Cryptocurrency Series #1 — Cardano (ADA)

Cardano — ADA cryptocurrency
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Evolution of Cardano

There were 2 generation of cryptos that were available before the third generation of crypto — Cardano (ADA) was available. The first generation was the Bitcoin. It was the first publicly available crypto-currency that was tradable. Bitcoin was seen as a digital gold, meaning it was deemed as a digital asset that has a value which can be used to store and transfer the money value. But it has a scalability issue. For example, the median number of transactions per second for the bitcoin was around the range of 3.3 to 7. This was initially good considering the amount of users that bitcoin had. But as the time progressed, the users grew and now it seems like a bottle neck for the adoption of the bitcoin as a global currency.

Bitcoin, Ethereum generation of Crypto-coins
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Cardano’s Purpose

Purpose of Cardano — ADA
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Cardano’s Present and Future

One of the biggest project that the Cardano’s team is currently working is in the space of solving the Ethiopia’s national ID systems and education problems.

Ethiopia Problems vs Cardano Solutions
Photo by Erik Hathaway on Unsplash

Conclusion

Cardano, off late, has been garnering interest all over the world with many people touting it to be the crypto of the future. However, Cardano is still considered to be a work in progress. There ain’t a single big application that is in deployed on ADA network. While the developers hope that with the African country’s project they could turn around the things later this year, it would just be considered as a piece of attractive paper until proven in real world. It has potential to overtake the biggest players in crypto but the developers need to clear a lot of obstacles in paving way for it.

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Yeshwant V

Yeshwant V

Ambivert | Mechanical Engineer | Epistemophile | Content speaks …. Always…