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Author Topic: Cardano - ADA - current status review and analysis / discussion  (Read 70 times)
casperBGD
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January 13, 2021, 01:44:49 PM
Last edit: January 14, 2021, 09:35:56 AM by casperBGD
Merited by Daniel91 (1), Pmalek (1), Trofo (1), Rikafip (1)
 #1

Cardano ADA is currently the biggest PoS blockchain, at least until Ethereum does not transit completely to PoS, in terms of market capitalization and daily transaction volume. This topic is open for discussion regarding the future of Cardano blockchain and ADA coins.

Contents

Description
Owners / Foundations
Staking
Usage
Roadmap
Projects
Wallets
Treasury

Description

Cardano is decentralized public blockchain platform, that is using secure PoS algorithm called Ouroboros (Byzantine Fault Tolerant - Proof-of-Stake), and use "peer-to-peer innovation to provide financial services to the three billion people who don’t have them" (quoted from their website). The network has strong academic foundation and network code is rigorously audited prior to deployment, unlike many DeFi projects and similar today. Distinction to Ethereum and other competitors is that their blockchain is already separated in two-layers - Settlement Layer (CSL) and Computation Layer (CCL), as their named said, first is a balance ledger, used for balances, and later is used for data transfer, and two are not connected, so there is no influence of heavy calculations to settlement on account ledger.

Project health is at 935 (spot 11), as per FlipSidecrypto FCAS score and Grade C+ by Simetri, with lowest score on Token Performance and Ecosystem Structure.

Owners / Foundations

The team behind Cardano includes three subject:
- Cardano Foundation, with their goal for standardization, protection and promotion
- Emurgo, that is in charge of development, support and cooperation with outside partners
- Input Output Hong Kong (IOHK), lead by Charles Hoskinson, with focus on different blockchains and goal for research and development in cryptography

With several restructuring since network inception, most notable is the legal proceedings that are not yet completed with Z/Yen Group Limited, that could influence future development, although Cardano Foundation indicated that claims are false, but cannot give more details, while the process is still on-going.

Staking

ADA is a top project regarding number of staked tokens in the network, which gives a strength and support to the network on one side, but also provides insight that there is not much to do with a coin at the moment, so staking is a best option, until Assets are natively supported on the blockchain, which should be provided with upcoming hard-fork. Currently their is almost 70% tokens staked in the pools, with estimated reward just above 4%.


More information regarding staking providers can be found on adapools.org and detailed explanation how to stake with yoroi wallet can be found in my topic Staking platforms - review from experience (ZIL, ADA, TRX, AVA)

Usage

Cardano time is divided on epochs, that duration is five days (containing 21600 slots, each 20 seconds). Current network usage is on a low level, and there is a lot of empty slots, without transactions, which can be seen on ADA explorer, but hopefully that will change with hard-fork and we will see convergence of coins to the utility and decreased number of coins at staking pools.


On the other hand, there is a growing number of active addresses, that surpassed peak in August/September that is related to Shelley network upgrade, and high correlation between token price and number of active addresses in the past.


Roadmap

Cardano roadmap is divided into five phases:
1. Byron
2. Shelley - current phase
3. Goguen
4. Basho
5. Voltaire

Shelley release happened on July 29th, 2020 and provided staking rewards, with first one being provided on August 18th, 2020, at the end of epoch 211

Current roadmap puts Goguen Mainnet release for March 2021, there were always some delays, and one could be expected again, but preparation are in full swing for the release in two months. Goguen is a leap forward for Cardano, as it will provide possibility for building a decentralized application on the network and multi-asset ledger. At the moment two smart contract languages will be used Plutus and Marlowe, DSL built on top of Plutus.



Projects

Cardano is announcing cooperation and projects through Emurgo and at the moment there is several interesting projects deployed within the network, that includes:
- ScanTrust - Cardano Foundation developed metadata connector for ScanTrust supply chain tracking, deployeed on Baia Abuladze Wine Cellar delivery network
- Dust Identity - another partnership in supply chain industry, with Dust Identity usage of microscopic diamonds for secure link between physical items and digital records, supported by Cardano Foundation
- Atala PRISM - decentralized identity solution built on the Cardano blockchain, another project in supply chain industry

Wallets

There are two wallets featured on Cardano project website:
- Daedalus - open source wallet for ADA, built to grow with the Cardano blockchain and it is full node wallet, that needs to download full copy of the Cardano blockchain, and validate each transaction from the beginning, not suitable for occasional users
- Yoroi - light wallet version, that is fast and simple, supported by Emurgo and engineered by IOHK

Cardano explorer with all epochs, slots and transactions can be found on https://explorer.cardano.org/en

Treasury

One thing that separates most blockchains from Bitcoin is that they have established Treasuries, where project accumulate funds to support developers for their project, the idea is not new, and Cardano treasury purpose is to "resolve the funding sustainability issue for long-term cryptocurrency development and maintenance", as stated on their website. System collect funds from ADA minting, fees from staking rewards and donations. Voting system is Liquid democracy, hybrid between representative and direct democracy, which is explained on this link

Links for more information
1. https://cardanofoundation.org/en/news/legal-proceedings-initiated-by-the-z-yen-group-limited-uk/
2. https://forum.cardano.org/t/shelley-rollout-an-important-day/35147
3. https://www.newsbtc.com/news/cardano/new-cardano-roadmap-puts-march-2021-date-for-goguen-mainet-rollout/
4. https://www.bitcoinsuisse.com/fundamentals/what-is-cardano
5. https://medium.com/hackernoon/cardano-ada-fundamental-analysis-of-a-smart-contract-platform-169aca29387b
6. https://medium.com/datadriveninvestor/cardano-explained-a949d93b7cb3
7. https://bravenewcoin.com/insights/cardano-price-analysis-transactions-per-day-and-active-addresses-hit-new-all
8. https://coinmarketcap.com/currencies/cardano/ratings/

Code:
20210114 Goguen roadmap added


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casperBGD
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February 10, 2021, 01:14:59 PM
 #2

bump

there was no discussion on ADA in this topic, but ADA actually had a long way to double their value during last month
Goguen era is approaching and one can already use the network for native token testing, more information on Cardano forum https://forum.cardano.org/c/developers/cardano-tokens/150

seems that the best for Cardano is still ahead of us, will that be supported by price rise is a good question at the moment


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