Cardano (ADA coin)

Cardano (ADA coin)

Claims to be a 3rd generation crypto (1st - bitcoin aka digital gold, 2nd - Ethereum, programable money). It is based on peer-reviews papers and solves 3 problems:

  1. Scalability: increase transactions/sec & decrease bandwidth.
  2. Interoperability: Cardano allows to convert other crypto and allows meta-data to be attached to transactions, making it more government or banking friendly.
  3. Sustainability: The project maintains an independent treasury founded by a % of each transaction, which acts as a VC body.

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Cardano - Simply Explained

Cardano - Simply Explained

Simply Explained

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How Cardano scales transactions/sec

ETH biggest problems is the low transactions per second:

  1. Cardano adopts the proof of stake method. Not everyone can mine, only a few called slot-leaders. The time is broken into epochs and each epoch into slots (a short period of time in which a block can be created). The network elects a slot leader and that's the only one that can mine a slot. Slot leaders verify transactions and put them inside a block. The number of slots per epic can be varied and multiple epochs per epics can be run.
  2. Cardano splits its network into multiple sub-networks using a method called RINA. Each node will be part of a sub-network.

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What's in a Blockchain BLOCK?

Each blockchain block contains:

  1. Data: depends on the type of chain. Bitcoin stores the sender, receiver, and amount.
  2. Hash: a fingerprint that identifies the block. If the content changes the hash will not match and the interference will be detected.ย 
  3. Hash of the previous block: This is what creates a chain because each block point to its subsequent one. Hashes are not generated en mass because they require a lot of computing power, through a method called proof-of-work.

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How does a blockchain work - Simply Explained

How does a blockchain work - Simply Explained

Simply Explained

Proof of Stake

An alternative to proof-of-work (the method of reaching consensus used by bitcoin). Instead of having miners using powerful hardware to mine, we have validators.

  • Validators have to deposit coins as a security deposit. The size of the stake matters in the probability of a validator to be chosen.
  • The validators validates the transactions and cashes in the fees. If fraudulent transactions are added the validators losses the stake.

It uses less energy, more people can participate but brings additional risks (attacks, etc). It's the future of ether and implemented in Cardano.

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Proof-of-Stake (vs proof-of-work)

Proof-of-Stake (vs proof-of-work)

Simply Explained

How To Read 1000 Books A Year?

Reading thousands of books in a year isn't a tough job. To do this it's not necessary to be a smart or advanced reader. You just need to follow this four steps;

  1. Fill the funnel
  2. Make it effortless
  3. The blog post mindset
  4. Go deep

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How to โ€˜Readโ€™ 1000 Books a Year - The Summary Method (Non-Fiction)

How to โ€˜Readโ€™ 1000 Books a Year - The Summary Method (Non-Fiction)

Ali Abdaal

โค๏ธ Brainstash Inc.