Today, as always, we’ll talk a little deeper about Cardano. For those of you who didn’t know, we are on the pursuit of building a project on top of Cardano. It might not be of great interest to you but we believe it will certainly be of great use for anyone reading this if you take the time to understand why we chose Cardano of all the cryptocurrencies out there. So, let’s jump in and see why the best crypto to develop on is Cardano Ada.
Before we get into the meat of this topic, let’s take a tour from the beginning. Built on top of the Ethereum network, Cardano was founded by one of the original creators of Ethereum. Charles Hoskinson, founder of Cardano, left the mainstream currency to work on Cardano as one of the new up and coming DeFis.
DeFi is short for Decentralized Finance. What this basically means is that all interactions are peer-to-peer, operating in the absence of or without the need of any central hub. This allows everything to remain anonymous and secure. The idea with Cardano was that it would also be very forward-facing, to allow developers to be able to develop on it.
Sure enough, Cardano has actually been one of the top developed platforms of all crypto. And that’s the reason why it has catapulted up into the fourth position as one of the most traded cryptocurrencies right now.
Cardano provides a lot of the same functionalities as Ethereum but it successfully works and operates at only a fraction of the cost of Ethereum. Ada was designed from the very beginning to be green, where Ethereum has been trying to switch to be green for quite a long time now. Cardano is actually started from its foundation as a green crypto. But what does being a green crypto mean, though?
Instead of doing proof of work, which requires tons and tons of computation that leads to more and more energy consumption to be able to figure out the algorithms to build these complex hashes to mine cryptocurrencies, Cardano works through the proof of stake concept. This allows you to just verify the stake on the blockchain. And this is where a staking pool comes in, which is sort of like the mining servers.
So here, proof of stake requires a tremendously less amount of electricity. This ultimately means that we’re a lot less wasteful and a lot better for the environment. With these based principles of founding of Cardano, they’ve also been able to keep the prices really low on the crypto. This has made it so that the gas fees to be able to use things on the network are cheap.
One of the big struggles with Ethereum right now is that because of its network congestion, Ethereum costs a pretty great amount of time and price, making its transactions a lot timely and expensive. However, with Cardano, most of these transactions are much lighter – party because it’s proof of stake vs proof of work. Here are more reasons why Cardano is better than Ethereum!
Moving on, one of the big things Cardano was lacking until just recently was the ability to do a smart contract. A smart contract can range into various different things from storing a string of “hello world” and all the way up to very complex transactional algorithms of smart contracts between multiple parties. Here’s more about Smart Contracts.
However, in early September 2021, Cardano released its Alonzo Fork. This, from then, allowed Cardano, or Ada, to be able to perform and execute smart contracts. Right now, these smart contracts still require a developer and they’re still very heavy to do. But at the end of the day, all it matters is having the ability for smart contract to ultimately happen.
Because of all these changes, and constant progression and development, Cardano has catapulted up to be the fourth largest cryptocurrency. While it’s fourth on the blockchain for transactions, Cardano is actually at the very top in the list of commits per million. So that ultimately is based on how many commits have come to its code repository.
This ultimately means how friendly it is for developers to work on. This is a huge advantage because when you’re a developer and you want to go use something, one of the first things you’ll look at is how frequently its get repository is committed to. This will tell you how active the project is.
Coming to an end, Cardano is still a very active project. In fact, it’s arguably the most active project in all of cryptocurrency! So it’s a fantastic thing to build on for the future. And I’m excited for the opportunities that we have to be able to build on this new, up and coming technology. Thank you for sticking with me to the very end. As always, make sure to keep your kids protected with CleanRouter and CleanPhone so that you have the ultimate parental controls with how your kids use their phone 🙂
If you’d like to learn more about the same, kindly check out this video: