Yesterday, Ledger Academy published a guide titled “What Is Cardano” for beginners. What makes this guide interetsing is how much praise it has for Cardano and its $ADA token.

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Here are a few highlights:

• “Cardano uses a unique proof-of-stake consensus protocol called Ouroboros to secure its network, special because it’s the first provably secure, academically-reviewed consensus protocol. Using this consensus mechanism gives Cardano a number of advantages over other blockchains.“
• “… the energy consumed by Cardano is 99% less than the majority of other blockchains, making it a good option for long-term sustainability.“
• “Although Cardano is not known for featuring NFTs, it is still clocking huge volumes, and could be a space to watch in future.“
• “Cardano’s DeFi ecosystem is also rapidly expanding, bringing the vast options of decentralized finance to new audiences, thanks to its minimal gas fees.“
• “… it’s also pretty convenient to stake on Cardano because there’s no lock-up period, and you can manage your assets directly through your own wallet.“
• “Cardano also plans to significantly improve its transaction speed to more than 1 million TPS with the upcoming Hydra scaling solution, further increasing its potential real-world utility.“
• “… Cardano is leaving no stone unturned to establish itself as THE democratic, energy-efficient, and accessible blockchain in the crypto space…“

In February, Kraken Intelligence, the research arm of crypto exchange Kraken, released a 42-page highly impressive research report titled “Cardano: A new generation in smart contract platform design”. After the introduction, the report examines Technology, Web3 Ecosystem, and Network Growth & Adoption.

Here are some key highlights from Kraken’s report:

• “Cardano initially took on notoriety among a class of ICO-craze-driven projects in 2017 following the network’s launch. While the ICO-wave gained infamy from the number of overpriced assets that ultimately disappeared into crypto dust, Cardano finds itself among a subset of ICO Warriors that persisted the treacherous perils of a dark and quiet crypto winter — bloody, beaten, yet hungry for more.“
• “Importantly, Cardano is very much a value-driven project, emphasizing community governance, academic peer-review, and the importance of high assurance programming.“
• “Cardano’s values have noticeably directed the project’s developments and design decisions, and as a result, the blockchain looks like it has been designed with the purpose and standards of providing decentralized, global, financial infrastructure rather than only focusing on providing a Web experience.“
• “With ambitious goals, Cardano recognizes the necessity for their infrastructure to run correctly the first time it runs. This is in contrast to a ‘launch now, fix as we go’ philosophy employed by many Silicon Valley development teams.”
• “Ironically, despite the ‘Ethereum Killer’ label, Cardano is actually far more reminiscent of Bitcoin, particularly with respect to its tokenomics, consensus protocol, and accounting style.“
• “Cardano’s design is fundamentally unique among most of its peers particularly as its design closely reflects a PoS-based, smart contract-enabled version of Bitcoin, due to the design of its base protocol and accounting model, rather than an iteration on Ethereum.“
• “Key technical features that distinguish Cardano from its L1 peers are its base protocol Ouroboros and its secure delegator-friendly design, the Extended Unspent Transaction Output (EUTXO) accounting model, the project’s Haskell base, unique Layer-2 (L2) solutions, and community focus.“
• “… Cardano adopted Haskell in an effort to build a product with unmatched advantages in reliability and security and to position itself as a viable solution for institutional-grade, global financial infrastructure.“

Image Credit

Featured Image by “AnTa_ranga” via Pixabay.com