Cardano: Blockchain Token – What is it?

2 min read

This episode of Blockchain Token – What is it? features Cardano – who claims to be one of the first “science-based” cryptocurrencies!

Cardano is a platform not too different from Ethereum, except it uses a layered network to process transactions. Additionally the philosophy is slightly different. Cardano bills itself as a science-based cryptocurrency that uses peer reviewed academic research to expand the project.

Instead of using the Solidity programming language, Cardano uses Haskell which is highly fault tolerant. This allows for a certain amount of programming error without the whole thing blowing up.

Cardano is being developed in two layers that separate the ledger of account values from the reason why values are moved from one account to the other, a.k.a. transactions. This separation enables the smart contracts that are written on the platform to be more flexible.

The Cardano Settlement Layer (CSL) acts as the main balance ledger of the platform.  The CSL uses a Proof-of-Stake (PoS) consensus algorithm to generate new blocks and confirm transactions.

The Cardano Computation Layer (CCL) is the second layer of the system. It contains the information on why these transactions are occurring, and the short answer is smart contracts.

This layer also allows for permissioned ledgers to be created. This also allows for off-chain computing, increasing transaction volume.

Cardano has it’s own Daedalus wallet. While it’s compatibility is limited, Daedalus might be looking to add token compatibility to their wallet. Cardano’s token ticker is ADA.

Cardano’s competition includes smart contract-based platforms such as Ethereum, NEM, and EOS.

Curious about the price of Cardano’s ADA? Check out Three Cardano Price Predictions for 2018 & Beyond!

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