Cardano is a blockchain platform that works on the proof-of-stake, it is developed by evidence-based methods. Charles Hoskinson is an American entrepreneur who is a co-founder of the blockchain engineering company Input Output which was later on named Cardano and was a co-founder of the Ethereum blockchain platform earlier. It was introduced in 2015, as an open-source blockchain platform. Basically, it facilitates peer-to-peer transactions with its internal cryptocurrency that is ADA.
Cardano blockchain’s native cryptocurrency is ADA — which can be bought or sold via exchanges like Coinbase. These days ADA can be used to store value, send and receive payments, and for staking and paying transaction fees on the Cardano network. It employs a consensus mechanism called Ouroboros. It opposes the mechanisms used in the energy-intensive proof-of-work system, currently found in blockchains like Bitcoin and Ethereum. The latter is working on employing a proof-of-stake system via the ETH2 upgrade.
The code on Cardano is written in Rust, though the project will support other programming languages such as C and Javascript, offering the potential to greatly expand the worldwide Cardano community.
There are two layers of Cardano
1) Cardano Settlement Layer (CSL)
2) Cardano Computation Layer (CCL)
The first Layer is intended to manage the transfer of value (or cash) between sender and receiver. We can say the Cardano Settlement Layer serves as the routing layer for all control layers and systems while the second layer enables Cardano to imitate the Rootstock smart contract platform from the Bitcoin ecosystem, i.e. the RSK blockchain. The rationale for CCL’s deployment is its capacity to assist in scale customized protocols over time. This necessitates integrating dedicated hardware modules (HSM) into the protocol stack as technology develops.
Why Cardano should be used for developing an NFT Marketplace?
*) NFT Marketplace generally slows down when traffic increases over time, whereas Cardano offers excellent scalability by addressing traffic and data management challenges.
*) It is extremely energy efficient because of its POS consensus method, allowing fast transactions at reasonable rates.
*) It minimizes the bandwidth need of each node by separating the main network into separate subnetworks.
*) It employs strategies such as pruning, compression, and segmentation to efficiently address data storage difficulties.
November 21, 2024 at 11:53 am
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