Since Bitcoin’s inception in the financial world it has given birth to a new field of ideas and solutions to be explored by many for the issues that are globally met right now. Mostly and tremendously in the currency industry. One of the most influential and respected figures trying to shape-up and improve the crypto-verse by no doubt is Charles Hoskinson – Founder of Cardano and IOHK Foundation.
Cardano’s (ADA) Story
Given birth by scientific/philosophical research and principles, the network is quite new in the play. Initiated by one of Ethereum’s co-founders and above mentioned – Charles Hoskinson, it is labelled by many as one of the most promising to choose from setting itself a target of overcoming the big ones.
It all started when back in 2011 Mr. Hoskinson was introduced to the idea of blockchain and cryptocurrencies. As Bitcoin was and still is the big player in the game, the mechanism of Proof of Work or PoW was the most famous one. However, due to the high cost and various scaling issues that the network of the leading coin met, it was time for a new one to come along. PoS or Proof of Stake was presented which with various improvements became Ouroboros – Cardano’s consensus function.
Accordingly, even Ethereum shifted to PoS various issues that it is facing could be history. Being more efficient in many ways [e.g. energy cost lowering] parallel to secure and working safely is what made its creators debut Ouroboros in the scene.
Some of the problems that cryptocurrencies are facing are: Scalability, Sustainability and Interoperability. Cardano here comes with its layer architecture structure making it stand out in safety and security of the smart contracts. As its divided into layers, the security is heightened as the processing done by the following layer [part] is made independently from the previous. Such the information is handled safely and not shared.
Cardano (ADA) has unveiled the use cases of Marlowe, a domain specific language (DSL) which is targeted at the execution of financial contracts in the style of Peyton Jones among other researchers on blockchain. The Marlowe domain-specific language (DSL), according to IOHK, is modeled as an algebraic type in Haskell, together with an executable small-step semantics. As Ethereum is known for being the pioneer of Smart Contracts, this is a challenged not to be looked away.