Are you looking for the best network for blockchain development? These days, multiple blockchains exist, including Ethereum, Hyperledger Fabric, Stellar, and Cardano. While this is an advantage to clients, you might be at a crossroad regarding choosing the best one. An experienced blockchain development agency can help you if you find yourself in this dilemma. Cardano is one of the best blockchains in the market with multiple features. Here, we explore the main features of Cardano blockchain development.
What are the critical features of Cardano blockchain development?
The Cardano development team has taken the time to deliver a distinctive blockchain solution in various aspects. Cardano developers designed a solution to overcome scalability, sustainability, and interoperability issues. Here are the key elements that make Cardano different from other networks:
1. Peer-reviewed research
Unlike other platforms that lack the inputs of an academic community, Cardano is a product of researchers and cryptography professionals. Furthermore, Cardano development is based on peer-reviewed studies and uses Haskell as a functional language.
2. Smart contract development in Cardano
Smart contracts are a popular development in the blockchain ecosystem. A famous programming language for digital contract development is solidity. Developers prefer solidity smart contract development because of the language’s simplicity. Furthermore, there are multiple solidity development tools to use. That said, smart contract development via solidity development has numerous issues.
Cardano development team has overcome the above challenges with solidity smart contract development. Here are the fundamental approaches that Cardano developers use when creating smart contracts:
- Programming language: Smart contracts in Cardano uses Plutus or IELE programming language. Unlike solidity development, whose level of security might be uncertain, Plutus and IELE offer high-quality and secure smart contracts.
- Security: Plutus programming language is created on the Haskell model, an easy-to-reach toolkit for developers to build digital agreements. Furthermore, the Haskell framework allows both on-chain and off-chain code. Cardano’s digital agreement code is secure, examined, and peer-reviewed.
- Academic teams and cryptography professionals: The research-first approach route by an experienced team of scholars and cryptography experts sets apart Cardano digital agreements from its rivals.
3. Cardano blockchain structure
The Cardano Blockchain development comprises two layers: Cardano Settlement Layer (CSL) and Cardano Computational Layer (CCL). The CSL is similar to a unit of account where people with tokens send and receive ADA (Cardano Token). The transaction happens fast at an affordable cost.
The CCL is an array of protocols forming the blockchain spine. CCL performs various roles, including running the digital contract, ensuring safety and compliance, and enabling complex functionalities, such as identity recognition.
Cardano’s open-source code is crafted in Haskell, a globally acclaimed and safe programming language.
Regarding the consensus mechanism, Cardano functions on a proof-of-stake (PoS) decentralized protocol with a consensus known as Ouroboros. This kind of consensus enables easy and secure trading of ADA. Ouroboros consensus mechanism also ensures that digital agreements on the Cardano blockchain are secure.
Furthermore, the Ouroboros offers bonuses to token holders staking their ADA on the Cardano blockchain to help in ensuring network consensus.
What are the prominent use cases of the Cardano decentralized ledger?
Cardano blockchain development has practical applications in various areas, such as crowdfunding, NFT marketplace development, and dAPP development.
- Crowdfunding: This is a popular technique of obtaining funds via blockchain technology to fund early-stage businesses. The funds obtained through this method help a start-up complete its project. Upon completion of the blockchain project, the final product is given to the funders. But if the project fails to secure enough funding, the finances collected are returned to the contributors.
Digital agreements developed on Cardano can be applied for crowdfunding marketing. Such contracts are transparent and assure contributors that funds will be returned to them if all the conditions aren’t fulfilled.
- NFT marketplace development: Cardano Blockchain development can be used to build NFT marketplaces. NFT marketplaces built on Cardano are secure, effective, and deliver high throughput. Furthermore, you can develop a customized NFT marketplace on Cardano.
- dApp development: An effective use of Cardano is the development of decentralized applications (dApps), such as DeFi, polling, games, etc. In most cases, solidity development tools are used to develop smart contracts. However, solidity development has its downsides that Cardano smart contracts overcome. Smart contracts built on Cardano help establish trustworthy, robust, and highly assured decentralized apps.
There are different blockchain development networks in the market. Cardano is one of them and has various characteristics. Here, we’ve explored the key reasons why the Cardano blockchain development is exceptional.