Cardano (ADA) stands for the 10 th largest crypt in accordance with the official ranking as seen on Coin Market Cap, which currently has over 1.8 billion dollars. Since it was launched for the first time in 2015, ADA has seen some incredible progress now being one of the top ten promising blockchain projects, surpassing TRON (TRX) and IOTA (MIOTA) by market capitalization.
The man who started it all Charles Hoskinson, founder and CEO of both the foundations of Cardano and IOHK is widely known in various blockchain communities, participating as co-founder in more than several successful blockchain projects, including which Bitshares.
Charles Hoskinson is also known by his work with Vitalik Buterin, who also represents one of the co-founders of Ethereum (ETH).
Hoskinson's fascination with cryptocurrencies and blockchain dates back to 2011 when he began to learn more about early blockchain-based digital assets, soon leading them towards the launch of ADA and participating in the blockchain technology revolution.
So, as Cardano (ADA) has influenced the blockchain community along the way to reach the top ten lis t?
Cardano (ADA) and Ouroboros Proof of Stake
Although the consensus mechanism of Proof of Stake was presented for the first time in 2012 as designed by Sunny King and Scott Nadal to do so that the dev duo was able to effectively solve the cost-efficiency problem that Bitcoin found with the consent to the Labor Proof, Hoskinson also manipulated the protocol in order to create Ouroboros.
The mail proof was designed to put the Bitcoin network, which currently compensated around $ 150,000 on a daily basis, to be relevant to maintenance costs. Proof of Stake was first applied to the coin that Sunny King later designed, Peercoin, while more than several blockchain projects have used this consensus mechanism.
Ethereum also aims to solve current problems by switching to Proof of Stake. However, Cardano further enhances this consensus mechanism in the form of creation and design of Ouroboros.
As described in the technical document, Ouroboros is the most crucial part of the network as it decides which nodes will reach consensus.
Ouroboros is at the same time the first Proof of Stake-based algorithm with the main idea of reducing the energy consumption that has proven safe and secure.
Ouroboros is actually a symbol of a snake eating its own story, which further symbolizes eternity. In a sense, this symbolism also explains the mechanism of Ouroboros Proof of Stake by Charles Hoskinson which completely reduces the need to waste energy while creating a scalable ecosystem.
Cardano (ADA) and the Daedalus Unico Wallet
Another reason why Cardano stands out as one of the most important blockchain-based projects is also the 10 coin from its market is the ADA Daedalus portfolio, which is said to be one of the most functional digital portfolios on the market.
Thanks to a unique design, ADA users can enjoy a safe and secure environment where they can store their ADA units, providing Cardano users with a rare opportunity to access and activate decentralized blockchain applications through the Daedalus portfolio .
Daedalus also has several; key features that make this digital wallet an extremely secure environment. This is how you are protected from hacking and malware attacks with encrypted keys and passwords, allowing users to deposit funds in cold storage.
To recover one of the highly functional portfolios currently available on the market, Daedalus could be one of the factors that drive Cardano ahead of the competition.
Daedalus, despite its functionality and user-friendly design, has encountered some problems related to connectivity errors; however, the Cardano and IOHK development teams are always looking for ever-smaller problems and new solutions.
Cardano ADA on the head with Hoskinson and Strong Community
Another key factor that helps Cardano stand out among the mass of hundreds and hundreds of different digital goods is the fact that the ADA community is a of the strongest and most loyal communities of the crypt, except perhaps the owners of Tronics and Dogecoin.
Although Hoskinson has stated on several occasions that the best thing Satoshi did was "kill himself" because he wanted to prove that a single person can not be the center of an open source peer-to-peer ecosystem, the community sees Charles as one of the true visionaries in the blockchain world, despite being the epicenter of the success of ADA together with two other development teams working on Cardano.
With the creation of Cardano as a scientific project rather than as a business venture, Hoskinson could be a smooth path to the sending of ADA to a trillion dollars of market capitalization
Although Charles Hoskinson stated that market capitalization should not make a currency, which means that attention should be focused on developments and use cases, making Cardano for one of the 10 largest digital currencies by capitalization of bag "threatening" similar projects like Ethereum, NEO and EOS.