On August 31, Charlie Lee, the mind behind the creation of the seventh cryptocurrency by capitalization, Litecoin [LTC] tweeted a video of Jackson Palmer explaining Cardano to the community. In his second tweet, Charlie announced that the algorithm known as follow-the-satoshi, which was invented by him in 2012, is used by Cardano [ADA] and Tezos. He wrote:
"After seeing this, I realized that Cardano's slot leader selection algorithm uses the follow-the-satoshi algorithm I invented in 2012! Https: / /bitcointalk.org/index.php?topic=102355.0 … @IOHK_Charles @IMOK_Charles // Oh, also Tezos, who else uses the follow-the-satoshi / follow-the-money hound? "
Jackson Palmer is the creator of Dogecoin, which occupies the 24th place in the rankings of cryptocurrency on CoinMarketCap. In his video, he revealed several factors associated with Cardano, such as the ICO that was conducted for the currency from 2015 to 2017, the goals he is expected to achieve, among others.
Between 2015 and 2017, to raise funds by code and other developments, Cardano led an initial money supply [ICO]. According to Palmer, most buyers came from Asia, where buyers bought redeemable vouchers that could then be redeemed for the ADA token on the Cardan blockchain.
Regarding the reason why the Cardano network needs a native token and what is its usefulness, Palmer has declared three points. In the first place, the most obvious utility of a cryptocurrency, Cardano is a medium of exchange, trading as a currency. Secondly, the Cardano test model [PoS] that includes consent is based on the native token to hold stakes and votes. Finally, similar to Ethereum, the ADA token is used as a GAS to pay for the ability to execute an intelligent contract on the network.
In his video, the blockchain expert also talked about Cardano building the third generation of blockchain technology. He added that Bitcoin is referred to as the first generation, with its basic labor-proofing system [PoW] for maintaining a ledger while Ethereum is the second generation of blockchain that has introduced smart contracts on top of the existing layer. Furthermore, the third generation is defined by combining all the characteristics and adding scalability to it, since it has been a long-term problem for the Ethereum blockchain.
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