There are several game-changing factors that set Cardano apart from other blockchain networks. Here are some of the key ones:
Cardano is built on a rigorous scientific philosophy and peer-reviewed research. The development team has taken a scientific approach to building the network, ensuring that it is robust, secure, and scalable.
Cardano uses a unique consensus algorithm called Ouroboros, which is based on Proof-of-Stake (PoS) rather than Proof-of-Work (PoW). This means that the network is more energy-efficient and scalable than PoW-based blockchains like Bitcoin.
Cardano has a strong focus on sustainability and long-term viability. The network is designed to be self-sustaining, with a treasury system that funds ongoing development and governance.
Cardano is designed to be interoperable with other blockchain networks, making it possible for different systems to communicate with each other seamlessly.
Smart Contract Functionality
The recent Alonzo upgrade has introduced smart contract functionality to Cardano, allowing developers to build decentralized applications (dApps) on the network.
Cardano has a decentralized governance system that allows stakeholders to vote on proposals and make decisions about the future direction of the network. This ensures that the network remains truly decentralized and community-driven.
These factors make Cardano a highly innovative and promising blockchain network, with the potential to drive significant growth and innovation in the blockchain industry.
The Alonzo upgrade to the Cardano network was rolled out in stages, with the final stage (known as “Alonzo Purple”) completing on September 12, 2021. This marked the full deployment of the Alonzo upgrade, which introduced smart contract functionality to the Cardano network.
With the introduction of smart contract capabilities, developers are now able to build and deploy decentralized applications (dApps) on Cardano, opening up a wide range of possibilities for innovation and growth on the network. The Alonzo upgrade is a major milestone for Cardano, and it positions the network as a serious competitor to other blockchain networks that already support smart contracts, such as Ethereum.