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CARDANO FAUCETS 2019
What is Cardano?
Cardano is a smart contract platform, similar to Ethereum, with a focus on security through a layered architecture. The self-described “third generation blockchain” is the first of its kind to be created from scientific philosophy and built on peer-reviewed academic research.
The team behind Cardano is creating it with both the end-user and regulators in mind. They’re attempting to find a middle ground that balances the need for regulation with the privacy and decentralization principles at the core of blockchain technology.
The platform also uniquely uses Haskell, a programming language with a high degree of fault tolerance. With the relatively unknown future and complexity of blockchain-based systems, it’s important to build flexibility into projects. It’s near impossible to know what a system may have in months or even years, so it’s important to have a robust language like Haskell which allows for a certain margin of error.
Cardano’s approach is unique in the space itself since it is built on scientific philosophy and peer-reviewed academic research.
The Origins of Cardano
Cardano was conceptualized by Charles Hoskinson who happens to be one of the co-founders of Ethereum
While Ether does an admirable job as a smart contract platform, according to Hoskinson it is a second generation blockchain (more on this later) and needed evolution. What makes Cardano extremely remarkable is the sheer amount of care that goes into its upkeep. There are three organizations which work full time to develop and take care of Cardano.
The Cardano Foundation.
The project has a constantly evolving roadmap, but it follows a five-phase plan. The phases are as follows:
Byron – This is the phase the Cardano is currently in. It includes the initial development of the main net and complementary functionality such as the Daedalus wallet. Everything scheduled for this phase is built, and the team is in the process of making improvements.
Shelley – In this phase, the network becomes fully decentralized. Features here include delegation and stake pool test nets.
Goguen – The team is in process of planning this phase. At this point in the roadmap, Cardano will have a virtual machine, called IELE, similar to the Ethereum Virtual Machine (EVM). The platform will also have a universal language framework for future blockchain technology.
Basho – The team plans to improve scalability, security, and performance in this phase. They’ll also implement Ouroboros Praos, an improvement to the original Ouroboros protocol.
Voltaire – In the final phase, Cardano will implement the Treasury model, providing a self-sustaining ecosystem for the network.
As a smart contract platform, Cardano is competing with several similar crypto projects – most notably Ethereum. The project is also in competition with several newer projects focusing on smart contract development such as EOS, Lisk, NEO, and NEM. Out of these additional competitors, Cardano is the second-largest behind EOS.
As mentioned before, the team is attempting to separate themselves by focusing on scalability through peer-reviewed research and highly-secure coding practices. Although this strategy does lead to slower product development, it greatly reduces the risk of critical bugs and showstopping errors.
Cardano is an ambitious project tackling a large number of problems in the crypto industry. After seeing the potential security flaws of Ethereum through the DAO hack and recent Parity wallet fiasco, it’s nice to see that Cardano has a focus on code scrutiny and peer-reviewed security measures.
This does come at a cost, however. With such an emphasis on security, don’t expect quick product updates. Instead, you should view this as a long-term project with a lot of potential.