Cardano 2018 Year In Review: ADA Coin’s Roadmap & Accomplishments
Cardano has aspiring aims for 2018 which includes the rollout of a system for smart contracts that, if successful, will represent several improvements over the Ethereum blockchain.
Cardano is a project that began in 2015 as an effort to change the way cryptocurrencies are designed and developed. The overall focus beyond a particular set of innovations is to provide a more balanced and sustainable ecosystem that better accounts for the needs of its users as well as other systems seeking integration.
Cardano’s Proof Of Stake Mining
Cardano uses a new proof of stake algorithm called Ouroboros, which determines how individual nodes reach a consensus about the network. The algorithm is a crucial part of the infrastructure that supports the Ada cryptocurrency and is a major innovation in blockchain technology. Ouroboros eliminates the need for an energy-hungry proof of work protocol, which stands as a barrier to blockchain scaling up for much wider use.
Designed a team led by IOHK Chief Scientist, Professor Aggelos Kiayias, Ouroboros is the first proof of stake protocol that has mathematically been shown to be provably secure, and the first to have gone through peer review through its acceptance to Crypto 2017, the leading cryptography conference. The level of security demonstrated by Ouroboros compares to that of Bitcoin’s blockchain, which has never been compromised.
Cardano’s Accomplishment In 2018
The Launch Of KVEM TestNet:
May 28th marked the launch of Cardano’s first smart-contracts “KEVM” testnet. The testnet deployed in a correct-by-construction version of the Ethereum Virtual Machine (EVM) in the K framework. This technology was produced in collaboration by Runtime Verification with the support of IOHK.
Prof. Grigore RosuI stated that this is a huge step forward not only for Cardano but “towards the promise of third-generation blockchains.” The smart contracts written with the K framework, including existing Ethereum-based smart contracts, will take advantage of the strong security advantages offered by KEVM and in addition, will allow for easy optimization phases and analysis which will ultimately make codes more secure.
Cardano’s e-Wallet is called Daedalus, one of a kind in the market. It gives users the ability to activate decentralized applications within the cryptocurrency’s Blockchain. So, it’s both very powerful, versatile and safe. The wallet up until now has left a lot to be desired, and the Cardano community has been requesting more features. The team is responsive, which shows a good dynamic between the developers and the community.
Those who have downloaded the Daedalus wallet may recall that the process of syncing can be time-consuming. As of April, the software has been updated to streamline this process. The wallet previously also had some lag in showing wallet balance after being refreshed, which has now been fixed.
New Global Partnerships:
Their Co-Founder and CEO Charles Hoskinson recently visited Africa and signed a preliminary agreement with the government of Ethiopia to set up a training center and recruit local talent to work on Cardano. The roadmap also contains plans to set up a research and development center in Vietnam that will specialize in APIs and tools for developers.
By offering training and incentives to local programmers, IOHK can rapidly grow the base of developers familiar with their software stack. These countries, racked by inflation, stand to gain big from the growing crypto economy. This means local demand for blockchain-based applications is likely to be high in coming years. Having a strong local presence could be a big boon.
Emurgo, Cardano’s Japan-based Investment Arm:
Emurgo is investing in startups that will be building real applications to run on Cardano. Among these is Traxia, a trade finance startup working on securitizing unpaid invoices.
Emurgo has also announced partnerships with Sirin Labs, which is producing a smartphone designed especially for cryptocurrency users named FINNEY, which will feature native support for ADA. The even announced partnership with the Tokyo University of Science to hold a number of lectures on campus to raise awareness about Cardano.