Cardano is an advanced platform for smart contract development, which is based on the proof-of-stake blockchain.
The primary goal is to solve the scalability and to balance the need to regulate privacy and the decentralization of blockchain technology.
Most of the Cardano platforms are still in the phase of development and are prospering at a slow pace, but it has a promising and ambitious vision for the future.
The founder of Cardano Network envisions building a blockchain platform on the strength of academic peer review. Cryptography experts & Researcher around the globe add their contribution to the set of the principle, systems, and codebase, holding the network of Cardano. Nothing can be implemented on the Cardano network without any reliable and rigorous review of its scalability, security, and effectiveness.
This very close focus review and highly secured coding make it's unique in the blockchain community that most of the making stuff up as it functions. An industry with plentiful scandals in its hampered projects and outright swindles is refreshing to see a project that can take a scholarly and academic approach to build new technologies.
This is why the Cardano network has received colossal attention; it is rising quickly to become one of the top ten cryptocurrencies globally. The ideas behind the Cardano network are praiseworthy, and they will add significant value if appropriately executed. So, for now, the Cardano network has done a magnificent job in terms of real innovation and in giving outputs.
Origins of Cardano
Cardano Network is founded in Switzerland, with its primary goal to create a next peer's smart contracts platform and to create an ecosystem by learning and improving on lessons learned in the Bitcoin & Ethereum communities. Cardano is the first blockchain platform to evolve out of research and driven out of scientific philosophy.
Some of the significant goals of Cardano networks are to improve:
Cardano innovations can be directly compared with those of Ethereum communities while its designs center and approach to meet the goals, which are somewhat different from those of Ethereum.
Just like Ethereum, the Cardano network has a funded Non-profit organization, and it carries out the research and development of the protocol, additionally contributing to societal development as well.
Cardano is a revolutionary blockchain technology to develop a new decentralized economy and to democratize investment in emerging markets. Cardano enables decentralized applications and contracts to build and be executed in a low-cost, secure, and in a scalable way. Cardano Project is different as it openly marks the need for regulatory oversight while maintaining the customer's privacy and given protection through its innovative software design.
Cardano is a fully open-source, decentralized, public blockchain, and a cryptocurrency. Cardano is developing a smart contract platform that aims to deliver more advanced features than any other protocols that are developed previously. The feature of the protocol is a layered blockchain software that is secure, scalable, flexible, and it is being designed with the most strict academic & commercial software standards in the industry. Cardano will use a free democratic governance practice that will allow the project to Evolve, and to fund itself sustainably through a visionary treasury system.
What are Smart Contracts and their benefits?
Smart contracts are the series of codes that are saved & stored on a blockchain and are executed automatically when the default terms and conditions are met. At the most basic level, they are software programs as they were set up to run by the people who developed them. The benefits of Cardano Smart Contracts are quite likely in business partnerships, in which they are usually used to execute some of the agreements so that both parties can be sure of the result without intermediary interference.
Other smart contract platforms
A Cardano smart contract is written in a formal language understood by both humans and computers. Cardano smart contract can trigger actions directly on the digital domain, such as making a payment or transferring ownership of a digital asset. However, some of the legal contracts require a trusted third party that drives to perform certain actions at a specific time; usually, a contract entails simultaneous exchanges of goods. Cardano smart contracts can play the role of the trustee by replacing them with a computer program. Therefore, as long as all the program's input & output are in the digital domain, Cardano smart contract will be wholly automated and self-executing.
Here are some of the other smart contract platforms that let dive into it.
Although most people are aware of Ethereum because of its token, Ether, or ERC-20, most of the people are not aware that in the last decade, Ethereum was one of the most exciting startups.
It is the top choice for many developers as it is leading the smart contract platforms. A young Russian-Canadian Programmer Vitalik Buterin in the year 2013 released the Ethereum white paper and introduced the smart contract platforms. Since then, Ethereum has grown its strengths, and it became one of the healthiest developer communities in the crypto space.
Features of Ethereum Smart Contract Platform:
Free & easy to setup.
Standard token or ERC-20
Ethereum owns smart contract programming language
It has clear guidelines for developers
Ethereum has a cutting edge development community
Lots of literature and help available
Smart contract developers always have experience of using Ethereum
Pitfalls of the platform:
Ethereum Network gets overloaded sometimes
Ethereum is more expensive than any other platforms
Developers have found multiple security issues with the code. In addition to this, the low-quality smart contract code has left several contracts exposed to hackers.
Hyperledger Fabric is on the top of the list of Ethereum competitors. The hyperledger fabric project started in December 2015 & the Linux Foundation set it up. Hyperledger is an open-source project that has stated the aims of promoting blockchain development. There are now many different frameworks that are being developed under the Hyperledger banner. Including:
IBM develops Hyperledger Fabric; it has a permission blockchain infrastructure that encourages the execution of smart contracts.
Hyperledger Fabric is a leading smart contract platform that proves itself as an alternative to the Ethereum platform. Hyperledger is far more flexible than Ethereum.
Some of the drawbacks of the hyperledger
One of the top cap drawbacks of the hyperledger is that it doesn't have its own token system. Even though it does have some advantages, hyperledger limits the sorts of smart contracts that can be quickly deployed via its platform. Some of the companies who wish to develop smart contracts include the need for some kind of payment transfer then they had better stick to Ethereum.
Why use Hyperledger Fabric:
It is Open Source and free to use
It has Permissioned membership
Founded & Supported by IBM
Allows contracts to be coded in various languages
Supports plug-in components
It does not have its token system
Rootstock – RSK
Rootstock or RSK is a smart contract platform, which is connected to the bitcoin blockchain by sidechain technology. The Rootstock was developed to be compatible with Ethereum apps but using bitcoin, the underlying cryptocurrency. The vision behind the birth of Rootstock was to give the bitcoin blockchain smart contract functionalities. It has several advantages, as it is long-running with wide distribution, awareness, and with proven security. Moreover, with its healthy community, it has reliable hashing power. Rootstock wants its users to experience the benefits of Bitcoin as a store of value by providing smart contract functionality and higher scalability.
Stellar was founded in 2014, makes it one of the oldest smart platforms, & a Stellar development foundation maintained it, and it has been declared as one of the most exciting blockchain startups. Recent news stories that involve many large companies deciding to implement a stellar platform into their current working infrastructure and industry experts have convinced that the stellar network is a great working place.
One of the most critical areas where large companies are looking forward to executing stellar is in facilitating international payments. In late 2017 stellar collaborated with IBM & KlickEx to offer a new low-cost method to transact across the border and to transact in the south pacific regions. When we talk about the best platform for smart contracts, stellar is arguably more straightforward and easier to use than Ethereum. However, it is built to promote simple, smart contracts such as ICOs.
Cardano is a new blockchain project founded by the co-founder of Ethereum with the idea to bring precise & accurate scientific principles & peer-review research into the crypto sphere. Cardano is considered as the most assuring coin to keep track of soon with its proprietary smart contract platform. Cardano releases Marlowe, a host of use cases, which is its own developed programming language that aims to create and execute the smart financial contract using the Cardano Blockchain network.
There is an extraordinary case for Marlowe, which enters the field of financial services and becomes a killer app with growing a threat to put an end to Ethereum dominance. Cardano is used to sending and receiving digital funds, and this digital currency is the future of money. More than just a cryptocurrency, Cardano is a technological platform that is capable of running a financial payment system, which is currently used by organizations, governments & by people around the globe.
The platform is developed in layers, which further gives this system the flexibility to be maintained more efficiently and allows upgrades to be made using soft forks. Cardano platform also runs decentralized application services that are not controlled by any other single party but operate on a blockchain. Cardano's main innovation is that it would align the interests of consumers to those of regulators and, in doing so, it will merge privacy with regulation. Cardano's vision is that its new model of regulated computing would bring greater financial inclusion by offering open access to equal financial services for everyone.