Cardano To Lead Cryptocurrencies? Founders Targeting the Top
It has been publicly announced that the firm supporting the crypto-coin Cardano are aiming for the top of the crypto-leader-board leaving behind the major duo of Ethereum and Bitcoin, due to having commenced their own tech from zero.
Per moment of writing, Cardano is the 7th digital currency by market capitalization sitting with $8.23 billion just behind NEO. So if Cardano wants to beat the two throne giants, many hurdles wait before just yet like Ripple, Bitcoin Cash, Litecoin and so on.
They will also have to solve several issues that have plagued other cryptocurrencies such as lack of flexibility, slow and expensive transactions, limitations due to protocol, proof of stake and demand that overwhelms systems. They claim they can solve these issues thanks to their new flexible and revolutionary democratic crypto system.
How the network and Cardano infrastructure will be better and improved, was explained by the team using comparison to other cryptocurrencies and simple generational analogy. Bitcoin is the coin where everything started, and being part of the first generation of coins it had the aim only for peer to peer transactions with a send-receive only system supported on decentralized block-tech. Following up, Ethereum as an addition to the ecosystem brought smart contracts which add rules and requirements to be fulfilled before a transactions is set on status-complete. It does sound and is very great but as per time there are a lot of issues with scalability. This is planned to be fixed by the creators of Cardano via the community as they can vote on systemic improvements.
The Cardano Coin was developed in late 2014 by a group of entrepreneurs, investors and IT experts in Asia. The Digital Output technology company Input Output HK (IOHK), which was founded in 2015 by Charles Hoskinson and Jeremy Wood, was also involved in this process. Hoskinson was involved in the creation of Ethereum before the Cardano Project. In Switzerland, there is now even a Cardano Foundation, which oversees the so-called Cardano ecosystem and the further development of the coin.
Using the past mistakes and what is known of previous generations as a ground for ideas and issues that need to be improved, the team behind the coin starting from scratch are planning to take the throne.