Why Build on Cardano
Hello Glovarrs!
The Journey of a thousand miles with Glovarry has been picking up a lot of momentum. As we recently announced the Glovarry NFT Swaps Market, a multi-chain non-custodial NFT Marketplace and portable swap protocol where users will have the opportunity to seamlessly mint, buy, sell and swap their NFTs for NFTs, tokens, or NFT + Tokens.
The Glovarry Project is one of the early projects to be executed on the Cardano ecosystem which makes it more exciting.
In this article, we will outline in detail why we are building on the Cardano ecosystem and why you too should be also excited.
Cardano Overview?
According to the information on Wikipedia; Cardano is a public blockchain platform. It is open-source and decentralized, with consensus achieved using proof of stake. It can facilitate peer-to-peer transactions with its internal cryptocurrency, ADA.
Cardano was founded in 2015 by Ethereum co-founder Charles Hoskinson. The development of the project is overseen and supervised by the Cardano Foundation based in Zug, Switzerland. It is the largest cryptocurrency to use a proof-of-stake blockchain, which is seen as a greener alternative to proof-of-work protocols.
Now that we are done with the Background and overview, Let's take a closer look at why Cardano is better than its other counterparts.
Another quick search on google will tell us that “Cardano’s PoS system is more scalable and energy-efficient than Bitcoin’s proof-of-work (PoW) and claims to be the first provably secure system of its kind. In PoS networks, users don’t have to mine tokens; instead, they participate in the block-validation process by staking the native token.”
This means that you don’t need heavy and other energy-intensive equipment to be part of the Cardano network, unlike bitcoin.
Cardano has a wide array of advantages. Below are 5 of the most important ones compared to competitors in the crypto sphere.
- Fast transactions — Cardano is created to be highly scalable. At the moment, it provides 250+ transactions per second, compared to Ethereum’s 15.
- Cheap gas fees — Additionally, the PoS model allows Cardano to offer nominal transaction fees on its network. The average cost of a transaction on Cardano costs around 0.1 ADA, which equates to a couple of cents. Compare this to the price of Ethereum of $15 per transaction.
- A higher degree of decentralization — The network becomes increasingly decentralized because everyone can become a node validator in Ouroboros. At the moment, there are more than 1500 validator pools in Cardano.
- Eco-friendly — one of the main concerns in the 2021 bull run is the high amount of electricity required by PoW blockchains such as Bitcoin and Ethereum. Cardano, with its PoS mechanism, consumes 99% less electricity than either of these blockchains.
- Passive income — finally, every Cardano holder has the opportunity to gain passive income by staking their ADA coins. The procedure is as simple as purchasing ADA tokens and locking them up in a wallet such as Yoroi.
In Conclusion, Cardano is an excellent PoS blockchain that provides cheap and fast transactions. The upcoming updates to be rolled out on Cardano could push this project’s valuation even further up. Recently, we have seen ADA surpass Ethereum and Binance Coin for daily trading volume, and sooner rather than later it will be competing with them as the top 3 cryptocurrencies.
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