www.cardano.org – How Does Cardano Work?

www.cardano.org – How Does Cardano Work? Cardano is a decentralised public blockchain and cryptocurrency project and is a fully open source. Cardano is developing a smart contract platform which seeks to deliver more advanced features than any protocol previously developed.

It is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach. The development team consists of a large global collective of expert engineers and researchers.

To use Ada you must download the Daedalus digital wallet. Daedalus is a secure, HD wallet for the Ada cryptocurrency. Now you can send and receive Ada, and view a history of the transactions you have made.

Cardano is a blockchain platform with more advanced features than any protocol yet developed and the first to evolve out of a scientific philosophy. Cardano large team of expert engineers and researchers drawn from around the world started by deconstructing the concept of a cryptocurrency. Then, incorporating our groundbreaking Proof of Stake algorithm, Ouroboros, the IOHK team employed a first principles approach driven by peer-reviewed academic research to build Cardano from the ground up.

Read: www.bitcoincash.org | How Bitcoin Cash Works

This unique collaborative effort steadily constructed the most precisely engineered cryptocurrency yet, a product that brings together such disciplines as distributed systems, mechanism design and cryptography.

The result is the first cryptocurrency to be based in Haskell code, an industrial strength product that delivers the resilience necessary for mission-critical systems, in this case securing investment. Cardano’s multi-layer protocol performs advanced functions and has at its foundation a settlement layer that is elegantly linked to a control layer.

The settlement layer will have a unit of account, while the control layer will run smart contracts. The control layer will be programmed to recognise the identity, assisting compliance and allowing blacklisting for instance. As a whole, the protocol’s design is geared towards protecting the privacy rights of users, while also taking into account the needs of regulators.

In doing so, Cardano is the first protocol to balance these requirements in a nuanced and effective way, pioneering a new approach for cryptocurrencies. In addition, while the platform has been solidly composed, we also recognise the need for it to evolve and adapt to changing needs. Consequently, Cardano team have designed a system that can be upgraded by way of soft forks, and are installing a treasury system that will ensure the sustainability of the protocol.

Completely open source and patent-free, Cardano was built in a spirit of collaboration. And engineered for efficiency and scalability, the Cardano ecosystem is developing out into the most complete and most useful cryptocurrency ever constructed.

The most advanced wallet for the most advanced cryptocurrency 
Daedalus is home to ADA, the cryptocurrency of the Cardano network. Daedalus is a highly engineered wallet with advanced security features, protecting your assets with the strongest cryptography yet developed.

ADA – The most Advanced Cryptocurrency in the World 
Daedalus is currently the only wallet that supports ADA, the cryptocurrency of the Cardano network, featuring one of the best Proof of Stake protocols ever invented. Use Daedalus to redeem ADA and secure your funds.

Unlimited Accounting 
Manage any number of wallets with our innovative hierarchical deterministic wallet implementation. Have more control over how your funds are organised. Use Daedalus powerful backup features to recover your funds anytime.

Advanced Security 
Daedalus does not hold your keys. You are in control of your money. Cardano uses the most advanced cryptography in the world to ensure safety from attack and offer spending passwords and seeds for all your accounts.

Built with Web Technologies 
Daedalus is built on top of Electron, a battle-proven open source development platform to build cross-platform desktop apps using Javascript, HTML and CSS.

React UI Component Framework 
To keep the experience consistent for Daedalus users and simplify your development workflow, Daedalus is developing a small but flexible React UI framework that you can use to build beautiful plugins that just merge into the whole platform.

Cardano uses a new proof of stake algorithm called Ouroboros, which determines how individual nodes reach a consensus about the network. The algorithm is a crucial part of the infrastructure that supports the Ada cryptocurrency and is a major innovation in blockchain technology. Ouroboros eliminates the need for an energy-hungry proof of work protocol, which stands as a barrier to blockchain scaling up for much wider use.

Designed a team led by IOHK Chief Scientist, Professor Aggelos Kiayias, Ouroboros is the first proof of stake protocol that has mathematically been shown to be provably secure, and the first to have gone through peer review through its acceptance to Crypto 2017, the leading cryptography conference. The level of security demonstrated by Ouroboros compares to that of Bitcoin’s blockchain, which has never been compromised.

In proof of work, miners invest computing power to compete to be chosen as the leader who gets to make the next block and win a reward for doing so. By contrast, in proof of stake, the stakeholder who will form the next block is randomly selected, proportionally to the size of the stake that they have, according to the blockchain ledger. “Proof” means having evidence that blocks of transactions are legitimate. “Stake” means the relative value held by addresses on the node.

“Relative value” is all the value held by wallets on a particular node divided by the total value in the system. There have been a number of attempts by other cryptocurrencies to develop a proof of stake algorithm, although these protocols have suffered from flaws and have not been shown to be provably secure. For a blockchain to be secure, the means of selecting a stakeholder to make a block must be truly random.

An innovation of Ouroboros to produce the randomness for the leader election process is to do this by way of a secure, multiparty implementation of a coin-flipping protocol.

To use Ada you must download Daedalus. Daedalus is a secure, multi-platform, HD (hierarchical deterministic) wallet for the Ada cryptocurrency. Install Daedalus on your computer and open the application.

Now you can send and receive Ada, and view a history of the transactions you have made. For more information about Ada transactions that have taken place and about the Cardano blockchain itself, you can use the Cardano Block Explorer. This specially built tool can be used to search for transactions.

You can also see information about the state of blockchain, for example about its slots and epochs. Beyond being used to send and receive Ada, the Daedalus wallet has many special features, which make it easy to use and give you a high degree of confidence about its security. These include:
– Encrypted private keys and spending passwords, offering protection against security threats such as malware.
– Wallets can be exported to paper certificates, giving the maximum security option of placing funds in cold storage.
– Ada redemption is built directly into Daedalus and supports encrypted and unencrypted redemption certificates.
– Configurable transaction assurance level monitoring, allowing users to be sure when transactions become irreversible.

Engineers are in the process of designing and building many more useful features. Plans for development include:
– Ethereum Classic and Bitcoin support.
– A mobile wallet for Android and iOS.
– Staking, which enables Ada holders to participate in the block generation process, and earn more of the currency.
– An application store with community-built applications and support for virtually any cryptocurrency.

www.cardano.org – How Does Cardano Work?

Leave a Reply