What is Cardano ADA ? Explain in 2 minutes
Cardano is the third generation blockchain that's paced with the potential of changing how to approach technology in many ways
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| what is Cardano coin ADA ? |
but first, we need to go over the first generation of blockchain 'bitcoin' and the second generation blockchain ethereum
many of you probably already heard of Bitcoin and how it's like digital gold some of you may have already heard of ethereum as well and how does like a new internet or something that used to buy cool NFT's or simply a cheaper Bitcoin
the definition of Bitcoin being digital gold is quite accurate because of the security provided by blockchain technology limited supply and the self-fulfilling prophecy of spending the coin of being the digital gold
however ethereum is a bit more complicated than but it called the second generation of blockchain, it offers smart contract capabilities within the network allowing cool apps to be built on it, and those call "Dapps"
to use any services offered within the ethereum ecosystem users need to pay a "gas fee", for example, imagine a digital truck that transport ethereum from one place to another, and the truck needs gas to move, in other words, it cost to move ethereum, and here comes the problem
when ethereum was building in 2015 the developers didn't expect that it will be experiencing such fast growth, so it was not built to handle such large volumes of transacting, so due to the bottleneck the gas fee on the ethereum Network becoming so expensive and made any small transactions not economically viable, in fact, the normal gas fee now is between 10$ to 60$ and probably even more in the future, but the ETH developers realize the challenge and now upgrading the entire network to " ETH 2.0 ", however, the prosses is extremely complicated so it is now projected to be done earliest in the late 2022 or 2023, and it might not be enough to solve its core problem in the network.
here came Cardano the 3rd generation blockchain founded by Charles Hoskinson and also the co-founder of ethereum, he left ETH to build ADA with more advanced technology and the network by default built to handle much larger transactions and also offering largely decentralized blockchain ensuring with a high level of security and with a transaction fee low as 0.16 ADA probably 0.19$ if we consider the price of Cardano 1.32$ at the moment.
Additionally, Cardano crew only have one of the most engineering development activity out all the projects.
It is also important to mention that "ADA" Cardano native currency has capped the number of points 45 Billion.
Another thing that is quite unique about Cardano is the dev team and his philosophy they focus heavily on academic research when developing the blockchain and this makes the process relatively slower because foundational engineers work economics rock solid.
This is actually quite unique in the block Ecosystem as many other block developers are taking a more rapid experimental approach and we will see what happened.
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