What is Cardano?
Cardano is a blockchain network founded by Ethereum co-founder Charles Hoskinson in 2017. The Cardano blockchain uses the modern proof-of-stake mechanism and is extremely efficient. The blockchain combines high scalability, decentralization and security.
Cardano Coinbase
The approach at Cardano is that the developers continue to develop the blockchain according to scientific standards. They analyze the weaknesses of other blockchains and improve them on the Cardano blockchain. The developers take a long-term approach to development. Cardano's network token is the ADA.
Why is Cardano so successful in the long term?
Cardano's ADA token experienced a massive rise in the 2017 bull market and made it into the top 10 cryptocurrencies. Since that time, Cardano's ADA token has always stayed at the forefront of the crypto market. Cardano's long-term success is impressive. How can Cardano be so successful over the last 5 years?
Cardano uses a long-term and sustainable approach to further developing the blockchain. The blockchain is being further developed step by step according to scientific standards. The Cardano Foundation, which is behind the project, makes sure that the technical implementation is excellent and that the blockchain is technically ahead of other blockchains. Cardano uses a long-term roadmap.
What makes Cardano so popular?
Cardano has been able to build up a large fan base in recent years. Despite sharp price falls in the last few months of 2022, many investors believe in the long-term success of the project. Many projects in the crypto area have a lot of hype and the price of crypto currencies is increasing massively. But then the project runs into trouble, problems crystallize, and the project implodes.
Cardano's scientific and long-term approach with a clear roadmap is an alternative to many hype coins that supposedly offer massive advantages, but have numerous problems in implementation. There are the following examples:
Solana was considered an extremely fast blockchain, capable of processing transaction speeds of up to 50,000 transactions per second. However, in the months following the Solana hype, the Solana network experienced multiple crashes due to the network being unable to process the transaction load.
Terra offered a unique concept where stablecoins could be stabilized in price by algorithms using the network token LUNA. Its own stablecoin TerraUSD flourished. But in May 2022, the value of the TerraUSD could no longer be kept stable. Massive sales resulted in an almost complete loss of value of the LUNA token.
What does the Cardano roadmap look like?
The Cardano Roadmap describes the development of the Cardano Blockchain over a long-term period. The development is divided into several phases, so that the project is continuously evolving. We want to present the Cardano roadmap.
Cardano Roadmap
Byron
In the Byron phase, the foundations of the Cardano blockchain were laid. The first version of Cardano was launched in September 2017. The Outboros Consensus Protocol was born. Furthermore, the first wallets for Cardano were created in the form of Daedalus and Yoroi.
The Byron development phase brought with it the first major developments of the Cardano blockchain and laid the foundation for Cardano's success as a blockchain network.
Shelley
During the Shelley development phase, the developers focused on expanding the decentralization of the Cardano blockchain. During this phase, more and more nodes were run by the community. Due to the greater decentralization, the network also gained more security and robustness against attacks.
Shelley also introduced a reward system at Cardano, which is used for staking, among other things. Towards the end of the development phase of the Cardano roadmap, the network should be 50-100 times more decentralized.
Goguen
In the middle of the Cardano roadmap is the Goguen phase. Here the developers' attention was fully directed towards the smart contract functions, which should make Cardano a platform that can be the basis of dApps.
The development of smart contracts in the context of Goguen made Cardano a platform that can be the basis of DeFi and NFTs. This was achieved by developing a development language for smart contracts in Cardano with Plutus.
Basho
The Basho development phase takes care of the increasing scalability of the Cardano blockchain. Increasingly, basho is introducing sidechains across which the transaction load can be spread. The process of transferring workload is called sharding.
Cardano is currently in this development step of the Cardano roadmap. Towards the end, Cardano's scalability should increase to up to 100,000 transactions per second after the basho update.
Voltaire
The last big step in the Cardano roadmap is Voltaire. Cardano should become a self-sustaining system. At Voltaire, governance functions are to be implemented that will allow stakeholders to submit proposals for the further development of the blockchain.
With a clear voting system, Cardano will then represent a completely separate system that is no longer under the control of the developers, but under the control of the community.
How far are we on the Cardano roadmap?
Right now we are in phase 4, basho. The development team is working hard on the scalability of the Cardano blockchain, which will soon be higher than almost any other blockchain, including Solana.
Completion of this phase would mean that Cardano would once again gain a massive advantage over almost all other blockchains. In addition to being the most technically demanding, Cardano would also be the fastest blockchain.
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