Cardano is, without a doubt, one of the biggest phenomena in the blockchain and crypto world. The platform has all the tools and features needed to develop path-breaking solutions. Proof-of-stake consensus mechanism is gradually emerging to be crypto’s answer to allegations of environmental damage. Cardano is the largest blockchain network to successfully incorporate a proof-of-stake consensus mechanism. Compared to Bitcoin’s proof-of-work algorithm, it is much more energy-efficient.
While Cardano has made its name in the blockchain ecosystem, its native token ADA is disrupting the cryptocurrency space. As of now, ADA is ranked fourth in the list of top ten cryptocurrencies in the world. Experts and laymen both agree that Cardano holds immense potential to transform the future of the cryptocurrency and blockchain industries.
While talking about Blockchain, it is very important to understand that the technology is still at its nascent stages. Ethereum, for example, took into account all the problems faced by Bitcoin in its blockchain network. Being a 2nd generation blockchain, Ethereum has more capabilities than Bitcoin. When we compare Ethereum to Cardano, we see even more innovations since Cardano is a 3rd generation blockchain. Cardano has improved on the shortcoming of the Etehreum blockchain and is undoubtedly the most feature-packed blockchain in existence today.
After Cardano came up with its smart contracts, many companies started developing their products to support Cardano. Cardano’s biggest advantage is its growing ecosystem, which seems to be getting bigger by the day. If Cardano continues to progress as strongly as they are doing now, it will become one of the most influential blockchain networks in the world. It won’t be surprising to see Cardano ruling the blockchain industry with its current pace of growth.