App or Website Development with Cardano Solutions
The Cardano network will soon undergo a major update that implements a second layer of CCL, which is responsible for smart contracts, dApps, launching of new tokens and tokenization of assets. After this update, anyone will be able to use Cardano to launch their own apps, websites and other projects. Further, we will tell you about the advantages of developing on Cardano and what you need to know and do to run your project on this network.
Comparison of Cardano with Bitcoin and Ethereum. Source
Hoskinson's new project is named Cardano after the eminent mathematician and engineer Gerolamo Cardano. The native token is named ADA in honor of Augusta Ada King, who is considered the first programmer in history because she created the description of the first computer and the programs for it. The use of famous scientists' names is due to the fact that Hoskinson and Wood developed Cardano based on mathematical proofs and academic research.
To do this, they, together with several other academics, created a mathematically robust model of the Ouroboros distribution platform. It is a Proof-of-stake based consensus mechanism that academically guarantees blockchain reliability and protection against attacks such as denial-of-service and transaction spam (Bitcoin and many other networks may have problems with this). A detailed description of its operation and proof of reliability is described in academic publications, which can be found in the library on the IOHK website.
Ouroboros consensus mechanism. According to the Cardano team, the main advantage of their project is the Ouroboros consensus algorithm. It is a proven secure version of Proof-of-stake, where transactions are not checked by every node (as in Proof-of-work), but by a selected group of network participants - slot leaders. Leaders are randomly selected from the pool of candidates (ADA token holders), as in Delegated Proof of Stake (DPoS), but according to a special algorithm. This algorithm pseudo-randomly selects validators and rewards them in such a way that the system is stable, and the reliable leaders are kept happy and continue to work, while the unreliable ones are punished and blocked.
How the Ouroboros consensus algorithm works in the Cardano network. SourceDual-tier network architecture. The second advantage of using Cardano to develop your own websites and applications is the separation of the blockchain into two related but fairly independent tiers:
Interoperability. It is a feature of the Cardano network that allows multiple non-homogeneous shards and blockchains to work together. It allows the creation of smart contracts and applications that are very closely linked but remain independent. For example, Cardano proponents' websites suggest creating a management system where:
Scalability. Thanks to Ouroboros and sidechain technology, Cardano could potentially process a trillion transactions per second. By comparison, a Bitcoin blockchain without a second tier of superstructures can process an average of about seven transactions per second, an Ethereum 2.0 blockchain from 3 to 100 thousand to transactions per second, and Visa/Mastercard payment systems up to 30 thousand transactions per second.
With this scaling potential, Cardano can be the basis for the development of any level of applications and websites - from small blogs to Amazon and Alibaba-level marketplaces. However, to unleash that potential, Cardano needs the power of a giant distributed computing network. Without that, the Cardano network is capable of processing about a few hundreds of transactions per second. That's less than a trillion, but far more than many competitors.
A comparison of the current and potential speed of blockchain networks and financial systems. Source
In addition, Cardano management is eager to work with authorities and large financial institutions to ensure compliance with local laws and to protect users' data and money. In Cardano, they believe that this is the only way to achieve mass adoption of cryptocurrencies and decentralized blockchain-based finance in the global economy.
At this stage of development, you must answer the following questions:
How to find such a partner is described in detail in the article: "How to choose a blockchain project development company". Here we will outline the main points:
Here is an approximate budget for such a project:
If you are thinking about launching a website or an application on Cardano, but don't know where to start, contact our consultants. They will explain in more detail the pros and cons of developing on Cardano and answer all your questions. We have been developing various Fintech, DeFi and Blockchain projects since 2015 - from simple websites to cryptocurrency exchanges, as well as White Label for their launch. You can explore our portfolio and find out the conditions of cooperation via e-mail firstname.lastname@example.org or via phone number +1-206-785-16-88.