Most of cryptocurrencies are based on Ethereum tech (Ethereum tokens) because of it's high improved technology and scripts that can be used for other cryptos too. A lot of enterprisers made a deal using Ethereum network and technology and these are the main reasons ETH is the top Altcoin! But what about other ecosystems ? What about a more improved tech ?
Cardano (ADA) is a third generation block chain and was ranked as the most developed cryptocurrency project in 2019 according to Santiment's 2019 market report. Cardano developers aim to achieve what other blockchains did not:
- Scalability: It is the ability to improve the technology. Even if it is used in the market making contracts, Cardano has the ability to improve technology and fix problems to their blockchain.
- Interoperability: It is the ability to work together. It is very important for Cardano's devps to make a network of people that work better together and trust each other and give global solutions to global problems!
- Sustainability: It is the ability to sustain in the future that Cryptocurrency has open to the world
There are many different ecosystems in cryptocurrency. There is Bitcoin ecosystem, Ethereum ecosystem, Ripple ecosystem and many other that cannot connect with each other. What makes Cardano's ecosystem unique? It makes all these ecosystems connect with each other and connect with the big Bank Ecosystem!
Cardano's roadmap consists 5 phases.
Phase 1: Byron
Byron era began in September 2017 with the foundation era and users start buy/sell Cardano in many exchanges. Ouroboros protocol which is the first Proof-of-Stake protocol, created on the basis of academic research and mathematical proven level of security. This era also delivered some wallets (ex. Deadalus) for staking Cardano.
Phase 2: Shelley
Shelley era (we are going through now) is the era when Cardano optimizes decentralization with low-risk transactions and no service interruptions! When a blockchain network is controlled of less than 10 mining pools, this era created blockchains that are controlled by 1000+ stake pools . In addition, this era brought incentive schemes and a large reward system for the community. Cardano is supposed to be 50-100 times more decentralized than other crypto.
Phase 3: Goguen
Goguen era has been under way parallel with Shelley era and it is about smart contracts. One of the goals of this era was to make users with financial or non-financial background make financial smart contracts. Plutus , is the execution platform for these contracts. Also, to make Cardano accessible for all users, they created Marlowe, a high-level language to make smart contracts for users that are not familiar with financial. They created an DApp (Decentralized Application) called Marlowe Playground that creates smart contracts into Plutus platform!
This era opens the way to the development of enterprise level associated with smart contracts!
Phase 4: Basho
Basho era is about to improve the performance of Cardano network and as a result it will be able to support much more transactions than other ecosystems. Sidechains is the evolution of blockchain in Cardano network. They cut blockchain into smaller chains called sidechain that contain all the transaction data. This allows users make even more transactions increasing the networks capacity with high quality and speed. This way can be adopted by applications with high volume of transactions.
This era also will create more accounting styles with users being able to switch from one style to another.
Phase 5: Voltaire
Voltaire era will introduce a new treasure system that take fees and gathering them into a treasure chest. People who stake Cardano will have voting rights about this treasure. Which means that after a period of time, when they will gather an amount of money into the treasure chest , stakers will VOTE about the future of Cardano. They will decide if they gonna spend the money into the marketing or improving the technology for example.
Cardano's future will be in the hands of its community!
The last two eras (Basho-Voltaire) are not completed yet, as the developers say that they will add even more actions and technical progress!