Since the inception of bitcoin, the world of cryptocurrency has witnessed landmark changes with new, better options that solve the challenges of bitcoin becoming popular. The main challenge of bitcoin, which had made it impossible to be accepted by the governments is the security issue. Cardano is one of its kind blockchain protocol that is programmed to enable formal verifications on each transaction guaranteeing high security and privacy for all data within its network. Ada is the first cryptocurrency that is developed using tons of peer academic research and written using the Haskell coding language.
The main element of the Cardano Ada is its security. The Haskell program is considered the most secure coding language with an ability to completely minimize errors and add security to the protocol using formal verification process. Furthermore, unlike other cryptocurrencies that existed before it, the Ada is designed to work in regulated industries while offering the main feature of cryptocurrencies, the user privacy. Moreover, in addition to the Ada cryptocurrency, Cardano also offers a technological platform. Businesses, organizations, and governments can use Cardano to run financial applications for everyday use. The program is also designed in a series of layers, which makes the protocol flexible for future upgrades.
With Ada cryptocurrency, individuals can easily and safely send and receive digital funds. However, in order to use Ada staking pool, you must use the multiplatform, secure wallet, the Daedalus wallet, which is specifically designed for Ada. The easy to install wallet, lets you keep track of the cryptocurrency. In the wallet, you will be able to find information regarding the currency as well as private keys and encrypted spending passwords for extra security. Cardano is a fully open source decentralized public blockchain, which means that its development is done by a large global team of expert researchers and engineers.
The Ada cryptocurrency is a work of three independent organizations that include the Cardano foundation, the IOHK, and the Emurgo. The Cardano foundation is the nongovernmental organization behind the Cardano protocol. The company is based in Switzerland and acts as the standards body in commercial and regulatory matters. The IOHK is a development and research company that is contracted by the Cardano until 2020. The third partner, the Emurgo helps businesses and users to integrate their financial system with the program.
Conclusion
Cardano is a unique cryptocurrency protocol that is programmed using a scientific research-based approach. It is designed to be scalable, flexible and highly secure for its users. Furthermore, the program balances the verifiable needs of regulators and the privacy needs of users, which means that it can be implemented in any financial system.
