September 16, 2021

The Cardano Platform


What is it? Credit cards for digital services? What is it all about? It is a new digital currency designed by Ultego, the former CEO of Greenboard. If you have an online merchant account you will be able to process payments with this new digital service.

Description: Cardano is an open source project and virtual network that aim to create a public digital marketplace for smart contract functions. The internal cryptography of the project is called Ada. The development of this project is now overseen and piloted by the Cardano Foundation, based in Zug, Switzerland. It is also governed by the European Network Operators Association (ENSOA) and the European Payments Brokers Association (E-Payments). These associations ensure that the Cardano protocol is usable and effective.

Why is it important? The aim of Cardano is to build a smart contract ecosystem, which is an internet-based and cross-border payment system based on an open-source framework. This will enable organizations and individuals to enter into mutually beneficial business transactions. It provides an environment where parties may enter into financial agreements, while providing a flexible, stable and tamper-free environment. The result is that users gain greater control over their funds and are protected from fraud and misuse.

How does it work? The Cardano smart contract architecture is built on the basis of smart contract technology. This technology supports a system of digital cash provisioning on the basis of a smart contract. Once this has been entered into a smart contract, any money that is lent or spent will be recorded, monitored and ultimately reported to the respective parties.

What is the benefit? The development and implementation of such a system to ensure that money is lent on the basis of trust between the lender and the borrower. It also empowers both parties to decide on a suitable repayment plan by utilizing the information available in the smart contract. Further, once implemented, the system allows for the exchange of real time quotes. This is a major advantage as it offers greater cost savings and greater flexibility over exchange rates.

Is it difficult? As it is developed by a professional company, Cardano has skilled programmers and experts in the field of development. This enables the process to be completed faster and at lower cost than alternative solutions. Since Cardano uses the OTC market for its development, it is also well covered by extensive legal coverage. It is not difficult to find a reputable professional in this field to help in implementation of the smart contract and subsequent development.

Who can use it? Cardano smart contract has been designed for use by businesses that require a stable financial platform to meet long-term obligations. This can also be used by regular consumers who wish to enjoy the advantages of online electronic payments. The smart contract mechanism is also suitable for non-tech savvy consumers who can easily understand the functionality.

Where can I get started? The development is available for both the public and private sectors. The public sector makes use of the low cost prepaid cards which are available online. For more information on Cardano, the developer can be contacted at the website.

Is it secure? Cardano is an ERC20 compliant digital token, which guarantees tamper resistance. It is the first tokenizer that uses real tokens instead of paper currencies. With its embedded private key, each participant can transact without revealing their private key. Also, it uses smart card technology to authenticate and authorize the transaction instead of passwords. All these features make it one of the most secure online money transfer options available.

Is it safe? In the Cardano project, the traditional money transfer methods such as bank transfers and credit card transfers are replaced with the smart contract mechanism. Hence, your funds are transferred into your account with the proviso that they remain within the specified account for the stipulated time period. This is very safe since there is no third party involved. The transaction cannot be reversed nor is it accessible to any other party once the funds are transferred.

What other options are available? Cardano also allows the users to decide which currencies they want to trade and to connect to any smart contract market place. It also provides the facilities of writing a smart contract in the web browser and making transactions in real time. So, this is an ideal platform for new investors who want to enter the smart contract industry. The growth and adoption in this field is expected to grow at a rapid pace.