Cardano is a project to improve on the Ethereum Blockchain framework. Cardano wants to build a project that processes transactions faster, cheaper, and with higher volumes per second.
That’s hoping for a bold outcome, but the team feels they have the commitment to make it happen. The utility for a faster payments platform has high demand, and there are multiple applications for the smarty contract functionality on the Ethereum blockchain.
In interviews, Charles Hoskinson states that he believes Cardano is a third-generation Blockchain platform, unlike Bitcoin and Ethereum, which are first and second-generation blockchains, respectively. What that means, is that the developers for the Cardano blockchain didn’t merely copy the code for previous Blockchains. Instead, they went and created an entire new Blockchain code that brings a new generation into the tech.
There is a minor difference between Cardano and the crypto token, ADA. The difference is that Cardano is the name for the Blockchain technology supporting the platform for the ADA token. This structure is a similar model to that used by Ripple, XRP – Ripple is the name of the Blockchain, and XRP the token available on the Blockchain.
Ideally, Cardano coin allows users to create smart contracts using the coins. For instance, using Cardano, two individuals will enter a contract where there is no third-party required to judge or enforce the outcome. The details of the contract are entered into the Blockchain, and triggered when circumstances, milestones, or goals stipulated in the contract reach maturity.
The outcome of the contract relies on automation for execution, ensuring a fair outcome every time. There is no possibility for manipulation or corruption of the outcome or contract details using the Cardano Blockchain. The Cardano Blockchain is decentralized, meaning that no one authority can control the outcome of the Blockchain.
Developers are still working on the full functionality and features of Cardano. However, the ADA token continues to trade on many exchanges all around the globe.