What is Cardano in Crypto: Is it Worth the Hype?

coins and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-token/">tokens.

If you want a thorough explanation, I highly recommend going and reading the section about <a href=https://www.bitdegree.org/"/crypto/learn/coin-vs-token/">coins and tokens</strong></a>. If you’re in the mood to exclusively learn about the Shiba Inu coin, however, let’s have a quick rundown.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is a Shiba Inu coin: Token vs coin.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-1.o.jpg/" alt=\"What is a Shiba Inu coin: Token vs coin.\" width=\"1000\" height=\"754\" /></p>\n<p>Each blockchain has a coin that’s unique to it. <a href=https://www.bitdegree.org/"/crypto/buy-ethereum-eth/">Ethereum has ETH, <a href=https://www.bitdegree.org/"/crypto/buy-bitcoin-btc/">Bitcoin has BTC, and so on. However, while coins DO have dedicated blockchains of their own, tokens DO NOT - instead, a token is built on a blockchain that supports token development.</p>\n<p>Shiba Inu and <strong>Dogecoin</strong> are the perfect examples of this, too! Dogecoin has a blockchain of its own - hence, it’s considered to be a coin. Shiba Inu, on the other hand, is built on the Ethereum blockchain, and is thus an Ethereum token.</p>\n<p>What difference does that make to you? Well, to be frank - none, really. Except, you will now know that calling the project “Shiba Inu COIN” is actually incorrect, speaking strictly in crypto terms. Since everyone is referring to it as a coin, though, I’ll also be doing the same in this section, so as to keep things simple!</p>\n<p>Same as Dogecoin, the Shiba Inu coin was actually created as kind of a joke cryptocurrency. Its creator is anonymous, only known as their online pseudonym - <strong>Ryoshi</strong>.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is a Shiba Inu coin: Shiba Inu coin vs Dogecoin.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-2-6273d5ba0a5e7.o.jpg/" alt=\"What is a Shiba Inu coin: Shiba Inu coin vs Dogecoin.\" width=\"1000\" height=\"1334\" /></p>\n<p>When it was first created, the Shiba Inu coin had but a single goal - to act as an experiment on how a community could decide on project governance. A bit later, it positioned itself as something called a “Dogecoin killer”. Put simply, the community behind the Shiba Inu coin wanted their project to surpass Dogecoin.</p>\n<p>One of the strongest arguments for Shiba Inu being a superior crypto project to Dogecoin is the fact that Shiba Inu supports smart contracts. Without getting into too much detail, this basically means that the Shiba Inu coin can have a huge array of uses and functionalities, thanks to it being based on Ethereum.</p>\n<p>The Dogecoin blockchain, on the other hand, is similar to Bitcoin’s. With BTC being somewhat of an outdated blockchain network, it has no “smart” functionality, and you can’t really do any advanced stuff with it.</p>\n<p>Think of this as two cars - one that was made in, say, 2002, and another that’s modern, made last year. Both cars can get you from point A to point B. However, the first car is going to make a lot of fishy noises along the way, and might even break down a couple of times, if you’re unlucky! While the latter car could also break down, sure, the chance for that to happen is much smaller, and there are heated seats, as well as cruise control, too - that’s a much more comfortable way to travel!</p>\n<p>The same is true with Dogecoin and Shiba Inu. While Doge is the OG <strong>dog-themed project</strong>, Shiba Inu offers much more flexibility and features. You can lend it, stake it, earn interest on it, and more - this is why the Shiba community is so adamant about de-throning DOGE, as the king of animal-themed coins!</p>\n<h2>What Made the Shiba Inu Coin so Popular?</h2>\n<p>Getting back to the inception of the Shiba Inu coin, when it was first created back in August of 2020, the project didn’t have anything spectacular to offer to the crypto world - it was mostly viewed as a memecoin. However, more than half a year later, Shiba Inu had a stroke of luck.</p>\n<p>Remember when, in the introduction of this section, I said that Elon Musk tends to tweet about Dogecoin? Well, Musk’s tweets are actually accredited as some of the main reasons for the Dogecoin price surge of 2021, too! Coincidentally, Elon had something to do with Shiba Inu’s <strong>rise in popularity</strong>, as well.</p>\n<p>Around half a year after Shiba Inu was created, Elon Musk tweeted that he got a Shiba Inu dog. The crypto markets went crazy - as you can expect, after Elon’s fans saw that there’s an actual coin called “Shiba Inu”, they quickly started buying in. This resulted in the token surging in price by nearly 300%!</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is the Shiba Inu coin: What made the Shiba Inu coin so popular.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-3.o.jpg/" alt=\"What is the Shiba Inu coin: What made the Shiba Inu coin so popular.\" width=\"1000\" height=\"231\" /></p>\n<p>This was only the beginning of success for the community behind Shiba Inu. The developers of the token appeared to come up with a genius marketing strategy, whether intentionally or not.</p>\n<p>A couple of months after the initial price surge that Shiba Inu saw after Elon’s tweet, the developers of the token decided to send half of the total Shiba Inu token supply to a man named <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/who-is-vitalik-buterin/">Vitalik Buterin</strong></a>.</p>\n<p>Does that name sound familiar? Well, Vitalik Buterin is one of the original founders of Ethereum - the only original founder that is still working on the project, to this day! Many people see Vitalik as “the face of ETH”, even though Ethereum is a decentralized network.</p>\n<p>The hypothesis here is that developers of the Shiba Inu coin decided on sending an astonishing amount of tokens to Vitalik, hoping that they could then say - “oh, look guys, even VITALIK believes in our project, and has bought in!”. The fact of the matter is that Vitalik's ETH <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/best-cryptocurrency-wallet/">wallet address is public, so <strong>anyone</strong> can send him any and all Ethereum-based tokens.</p>\n<p>Instead of playing along with this shameless attempt at self-promotion, Vitalik did something unexpected - he donated a small portion of the funds that he got to charity, and then <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-burning/">burned the rest of the tokens - in other words, sent them to an inaccessible wallet. The total worth of the burned tokens, at that time, was close to $7 billion.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is the Shiba Inu coin: Vitalik Buterin.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-4.o.jpg/" alt=\"What is the Shiba Inu coin: Vitalik Buterin.\" width=\"1000\" height=\"521\" /></p>\n<p>As you can probably imagine, something like this doesn’t happen without anyone noticing. Ironically, this ended up being the best promotion for the Shiba Inu token - even mainstream news outlets picked up on the story! Also, with fewer tokens now being present in the market, this only further increased the price of the Shiba Inu coin - it was the perfect scenario, really!</p>\n<p>After a period of silence, the Shiba Inu coin had once again exploded in price <strong>in October of 2021</strong>, reaching its <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-all-time-high-ath/">all-time high</strong></a>. This huge surge in price was the result of multiple different variables, coming together - the crypto market being super-bullish, Musk continuously tweeting about DOGE, and the general success of Dogecoin, altogether. As Dogecoin increased in popularity, so did the next big dog-themed coin - Shiba Inu.</p>\n<h2>The Main Features of the Shiba Inu Coin</h2>\n<p>Now that you have a pretty good idea of what the Shiba Inu coin is and how it became as popular as it has, let’s also take a look at the features that this project offers to its community. After all, Shiba Inu came a long way since its inception, and the passionate fans of the token have come up with various features that could be added to the project!</p>\n<p>Currently, one of the main missions of <strong>the ShibaArmy</strong> (this is what the community behind the Shiba Inu coin is called) is to contribute to the rescue of Shiba Inu dogs around the world. One of the biggest ways to do so is to link your Amazon purchases to the Shiba Inu Rescue Association, via Amazon Smiles.</p>\n<p><img title=\"What is the Shiba Inu coin: The main features of the Shiba Inu coin.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-5.o.jpg/" alt=\"What is the Shiba Inu coin: The main features of the Shiba Inu coin.\" width=\"1000\" height=\"218\" /></p>\n<p>The team behind the Shiba Inu coin endorses this on the official website of the project! It’s a noble cause, and the community can truly help Shiba Inu dogs in need.</p>\n<p>Then, you have the Shiba Inu Incubator. That sounds a bit off, but it’s not what you think. Instead, it’s a project proposed by the Shiba community, and oriented around the artists in that very same community.</p>\n<p>Specifically, you can apply to become an official Shiba Inu coin <strong>artist</strong>, by contributing to the cause - in other words, creating artwork that revolves around the project. I’ll admit, the actual details surrounding this initiative are rather scarce, and the Shiba Inu coin official website doesn’t really do much to elaborate on it. Suffice to say that it’s a decentralized <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/tutorials/what-is-nft/">NFT project being developed by the team, in relation to the Shiba Inu coin.</p>\n<p style=\"text-align: center;\"><img title=\"What is the Shiba Inu coin: Shiba Inu incubator.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-6.o.jpg/" alt=\"What is the Shiba Inu coin: Shiba Inu incubator.\" width=\"1000\" height=\"176\" /></p>\n<p>Don’t know what NFTs are? Well, there is a section on this \"Bitdegree Crypto 101 Handbook\" as well, explaining the concept, thoroughly - <a href=https://www.bitdegree.org/"/crypto/learn/what-are-nfts/">here!

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Moving on, the developers behind the Shiba Inu coin have even created an entire decentralized exchange, called <strong>ShibaSwap!</strong> This exchange can be used to trade, exchange, and swap your SHIB tokens. There are also other, supporting tokens involved, as well - tokens that are called LEASH and BONE.</p>\n<p>These names really do work in keeping up with the dog theme! Essentially, users of ShibaSwap will be able to not only trade their SHIB tokens on the platform, but also provide liquidity, and even stake tokens in order to earn passive returns.</p>\n<p><a href=https://www.bitdegree.org/"/crypto/learn/what-is-liquidity-pool-in-crypto/">Liquidity, <a href=https://www.bitdegree.org/"/crypto/learn/what-is-staking-in-crypto/">staking - there are sections on all of these topics in this \"Bitdegree Crypto 101 Handbook\". So, if there’s something you’re not exactly familiar with, make sure to check them out!</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is the Shiba Inu coin: Trade, exchange, swap.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-7.o.jpg/" alt=\"What is the Shiba Inu coin: Trade, exchange, swap.\" width=\"1000\" height=\"163\" /></p>\n<p>As you stake your SHIB tokens, and provide liquidity to the project, you will earn the earlier-mentioned <strong>BONE tokens</strong>. These tokens are called governance tokens - essentially, you could either sell them immediately for a profit, or keep them, and use them to vote on future changes and updates to the Shiba Inu coin project.</p>\n<h2>Conclusions</h2>\n<p>As for me writing this section, the Shiba Inu coin project is healthy and strong, and the community behind it is active and inclusive. However, a single look at the price charts of the SHIB token will show you that the price is very far from the all-time high that it reached back in October of 2021.</p>\n<p>As you can expect, many people are hoping and waiting for the SHIB token price to rise again. There are even hopes that, one day, the Shiba Inu coin will reach $0,01! However, in order for that to happen, the Shiba project must be worth more than all of the cryptocurrencies currently in existence, combined!</p>\n<p>With that, I hope that you’ve learned a lot from this section! If you would like to dive deeper into the world of crypto, make sure to check out other sections such as - \"<a href=https://www.bitdegree.org/"/crypto/learn/what-are-nfts/">What are NFTs</strong></a>?\"</p>","meta_title":"What is the Shiba Inu Coin: What is Special About it?","meta_description":"Find out what is the Shiba Inu coin, what is the coin backed by, what it is used for, and how it works. Is there anything special about it?","meta_keywords":"what is shiba inu coin, what is the purpose of shiba inu coin, what type of coin is shiba inu, what is shiba inu coin backed by, how does shiba inu coin work, what is special about shiba inu coin, what is shiba inu coin used for, what country is shiba inu coin from, shiba inu coin definition, what network is shiba inu coin on, what is the next shiba inu coin","order":9,"language":"en","created_at":"2022-05-04T06:42:21.000000Z","updated_at":"2022-10-17T07:30:06.000000Z","modified_content":"<p>In this section, we’re going to cover what is the infamous Shiba Inu coin! While there are literally thousands of cryptocurrencies that could have sections of their own, Shiba Inu is one of the more-popular assets on the market, and thus, it definitely deserves a separate section.</p>\n<p>If you’ve been following crypto trends, you’ve likely seen Dogecoin in the news. It’s a crypto that’s constantly being mentioned in various circles of people, is tweeted about by <strong>Elon Musk</strong>, and is a very well-known memecoin, in general.</p>\n<p>Dogecoin inspired many other dog-themed coins. Most of them were one-day jokes, though, and never became anything more. However, one project skyrocketed towards success - it’s the so-called Shiba Inu coin. </p>\n<p>In this section, we are talking about the Shiba Inu coin. I’ll explain to you what the Shiba Inu coin is, and how it’s different from Dogecoin, and we will also try to unravel what made this crypto project as popular as it is!</p>\n<p>Let’s get to it!</p>\n<div class=\"container\">\n <div class=\"row justify-content-center\">\n <div class=\"col-md-10 comparison-suggestion pb-3 mb-4\">\n <div class=\"d-flex flex-row\">\n <div class=\"text-center\">\n <div class=\"img-block-yt\">\n <img src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/images/compare-crypto-exchanges.gif/"/n alt=\"What is Shiba Inu Coin? (Explained with Animations)\"\n title=\"What is Shiba Inu Coin? (Explained with Animations)\" class=\"border-0\">\n <p>Video Explainer</p>\n </div>\n </div>\n <div class=\"col-xs-10 col-sm-10 col-md-10 text-left py-3 yt-info\">\n <h4 class=\"mb-1\">Video Explainer: Shiba Inu: the Dogecoin Killer</h4>\n <p class=\"py-1 mb-0 youtube-video-subtitle\">Reading is not your thing? Watch the \"Shiba Inu: the Dogecoin Killer\" video explainer</p>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div class=\"col-12 col-md-11 px-3\">\n <div class=\"wrapper mb-0\">\n <div class=\"youtube mb-4 bg-transparent p-0 video-modal-popup\" data-toggle=\"modal\"\n data-target=\"#video-modal\" data-id=\"bmei6Osiph4\" data-title=\"CryptoFinallyExplained\">\n <div class=\"video-gradient-top\"></div>\n <p class=\"text-left dyk-video-title\">What is Shiba Inu Coin? (Explained with Animations)</p>\n <img src=https://www.bitdegree.org/"https://i.ytimg.com/vi/bmei6Osiph4/hq720.jpg/"/n alt=\"What is Shiba Inu Coin? (Explained with Animations)\"\n title=\"What is Shiba Inu Coin? (Explained with Animations)\"\n class=\"p-0\">\n <img class=\"play-button\" data-target=\"#video-modal\"\n src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/video-button.png/"/n alt=\"What is Shiba Inu Coin? (Explained with Animations)\">\n </div>\n </div>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div>\n <a href=https://www.bitdegree.org/"https://www.youtube.com/c/CryptoFinallyExplained?sub_confirmation=1\%22\n class=\"btn yt-promo mb-2\" target=\"_blank\" rel=\"nofollow noopener\">\n <div class=\"row justify-content-center align-items-center mx-0 text-center\">\n <div class=\"col-4 col-md-4\">\n <i class=\"fab fa-youtube yt-dyk-btn\"></i>\n </div>\n <div class=\"col-8 col-md-8 text-center yt-promo-text\">\n <h4 class=\"m-0 text-white\">SUBSCRIBE</h4>\n <span>ON YOUTUBE</span>\n </div>\n </div>\n </a>\n </div>\n </div>\n </div>\n </div>\n</div>\n<div class=\"modal fade\" id=\"video-modal\" tabindex=\"-1\" role=\"dialog\" aria-labelledby=\"bmei6Osiph4\">\n <div class=\"modal-dialog modal-dialog-centered modal-lg\" role=\"document\">\n <div class=\"modal-content\">\n <div class=\"modal-body p-0\">\n <button type=\"button\" class=\"video-modal-close close\" data-dismiss=\"modal\" aria-label=\"Close\">\n <i aria-hidden=\"true\" class=\"fas fa-times\"></i>\n </button>\n <div id=\"iframe\"></div>\n </div>\n <a class=\"text-decoration-none\"\n href=https://www.bitdegree.org/"https://www.youtube.com/c/CryptoFinallyExplained?sub_confirmation=1\%22\n rel=\"nofollow noopener\" target=\"_blank\">\n <div class=\"modal-footer p-0 d-block bg-white\">\n <div class=\"row justify-content-center m-0\">\n <div class=\"col-3 col-md-4 col-lg-2 p-0\">\n <img class=\"w-100 h-100\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/crypto-subscribe.jpg/" alt=\"Subscribe\">\n </div>\n <div class=\"col-9 col-md-8 col-lg-2 px-0 d-flex\">\n <div class=\"modal-subscribe w-100\">\n <p class=\"m-0 mt-1 mr-3\">SUBSCRIBE<br>\n <span class=\"m-0\">ON YOUTUBE</span>\n </p>\n </div>\n </div>\n <div class=\"col-12 col-md-12 col-lg-8 p-0 text-center d-flex justify-content-center align-items-center\">\n <div class=\"modal-subscribe-text\">\n <h4 class=\"m-0\">Understand crypto with ease</h4>\n <span>New explainer videos every week!</span>\n </div>\n </div>\n </div>\n </div>\n </a>\n </div>\n </div>\n</div>\n<h2>What is the Shiba Inu Coin / How is It Different From DOGE?</h2>\n<p>In order to better understand what is Shiba Inu coin, the very first thing that you need to understand is the difference between crypto <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-coin/">coins and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-token/">tokens.
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If you want a thorough explanation, I highly recommend going and reading the section about <a href=https://www.bitdegree.org/"/crypto/learn/coin-vs-token/">coins and tokens</strong></a>. If you’re in the mood to exclusively learn about the Shiba Inu coin, however, let’s have a quick rundown.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is a Shiba Inu coin: Token vs coin.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-1.o.jpg/" alt=\"What is a Shiba Inu coin: Token vs coin.\" width=\"1000\" height=\"754\" /></p>\n<p>Each blockchain has a coin that’s unique to it. <a href=https://www.bitdegree.org/"/crypto/buy-ethereum-eth/">Ethereum has ETH, <a href=https://www.bitdegree.org/"/crypto/buy-bitcoin-btc/">Bitcoin has BTC, and so on. However, while coins DO have dedicated blockchains of their own, tokens DO NOT - instead, a token is built on a blockchain that supports token development.</p>\n<p>Shiba Inu and <strong>Dogecoin</strong> are the perfect examples of this, too! Dogecoin has a blockchain of its own - hence, it’s considered to be a coin. Shiba Inu, on the other hand, is built on the Ethereum blockchain, and is thus an Ethereum token.</p>\n<p>What difference does that make to you? Well, to be frank - none, really. Except, you will now know that calling the project “Shiba Inu COIN” is actually incorrect, speaking strictly in crypto terms. Since everyone is referring to it as a coin, though, I’ll also be doing the same in this section, so as to keep things simple!</p>\n<p>Same as Dogecoin, the Shiba Inu coin was actually created as kind of a joke cryptocurrency. Its creator is anonymous, only known as their online pseudonym - <strong>Ryoshi</strong>.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is a Shiba Inu coin: Shiba Inu coin vs Dogecoin.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-2-6273d5ba0a5e7.o.jpg/" alt=\"What is a Shiba Inu coin: Shiba Inu coin vs Dogecoin.\" width=\"1000\" height=\"1334\" /></p>\n<p>When it was first created, the Shiba Inu coin had but a single goal - to act as an experiment on how a community could decide on project governance. A bit later, it positioned itself as something called a “Dogecoin killer”. Put simply, the community behind the Shiba Inu coin wanted their project to surpass Dogecoin.</p>\n<p>One of the strongest arguments for Shiba Inu being a superior crypto project to Dogecoin is the fact that Shiba Inu supports smart contracts. Without getting into too much detail, this basically means that the Shiba Inu coin can have a huge array of uses and functionalities, thanks to it being based on Ethereum.</p>\n<p>The Dogecoin blockchain, on the other hand, is similar to Bitcoin’s. With BTC being somewhat of an outdated blockchain network, it has no “smart” functionality, and you can’t really do any advanced stuff with it.</p>\n<p>Think of this as two cars - one that was made in, say, 2002, and another that’s modern, made last year. Both cars can get you from point A to point B. However, the first car is going to make a lot of fishy noises along the way, and might even break down a couple of times, if you’re unlucky! While the latter car could also break down, sure, the chance for that to happen is much smaller, and there are heated seats, as well as cruise control, too - that’s a much more comfortable way to travel!</p>\n<p>The same is true with Dogecoin and Shiba Inu. While Doge is the OG <strong>dog-themed project</strong>, Shiba Inu offers much more flexibility and features. You can lend it, stake it, earn interest on it, and more - this is why the Shiba community is so adamant about de-throning DOGE, as the king of animal-themed coins!</p>\n<h2>What Made the Shiba Inu Coin so Popular?</h2>\n<p>Getting back to the inception of the Shiba Inu coin, when it was first created back in August of 2020, the project didn’t have anything spectacular to offer to the crypto world - it was mostly viewed as a memecoin. However, more than half a year later, Shiba Inu had a stroke of luck.</p>\n<p>Remember when, in the introduction of this section, I said that Elon Musk tends to tweet about Dogecoin? Well, Musk’s tweets are actually accredited as some of the main reasons for the Dogecoin price surge of 2021, too! Coincidentally, Elon had something to do with Shiba Inu’s <strong>rise in popularity</strong>, as well.</p>\n<p>Around half a year after Shiba Inu was created, Elon Musk tweeted that he got a Shiba Inu dog. The crypto markets went crazy - as you can expect, after Elon’s fans saw that there’s an actual coin called “Shiba Inu”, they quickly started buying in. This resulted in the token surging in price by nearly 300%!</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is the Shiba Inu coin: What made the Shiba Inu coin so popular.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-3.o.jpg/" alt=\"What is the Shiba Inu coin: What made the Shiba Inu coin so popular.\" width=\"1000\" height=\"231\" /></p>\n<p>This was only the beginning of success for the community behind Shiba Inu. The developers of the token appeared to come up with a genius marketing strategy, whether intentionally or not.</p>\n<p>A couple of months after the initial price surge that Shiba Inu saw after Elon’s tweet, the developers of the token decided to send half of the total Shiba Inu token supply to a man named <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/who-is-vitalik-buterin/">Vitalik Buterin</strong></a>.</p>\n<p>Does that name sound familiar? Well, Vitalik Buterin is one of the original founders of Ethereum - the only original founder that is still working on the project, to this day! Many people see Vitalik as “the face of ETH”, even though Ethereum is a decentralized network.</p>\n<p>The hypothesis here is that developers of the Shiba Inu coin decided on sending an astonishing amount of tokens to Vitalik, hoping that they could then say - “oh, look guys, even VITALIK believes in our project, and has bought in!”. The fact of the matter is that Vitalik's ETH <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/best-cryptocurrency-wallet/">wallet address is public, so <strong>anyone</strong> can send him any and all Ethereum-based tokens.</p>\n<p>Instead of playing along with this shameless attempt at self-promotion, Vitalik did something unexpected - he donated a small portion of the funds that he got to charity, and then <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-burning/">burned the rest of the tokens - in other words, sent them to an inaccessible wallet. The total worth of the burned tokens, at that time, was close to $7 billion.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is the Shiba Inu coin: Vitalik Buterin.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-4.o.jpg/" alt=\"What is the Shiba Inu coin: Vitalik Buterin.\" width=\"1000\" height=\"521\" /></p>\n<p>As you can probably imagine, something like this doesn’t happen without anyone noticing. Ironically, this ended up being the best promotion for the Shiba Inu token - even mainstream news outlets picked up on the story! Also, with fewer tokens now being present in the market, this only further increased the price of the Shiba Inu coin - it was the perfect scenario, really!</p>\n<p>After a period of silence, the Shiba Inu coin had once again exploded in price <strong>in October of 2021</strong>, reaching its <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-all-time-high-ath/">all-time high</strong></a>. This huge surge in price was the result of multiple different variables, coming together - the crypto market being super-bullish, Musk continuously tweeting about DOGE, and the general success of Dogecoin, altogether. As Dogecoin increased in popularity, so did the next big dog-themed coin - Shiba Inu.</p>\n<h2>The Main Features of the Shiba Inu Coin</h2>\n<p>Now that you have a pretty good idea of what the Shiba Inu coin is and how it became as popular as it has, let’s also take a look at the features that this project offers to its community. After all, Shiba Inu came a long way since its inception, and the passionate fans of the token have come up with various features that could be added to the project!</p>\n<p>Currently, one of the main missions of <strong>the ShibaArmy</strong> (this is what the community behind the Shiba Inu coin is called) is to contribute to the rescue of Shiba Inu dogs around the world. One of the biggest ways to do so is to link your Amazon purchases to the Shiba Inu Rescue Association, via Amazon Smiles.</p>\n<p><img title=\"What is the Shiba Inu coin: The main features of the Shiba Inu coin.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-5.o.jpg/" alt=\"What is the Shiba Inu coin: The main features of the Shiba Inu coin.\" width=\"1000\" height=\"218\" /></p>\n<p>The team behind the Shiba Inu coin endorses this on the official website of the project! It’s a noble cause, and the community can truly help Shiba Inu dogs in need.</p>\n<p>Then, you have the Shiba Inu Incubator. That sounds a bit off, but it’s not what you think. Instead, it’s a project proposed by the Shiba community, and oriented around the artists in that very same community.</p>\n<p>Specifically, you can apply to become an official Shiba Inu coin <strong>artist</strong>, by contributing to the cause - in other words, creating artwork that revolves around the project. I’ll admit, the actual details surrounding this initiative are rather scarce, and the Shiba Inu coin official website doesn’t really do much to elaborate on it. Suffice to say that it’s a decentralized <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/tutorials/what-is-nft/">NFT project being developed by the team, in relation to the Shiba Inu coin.</p>\n<p style=\"text-align: center;\"><img title=\"What is the Shiba Inu coin: Shiba Inu incubator.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-6.o.jpg/" alt=\"What is the Shiba Inu coin: Shiba Inu incubator.\" width=\"1000\" height=\"176\" /></p>\n<p>Don’t know what NFTs are? Well, there is a section on this \"Bitdegree Crypto 101 Handbook\" as well, explaining the concept, thoroughly - <a href=https://www.bitdegree.org/"/crypto/learn/what-are-nfts/">here!
/n
Moving on, the developers behind the Shiba Inu coin have even created an entire decentralized exchange, called <strong>ShibaSwap!</strong> This exchange can be used to trade, exchange, and swap your SHIB tokens. There are also other, supporting tokens involved, as well - tokens that are called LEASH and BONE.</p>\n<p>These names really do work in keeping up with the dog theme! Essentially, users of ShibaSwap will be able to not only trade their SHIB tokens on the platform, but also provide liquidity, and even stake tokens in order to earn passive returns.</p>\n<p><a href=https://www.bitdegree.org/"/crypto/learn/what-is-liquidity-pool-in-crypto/">Liquidity, <a href=https://www.bitdegree.org/"/crypto/learn/what-is-staking-in-crypto/">staking - there are sections on all of these topics in this \"Bitdegree Crypto 101 Handbook\". So, if there’s something you’re not exactly familiar with, make sure to check them out!</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is the Shiba Inu coin: Trade, exchange, swap.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-7.o.jpg/" alt=\"What is the Shiba Inu coin: Trade, exchange, swap.\" width=\"1000\" height=\"163\" /></p>\n<p>As you stake your SHIB tokens, and provide liquidity to the project, you will earn the earlier-mentioned <strong>BONE tokens</strong>. These tokens are called governance tokens - essentially, you could either sell them immediately for a profit, or keep them, and use them to vote on future changes and updates to the Shiba Inu coin project.</p>\n<h2>Conclusions</h2>\n<p>As for me writing this section, the Shiba Inu coin project is healthy and strong, and the community behind it is active and inclusive. However, a single look at the price charts of the SHIB token will show you that the price is very far from the all-time high that it reached back in October of 2021.</p>\n<p>As you can expect, many people are hoping and waiting for the SHIB token price to rise again. There are even hopes that, one day, the Shiba Inu coin will reach $0,01! However, in order for that to happen, the Shiba project must be worth more than all of the cryptocurrencies currently in existence, combined!</p>\n<p>With that, I hope that you’ve learned a lot from this section! If you would like to dive deeper into the world of crypto, make sure to check out other sections such as - \"<a href=https://www.bitdegree.org/"/crypto/learn/what-are-nfts/">What are NFTs</strong></a>?\"</p>","preview_url":"https://www.bitdegree.org/crypto/learn/what-is-shiba-inu-coin","youtube_video":{"id":21,"channel_id":1,"sort":41,"video_title":"What is Shiba Inu Coin? (Explained with Animations)","description":"What is the Shiba Inu coin in crypto?\n\nThe Shiba Inu “coin” is actually a cryptocurrency token that’s based on the Ethereum blockchain. It’s a “memecoin” that has positioned itself as the main competitor for Dogecoin, another popular cryptocurrency.\n\nThat said, the Shiba Inu coin does have a lot of additional features, as well. In this video, I will tell you about how the Shiba Inu project came to be, how it became as popular as it did, and what are the main features that it can provide to its users.\n\nAre you part of the ShibaArmy? Do you believe in the future of this altcoin? Share your thoughts in the comments down below!\n\nVideo Time Table:\n\n0:00 Introduction to What is Shiba Inu Coin\n0:53 What is Shiba Inu Coin?\n3:27 What Made the Shiba Inu Coin so Popular?\n6:23 The Main Features of the Shiba Inu Coin\n9:12 Wrap-up: What is Shiba Inu Coin?\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps://twitter.com/crypto_xplained\n\n#WhatisShibaInuCoin #WhatisThePurposeofShibaInuCoin #ShibaInuCoin #WhatTypeofCoinisShibaInu","video_id":"bmei6Osiph4","duration":565,"view_count":528,"thumbnail_url":"https://i.ytimg.com/vi/bmei6Osiph4/hq720.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2022-04-13 20:42:40","created_at":"2022-04-13T23:00:02.000000Z","updated_at":"2023-05-21T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}}},"prevSection":{"id":334,"featured_image_id":8199,"original_id":null,"youtube_video_id":127,"author_id":42,"translator_id":null,"chapter_id":2,"title":"The Ultimate Blockchain for dApp Creation: Ethereum","slug":"what-is-ethereum","definition":"Did you know that Ethereum is one of the most popular blockchains for the development of crypto-based projects?","status":"published","content":"<p>In this section, we’re going to answer the questions <strong>what is Ethereum, and how does it work?</strong></p>\n<p>What visuals come to your mind when you hear the term “global computer”? Some people will probably imagine a sentient being, overseeing all of the different processes that we perform, every day. Or maybe you’re thinking about something along the lines of the Terminator - a dangerous machine that’s out to destroy humanity?</p>\n<p>Well, while everyone is going to have their own thoughts concerning the matter, <strong>“global computer” is actually a term that is</strong> <strong>often used to describe a very well-known cryptocurrency project called Ethereum</strong>.</p>\n<p>In this section, we are going to talk about Ethereum. To be a bit more specific, we’ll look into what is Ethereum, in simple terms, the history of this project (how it came to be), what makes it so special, and we’ll also ponder on what does the future of ETH look like, as well.</p>\n<p><em>So, let’s get to it!</em></p>\n<h2>What is Ethereum?</h2>\n<p>Let’s start off with the core question - <strong>what is Ethereum?</strong></p>\n<p>Now, as I’ve hinted in the beginning, the term “global computer” is actually quite accurate, when describing ETH. In technical terms, <strong>Ethereum is a public blockchain software</strong> that allows users to create different middleman-less projects on it, with the help of <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a> and a native coin called <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ether.
/n
$\"What$ dedicated section</strong></a> on our Crypto 101 Handbook, explaining all of the different intricacies of smart contract functionality. For now, suffice to say that smart contracts were first introduced on Ethereum, and that they act as a middleman between two parties participating in some sort of a process (such as selling a car).</p>\n<p>The kicker here, though, is that smart contracts are automated, decentralized, and immutable. In theory, they make everything much faster and simpler, too!</p>\n<p>Thanks to smart contracts and some arduous development work, <strong>Ethereum has become the second-largest cryptocurrency project on the market</strong>, right after Bitcoin. This is a massive deal, and has put a pretty big spotlight on ETH, and the technology behind it! In fact, smart contract functionality is where the definition “global computer” originated from, as well. On top of that, it’s also part of the answer to the question <em>“what is the difference between Bitcoin and Ethereum?”</em> - smart contracts!</p>\n<p>While I only gave you a single example of how the technology behind Ethereum can be used in the real world, the possibilities are endless! ETH can theoretically help automate a huge assortment of actions and services, all the while making them much fairer and faster, too. A lot of developers know this, and thus choose to build their own crypto-native projects on the Ethereum blockchain.</p>\n<p>More on that a bit later, though - in order to talk about this side of Ethereum, we need to first look into the history of this cryptocurrency project.</p>\n<h2>The History of Ethereum</h2>\n<p>Ethereum first saw the light of day in 2015. Up until that point, though, the technology behind this blockchain project had already been in development for a couple of years.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is Ethereum: The History of Ethereum.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what_is_ethereum_02.o.jpg/" alt=\"What is Ethereum: The History of Ethereum.\" width=\"1000\" height=\"340\" /></p>\n<p>Whenever we think about Ethereum today, we usually associate it with a man named <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/who-is-vitalik-buterin/">Vitalik Buterin</strong></a>. He was *one* of the co-founders of ETH, but as you might have guessed, not the only one. In fact, in total, <strong>Ethereum was founded by 8 people</strong>, including the likes of Charles Hoskinson (the founder of Cardano) and <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/who-is-gavin-wood/">Gavin Wood</strong></a> (the creator of Polkadot).</p>\n<p>Why, then, is Vitalik the only one who people associate with Ethereum, nowadays? Well, it’s a whole big story, in of itself. However, long story short, out of those 8 initial founders, <strong>Vitalk is currently the only one left, working on ETH</strong>.</p>\n<p>Throughout the years, Ethereum had a variety of ups and downs, and has experienced a lot of different updates in the process. While the blockchain was always a bit controversial <em>(mostly due to its problems with scalability and network fees)</em>, the biggest controversy that it has experienced, to date, is likely a hack that happened all the way back in 2016. It was a <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/what-are-decentralized-autonomous-organizations-dao/">DAO hack during which a huge amount of Ether was stolen, and that divided the Ethereum community into two.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is Ethereum: Ethereum VS Ethereum Classic.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what_is_ethereum_03.o.jpg/" alt=\"What is Ethereum: Ethereum VS Ethereum Classic.\" width=\"1000\" height=\"446\" /></p>\n<p>Like, literally - Ethereum experienced a <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-hard-fork-blockchain/">hard fork</strong></a>, which resulted in two separate blockchain projects. <strong>Ethereum that we know today</strong> (this is the updated version of the original blockchain, with the security vulnerability fixed), and <strong>Ethereum Classic</strong>, the original ETH project, but with multiple security vulnerabilities still supposedly present. So, when someone asks <em>“what is Ethereum Classic?”,</em> or <em>“what is the difference between Ethereum and Ethereum Classic?”</em>, you’ll now know!</p>\n<p>Now, I’ve also just mentioned a number of different terms - DAOs, hard forks, and so on. If you’re not familiar with any of these terms, or are wondering - what is Ethereum gas, or address types, please feel free to <strong>check out other chapters in our Crypto 101 Handbook</strong> - there's a variety of dedicated sections explaining difficult cryptocurrency topics, as simply as possible!</p>\n<p>The history of Ethereum deserves a section of its own, and I won’t bore you with all of the specific details that made ETH what it is today - instead, we’re going to focus on figuring out <strong>what is Ethereum used for, and how it works</strong>.</p>\n<p>My point here is that, while ETH experienced a lot of bumps in the road, as of writing this section, it’s still one of the most popular cryptocurrency projects in the industry, and one that has paved the way for <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-defi/">decentralized finance</strong></a> (or, DeFi) and a huge variety of technological blockchain advancements.</p>\n<p>In order to get Ethereum explained fully, you do also need to know <strong>what is Wrapped Ethereum</strong>. There's a <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/what-are-stablecoins/">dedicated section</strong></a> about wrapped coins, in general, but if you come across wETH, and don’t understand what that is, just keep in mind that it simply is Ethereum based on a different network, such as the Binance Chain.</p>\n<h2>What Makes Ethereum Special?</h2>\n<p>Continuing on with this “What is Ethereum?” section, it's actually a good place to transition to <strong>what makes ETH special</strong>, and how it managed to become the second-largest crypto project in the world.</p>\n<p>As I’ve mentioned earlier, many developers, to this day, choose to build their projects on Ethereum. The fact that they are able to do so, in the first place, is one of the big reasons behind the popularity of this blockchain.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is Ethereum: DeFi, NFTs, crypto-based games, and smart contracts.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what_is_ethereum_04.o.jpg/" alt=\"What is Ethereum: DeFi, NFTs, crypto-based games, and smart contracts.\" width=\"1000\" height=\"1011\" /></p>\n<p><strong>You can think of Ethereum as an actual computer!</strong> If you want to play a game, write an essay, or create a slideshow presentation, you can do so on a huge variety of different computers out there - however, if you have the chance to use a time-tested, reliable machine, you would probably go for it, right? While the computer might not support some super-fancy applications, and has some occasional lag, with it, you’d be able to access most games and apps on the market - it’s a huge factor to consider!</p>\n<p>The same is true with Ethereum. If you’re creating a <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/what-are-decentralized-applications-dapps/">decentralized application</strong></a> (a dApp - say, a crypto game), you probably want to do so on a reliable blockchain, and one that houses as many potential players as possible. In both cases, Ethereum comes out on top!</p>\n<p><strong>With most dApps and various crypto projects still being built on ETH</strong>, this incentivizes new developers to do the same (since there’s a booming ecosystem on the said blockchain). From the user perspective, things aren’t much different - if you use an Ethereum dApp, chances are that it will have a large community following, which might not be the case for the same dApp built on a different blockchain.</p>\n<p><em>So… How does this make Ethereum special? </em>Well, to put it in layman’s terms, over time, Ethereum has essentially managed to build a huge following, and a dedicated group of users. This is true both in regards to developers, as well as end-users, who interact with the projects present on this blockchain.</p>\n<p>Initially, Ethereum attracted people due to its groundbreaking smart contract functionality. As more and more people started using the network, this resulted in a snowball effect - with DeFi, NFTs, and crypto gaming surging in popularity, more people are starting to interact with these areas, and with most of the projects being based on Ethereum, this results in the growth of this particular network, as well.</p>\n<h2>Wrapping Up: The Future of Ethereum</h2>\n<p>In this “Ethereum explained” section, we’ve talked about what is Ethereum used for, and what makes this piece of crypto technology so special. At this point, you should be pretty well-versed in all-things-ETH, both when it comes to the history of the network, as well as the hype surrounding it, as well.</p>\n<p><strong>What does the future of Ethereum look like, though?</strong> After all, as time goes on, there are new, more modern and improved networks coming around - ones that seemingly offer many more perks than ETH!</p>\n<p>Well, truth be told, there have been countless <em>“Ethereum killers”</em> over the years - yet, the blockchain still stands tall as one of the most popular crypto projects of all time. Yes, it’s true that ETH isn’t without its issues and controversies - lack of scalability, huge network gas fees, outdated functionalities, and so on. However, as of writing this section, the <strong>Ethereum Merge</strong> has just recently happened.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is Ethereum: From Proof-of-Work to Proof-of-Stake.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what_is_ethereum_05.o.jpg/" alt=\"What is Ethereum: From Proof-of-Work to Proof-of-Stake.\" width=\"1000\" height=\"269\" /></p>\n<p>While it will take some time to see the true effects of ETH 2.0, if you’re wondering <em>“what is Ethereum 2.0?”,</em> just know that this is <strong>the biggest update to the Ethereum network</strong>, as of yet, and it aims to solve (or at least mitigate) many of the issues associated with this blockchain, one of which is the transition from <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-proof-of-work-pow/">Proof-of-Work to <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-proof-of-stake-pos/">Proof-of-Stake (so, people would now be able to stake Ethereum). If you’d like to learn more about what all of that means, or the ETH 2.0 update, make sure to go through the whole Crypto 101 Handbook - it features sections covering many of these topics!</p>","meta_title":"What is Ethereum and What is It Used For?","meta_description":"Trying to figure out what is Ethereum? Wondering what is Ethereum used for? You're in luck because you'll find all the answers right here!","meta_keywords":"what is ethereum, ethereum explained, what is ethereum used for, what is ethereum gas, what is an ethereum address, what is ethereum 2.0, what is the difference between bitcoin and ethereum, what is staking ethereum, what is weth vs eth, what is wrapped ethereum, what is ethereum classic, what is the difference between ethereum and ethereum classic","order":7,"language":"en","created_at":"2022-10-05T08:27:32.000000Z","updated_at":"2022-10-17T07:26:10.000000Z","modified_content":"<p>In this section, we’re going to answer the questions <strong>what is Ethereum, and how does it work?</strong></p>\n<p>What visuals come to your mind when you hear the term “global computer”? Some people will probably imagine a sentient being, overseeing all of the different processes that we perform, every day. Or maybe you’re thinking about something along the lines of the Terminator - a dangerous machine that’s out to destroy humanity?</p>\n<p>Well, while everyone is going to have their own thoughts concerning the matter, <strong>“global computer” is actually a term that is</strong> <strong>often used to describe a very well-known cryptocurrency project called Ethereum</strong>.</p>\n<p>In this section, we are going to talk about Ethereum. To be a bit more specific, we’ll look into what is Ethereum, in simple terms, the history of this project (how it came to be), what makes it so special, and we’ll also ponder on what does the future of ETH look like, as well.</p>\n<p><em>So, let’s get to it!</em></p>\n<div class=\"container\">\n <div class=\"row justify-content-center\">\n <div class=\"col-md-10 comparison-suggestion pb-3 mb-4\">\n <div class=\"d-flex flex-row\">\n <div class=\"text-center\">\n <div class=\"img-block-yt\">\n <img src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/images/compare-crypto-exchanges.gif/"/n alt=\"What is Ethereum & What is it Used For? (Animated Explanation)\"\n title=\"What is Ethereum & What is it Used For? (Animated Explanation)\" class=\"border-0\">\n <p>Video Explainer</p>\n </div>\n </div>\n <div class=\"col-xs-10 col-sm-10 col-md-10 text-left py-3 yt-info\">\n <h4 class=\"mb-1\">Video Explainer: The Ultimate Blockchain for dApp Creation: Ethereum</h4>\n <p class=\"py-1 mb-0 youtube-video-subtitle\">Reading is not your thing? Watch the \"The Ultimate Blockchain for dApp Creation: Ethereum\" video explainer</p>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div class=\"col-12 col-md-11 px-3\">\n <div class=\"wrapper mb-0\">\n <div class=\"youtube mb-4 bg-transparent p-0 video-modal-popup\" data-toggle=\"modal\"\n data-target=\"#video-modal\" data-id=\"HqJVW994hV8\" data-title=\"CryptoFinallyExplained\">\n <div class=\"video-gradient-top\"></div>\n <p class=\"text-left dyk-video-title\">What is Ethereum & What is it Used For? (Animated Explanation)</p>\n <img src=https://www.bitdegree.org/"https://i.ytimg.com/vi/HqJVW994hV8/hq720.jpg/"/n alt=\"What is Ethereum & What is it Used For? (Animated Explanation)\"\n title=\"What is Ethereum & What is it Used For? (Animated Explanation)\"\n class=\"p-0\">\n <img class=\"play-button\" data-target=\"#video-modal\"\n src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/video-button.png/"/n alt=\"What is Ethereum & What is it Used For? (Animated Explanation)\">\n </div>\n </div>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div>\n <a href=https://www.bitdegree.org/"https://www.youtube.com/c/CryptoFinallyExplained?sub_confirmation=1\%22\n class=\"btn yt-promo mb-2\" target=\"_blank\" rel=\"nofollow noopener\">\n <div class=\"row justify-content-center align-items-center mx-0 text-center\">\n <div class=\"col-4 col-md-4\">\n <i class=\"fab fa-youtube yt-dyk-btn\"></i>\n </div>\n <div class=\"col-8 col-md-8 text-center yt-promo-text\">\n <h4 class=\"m-0 text-white\">SUBSCRIBE</h4>\n <span>ON YOUTUBE</span>\n </div>\n </div>\n </a>\n </div>\n </div>\n </div>\n </div>\n</div>\n<div class=\"modal fade\" id=\"video-modal\" tabindex=\"-1\" role=\"dialog\" aria-labelledby=\"HqJVW994hV8\">\n <div class=\"modal-dialog modal-dialog-centered modal-lg\" role=\"document\">\n <div class=\"modal-content\">\n <div class=\"modal-body p-0\">\n <button type=\"button\" class=\"video-modal-close close\" data-dismiss=\"modal\" aria-label=\"Close\">\n <i aria-hidden=\"true\" class=\"fas fa-times\"></i>\n </button>\n <div id=\"iframe\"></div>\n </div>\n <a class=\"text-decoration-none\"\n href=https://www.bitdegree.org/"https://www.youtube.com/c/CryptoFinallyExplained?sub_confirmation=1\%22\n rel=\"nofollow noopener\" target=\"_blank\">\n <div class=\"modal-footer p-0 d-block bg-white\">\n <div class=\"row justify-content-center m-0\">\n <div class=\"col-3 col-md-4 col-lg-2 p-0\">\n <img class=\"w-100 h-100\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/crypto-subscribe.jpg/" alt=\"Subscribe\">\n </div>\n <div class=\"col-9 col-md-8 col-lg-2 px-0 d-flex\">\n <div class=\"modal-subscribe w-100\">\n <p class=\"m-0 mt-1 mr-3\">SUBSCRIBE<br>\n <span class=\"m-0\">ON YOUTUBE</span>\n </p>\n </div>\n </div>\n <div class=\"col-12 col-md-12 col-lg-8 p-0 text-center d-flex justify-content-center align-items-center\">\n <div class=\"modal-subscribe-text\">\n <h4 class=\"m-0\">Understand crypto with ease</h4>\n <span>New explainer videos every week!</span>\n </div>\n </div>\n </div>\n </div>\n </a>\n </div>\n </div>\n</div>\n<h2>What is Ethereum?</h2>\n<p>Let’s start off with the core question - <strong>what is Ethereum?</strong></p>\n<p>Now, as I’ve hinted in the beginning, the term “global computer” is actually quite accurate, when describing ETH. In technical terms, <strong>Ethereum is a public blockchain software</strong> that allows users to create different middleman-less projects on it, with the help of <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a> and a native coin called <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ether.
/n
$\"What$ dedicated section</strong></a> on our Crypto 101 Handbook, explaining all of the different intricacies of smart contract functionality. For now, suffice to say that smart contracts were first introduced on Ethereum, and that they act as a middleman between two parties participating in some sort of a process (such as selling a car).</p>\n<p>The kicker here, though, is that smart contracts are automated, decentralized, and immutable. In theory, they make everything much faster and simpler, too!</p>\n<p>Thanks to smart contracts and some arduous development work, <strong>Ethereum has become the second-largest cryptocurrency project on the market</strong>, right after Bitcoin. This is a massive deal, and has put a pretty big spotlight on ETH, and the technology behind it! In fact, smart contract functionality is where the definition “global computer” originated from, as well. On top of that, it’s also part of the answer to the question <em>“what is the difference between Bitcoin and Ethereum?”</em> - smart contracts!</p>\n<p>While I only gave you a single example of how the technology behind Ethereum can be used in the real world, the possibilities are endless! ETH can theoretically help automate a huge assortment of actions and services, all the while making them much fairer and faster, too. A lot of developers know this, and thus choose to build their own crypto-native projects on the Ethereum blockchain.</p>\n<p>More on that a bit later, though - in order to talk about this side of Ethereum, we need to first look into the history of this cryptocurrency project.</p>\n<h2>The History of Ethereum</h2>\n<p>Ethereum first saw the light of day in 2015. Up until that point, though, the technology behind this blockchain project had already been in development for a couple of years.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is Ethereum: The History of Ethereum.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what_is_ethereum_02.o.jpg/" alt=\"What is Ethereum: The History of Ethereum.\" width=\"1000\" height=\"340\" /></p>\n<p>Whenever we think about Ethereum today, we usually associate it with a man named <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/who-is-vitalik-buterin/">Vitalik Buterin</strong></a>. He was *one* of the co-founders of ETH, but as you might have guessed, not the only one. In fact, in total, <strong>Ethereum was founded by 8 people</strong>, including the likes of Charles Hoskinson (the founder of Cardano) and <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/who-is-gavin-wood/">Gavin Wood</strong></a> (the creator of Polkadot).</p>\n<p>Why, then, is Vitalik the only one who people associate with Ethereum, nowadays? Well, it’s a whole big story, in of itself. However, long story short, out of those 8 initial founders, <strong>Vitalk is currently the only one left, working on ETH</strong>.</p>\n<p>Throughout the years, Ethereum had a variety of ups and downs, and has experienced a lot of different updates in the process. While the blockchain was always a bit controversial <em>(mostly due to its problems with scalability and network fees)</em>, the biggest controversy that it has experienced, to date, is likely a hack that happened all the way back in 2016. It was a <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/what-are-decentralized-autonomous-organizations-dao/">DAO hack during which a huge amount of Ether was stolen, and that divided the Ethereum community into two.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is Ethereum: Ethereum VS Ethereum Classic.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what_is_ethereum_03.o.jpg/" alt=\"What is Ethereum: Ethereum VS Ethereum Classic.\" width=\"1000\" height=\"446\" /></p>\n<p>Like, literally - Ethereum experienced a <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-hard-fork-blockchain/">hard fork</strong></a>, which resulted in two separate blockchain projects. <strong>Ethereum that we know today</strong> (this is the updated version of the original blockchain, with the security vulnerability fixed), and <strong>Ethereum Classic</strong>, the original ETH project, but with multiple security vulnerabilities still supposedly present. So, when someone asks <em>“what is Ethereum Classic?”,</em> or <em>“what is the difference between Ethereum and Ethereum Classic?”</em>, you’ll now know!</p>\n<p>Now, I’ve also just mentioned a number of different terms - DAOs, hard forks, and so on. If you’re not familiar with any of these terms, or are wondering - what is Ethereum gas, or address types, please feel free to <strong>check out other chapters in our Crypto 101 Handbook</strong> - there's a variety of dedicated sections explaining difficult cryptocurrency topics, as simply as possible!</p>\n<p>The history of Ethereum deserves a section of its own, and I won’t bore you with all of the specific details that made ETH what it is today - instead, we’re going to focus on figuring out <strong>what is Ethereum used for, and how it works</strong>.</p>\n<p>My point here is that, while ETH experienced a lot of bumps in the road, as of writing this section, it’s still one of the most popular cryptocurrency projects in the industry, and one that has paved the way for <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-defi/">decentralized finance</strong></a> (or, DeFi) and a huge variety of technological blockchain advancements.</p>\n<p>In order to get Ethereum explained fully, you do also need to know <strong>what is Wrapped Ethereum</strong>. There's a <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/what-are-stablecoins/">dedicated section</strong></a> about wrapped coins, in general, but if you come across wETH, and don’t understand what that is, just keep in mind that it simply is Ethereum based on a different network, such as the Binance Chain.</p>\n<h2>What Makes Ethereum Special?</h2>\n<p>Continuing on with this “What is Ethereum?” section, it's actually a good place to transition to <strong>what makes ETH special</strong>, and how it managed to become the second-largest crypto project in the world.</p>\n<p>As I’ve mentioned earlier, many developers, to this day, choose to build their projects on Ethereum. The fact that they are able to do so, in the first place, is one of the big reasons behind the popularity of this blockchain.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is Ethereum: DeFi, NFTs, crypto-based games, and smart contracts.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what_is_ethereum_04.o.jpg/" alt=\"What is Ethereum: DeFi, NFTs, crypto-based games, and smart contracts.\" width=\"1000\" height=\"1011\" /></p>\n<p><strong>You can think of Ethereum as an actual computer!</strong> If you want to play a game, write an essay, or create a slideshow presentation, you can do so on a huge variety of different computers out there - however, if you have the chance to use a time-tested, reliable machine, you would probably go for it, right? While the computer might not support some super-fancy applications, and has some occasional lag, with it, you’d be able to access most games and apps on the market - it’s a huge factor to consider!</p>\n<p>The same is true with Ethereum. If you’re creating a <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/what-are-decentralized-applications-dapps/">decentralized application</strong></a> (a dApp - say, a crypto game), you probably want to do so on a reliable blockchain, and one that houses as many potential players as possible. In both cases, Ethereum comes out on top!</p>\n<p><strong>With most dApps and various crypto projects still being built on ETH</strong>, this incentivizes new developers to do the same (since there’s a booming ecosystem on the said blockchain). From the user perspective, things aren’t much different - if you use an Ethereum dApp, chances are that it will have a large community following, which might not be the case for the same dApp built on a different blockchain.</p>\n<p><em>So… How does this make Ethereum special? </em>Well, to put it in layman’s terms, over time, Ethereum has essentially managed to build a huge following, and a dedicated group of users. This is true both in regards to developers, as well as end-users, who interact with the projects present on this blockchain.</p>\n<p>Initially, Ethereum attracted people due to its groundbreaking smart contract functionality. As more and more people started using the network, this resulted in a snowball effect - with DeFi, NFTs, and crypto gaming surging in popularity, more people are starting to interact with these areas, and with most of the projects being based on Ethereum, this results in the growth of this particular network, as well.</p>\n<h2>Wrapping Up: The Future of Ethereum</h2>\n<p>In this “Ethereum explained” section, we’ve talked about what is Ethereum used for, and what makes this piece of crypto technology so special. At this point, you should be pretty well-versed in all-things-ETH, both when it comes to the history of the network, as well as the hype surrounding it, as well.</p>\n<p><strong>What does the future of Ethereum look like, though?</strong> After all, as time goes on, there are new, more modern and improved networks coming around - ones that seemingly offer many more perks than ETH!</p>\n<p>Well, truth be told, there have been countless <em>“Ethereum killers”</em> over the years - yet, the blockchain still stands tall as one of the most popular crypto projects of all time. Yes, it’s true that ETH isn’t without its issues and controversies - lack of scalability, huge network gas fees, outdated functionalities, and so on. However, as of writing this section, the <strong>Ethereum Merge</strong> has just recently happened.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is Ethereum: From Proof-of-Work to Proof-of-Stake.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what_is_ethereum_05.o.jpg/" alt=\"What is Ethereum: From Proof-of-Work to Proof-of-Stake.\" width=\"1000\" height=\"269\" /></p>\n<p>While it will take some time to see the true effects of ETH 2.0, if you’re wondering <em>“what is Ethereum 2.0?”,</em> just know that this is <strong>the biggest update to the Ethereum network</strong>, as of yet, and it aims to solve (or at least mitigate) many of the issues associated with this blockchain, one of which is the transition from <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-proof-of-work-pow/">Proof-of-Work to <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-proof-of-stake-pos/">Proof-of-Stake (so, people would now be able to stake Ethereum). If you’d like to learn more about what all of that means, or the ETH 2.0 update, make sure to go through the whole Crypto 101 Handbook - it features sections covering many of these topics!</p>","preview_url":"https://www.bitdegree.org/crypto/learn/what-is-ethereum","youtube_video":{"id":127,"channel_id":1,"sort":23,"video_title":"What is Ethereum & What is it Used For? (Animated Explanation)","description":"What is Ethereum, and what is Ethereum used for?\n\nEthereum is one of the most popular cryptocurrencies - there’s no denying that. Often referred to as a “global computer”, Ethereum is the cornerstone of smart contract technology, and the world of DeFi, overall. However, have you ever thought about what is Ethereum, really, and how does this crypto project work?\n\nIn this video, I’ll tell you about just that. We’ll look into what is Ethereum, in general, as well as talk about the history behind this crypto network. On top of that, I will tell you what makes ETH special, and what the network might look like, in the future.\n\nWhen was the first time you heard about Ethereum? Share your experiences in the comment section below!\n\nVideo Time Table:\n\n0:00 Introduction to What is Ethereum\n0:56 Ethereum Explained\n3:17 History of Ethereum\n5:48 What Makes Ethereum Special?\n7:56 Wrap-up: What is the Future of Ethereum?\n\nMore Related Videos:\n\n🔑 What is a Bitcoin & How Does it work?\nhttps://www.youtube.com/watch?v=DeREwrPVlDg\n🔑 What is a Cryptocurrency?\nhttps://www.youtube.com/watch?v=eVLUrZtKhBk\n🔑 How Does Cryptocurrency Work?\nhttps://www.youtube.com/watch?v=rAtJ7Lw90KA\n\n#WhatisEthereum #EthereumExplained #WhatisEthereumUsedFor","video_id":"HqJVW994hV8","duration":546,"view_count":476,"thumbnail_url":"https://i.ytimg.com/vi/HqJVW994hV8/hq720.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2022-10-12 15:42:21","created_at":"2022-10-12T23:00:03.000000Z","updated_at":"2023-05-21T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}}},"chapterTitle":"Cryptocurrencies","cryptoBookSection":{"id":15,"featured_image_id":6525,"original_id":null,"youtube_video_id":15,"author_id":40,"translator_id":null,"chapter_id":2,"title":"What is Cardano and What is It Used For?","slug":"what-is-cardano-in-crypto","definition":"Did you know that the initial team behind Ethereum broke up because Vitalik Buterin wanted Ethereum to remain a non-profit project, while other team members had the opposite point of view?","status":"published","content":"<p>Now that you understand the general premise behind cryptocurrencies, and the differences between crypto coins and tokens, in this section, I will tell you all about what is Cardano!</p>\n<p>If you’ve spent even a day in the crypto markets, you’ve probably heard about <a href=https://www.bitdegree.org/"/crypto/buy-ethereum-eth/">Ethereum, the second-largest cryptocurrency. Ethereum was created by a team of inspired individuals, among which the most well-known one is <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/who-is-vitalik-buterin/">Vitalik Buterin</strong></a>.</p>\n<p>At some point, the initial Ethereum team broke up, and some members went on to create their own projects. One of those members was Charles Hoskinson, the now-known <strong>creator of Cardano.</strong></p>\n<p>In this section, I’ll tell you all about what is Cardano. To be more specific, I’ll introduce to you the history of the Cardano project, how its different from other blockchains such as Ethereum, and what makes Cardano special, in the first place.</p>\n<p>Let’s go!</p>\n<h2>What is Cardano?</h2>\n<p>To start this section off, we need to address the core question - what is Cardano?</p>\n<p>In order to answer this very question, allow me to continue with the story I’ve started telling in the introduction.</p>\n<p>The initial team behind Ethereum broke up because of a conflict of interest. Vitalik wanted Ethereum to remain <strong>a non-profit project</strong>, while team members such as Charles had the opposite point of view - he wanted Ethereum to start accepting venture capital, and to become a for-profit project.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is Cardano: What is Cardano?\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-cardano-1.o.jpg/" alt=\"What is Cardano: What is Cardano?\" width=\"1000\" height=\"552\" /></p>\n<p>Charles Hoskinson created Cardano with a single goal - to provide a more balanced and sustainable ecosystem for the cryptocurrency world. At its very core, Cardano is simply a cryptocurrency project named after an Italian mathematician - just like many other crypto projects, it utilizes the Proof-of-Stake consensus algorithm (more on that later) and has a native coin called ADA.</p>\n<p>This is like you and your friend building a sandcastle on the beach, and having an argument on how many towers it should have. Since you can’t come to a resolution, your friend decides to build a separate castle of his own - one with as many towers and gateways as he wants!</p>\n<p>The thing that makes Cardano special, and also different from other, similar blockchains, is the goal that the project has. There are <strong>three problems</strong> that Cardano aims to solve, in regard to the crypto world - scalability, sustainability, and also interoperability.</p>\n<p>Big terms, but don’t worry - let’s break each of them down, in a simple manner!</p>\n<h3>Scalability</h3>\n<p>Scalability is often named the biggest problem that all cryptocurrencies face. Put simply, it references the inability of blockchains to keep up with a growing userbase, transaction speed-wise.</p>\n<p>Here’s a simple example for you to understand what I’m talking about:</p>\n<p>Imagine that you’re using <strong>traditional banking</strong> methods to pay for your online shopping - let’s say, you have VISA. Your transactions are processed pretty fast, since VISA can handle up to around 24,000 different transactions per second. However, every once in a while, you might experience lag spikes, if the network is encumbered - if there are tens of thousands of other people buying something at that point in time, using VISA, you might need to wait for a few minutes for your transaction to be approved.</p>\n<p><img title=\"What is Cardano: VISA.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-cardano-2.o.jpg/" alt=\"What is Cardano: VISA.\" width=\"1000\" height=\"590\" /></p>\n<p>Blockchains experience the same issue. However, they also have notoriously small block sizes - in other words, many of the older blockchains can’t handle even close to the number of transactions that VISA can, per second. Ethereum is no exception - it can only deal with around 15 transactions per second!</p>\n<p>So, Cardano aims to address and solve this problem. Specifically, the plan that Charles and the team behind Cardano have to make it like this: the more users join the network, <strong>the faster it gets.</strong></p>\n<p>Sounds awesome, doesn’t it? However, how is this achieved?</p>\n<p>Well, as I’ve mentioned earlier, Cardano works on a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-stake-pos/">Proof-of-Stake consensus algorithm. It’s a ginormous topic, of its own, so I highly advise you to go check out a section on <strong>staking</strong> if you want to understand it better.</p>\n<p>For the sake of keeping things simple, basically, the Cardano network has validators (individual people, or organizations) that confirm transactions happening on the blockchain. The thing that makes Cardano different from other PoS networks, however, is Ouroboros.</p>\n<p>This is a special type of system <strong>made up of epochs</strong> (currently, these are periods of 5 days) and slots (1-second intervals). Each slot has a slot leader (who is selected from the transaction validators), and this leader is chosen to confirm transactions.</p>\n<p style=\"text-align: center;\"><img title=\"What is Cardano: Ouroboros.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-cardano-3.o.jpg/" alt=\"What is Cardano: Ouroboros.\" width=\"1000\" height=\"669\" /></p>\n<p>All of that is, admittedly, extremely technical. I won’t be going deeper into the topic, since it’s so vast, that it requires a different section, of its own. For now, suffice to say that the Ouroboros system allows for the Cardano network to be much more secure than your traditional Proof-of-Stake blockchains, which then allows an increase in scalability.</p>\n<h3>Sustainability</h3>\n<p>Having dealt with that complicated can of worms, let’s move on to something that’s much simpler to understand - sustainability.</p>\n<p>In terms of Cardano (and cryptocurrencies, in general), this means two things - how eco-friendly a project is, and just how likely it is to prosper and maintain its functionality, long-term.</p>\n<p>Ecology-wise, Cardano’s Proof-of-Stake system allows it to be much more eco-friendly than cryptocurrencies such as <a href=https://www.bitdegree.org/"/crypto/buy-bitcoin-btc/">Bitcoin or Ethereum. While it’s still not ideal, Cardano is already <strong>leaping ahead</strong> of the two aforementioned coins, when it comes to energy preservation and ecology concerns.</p>\n<p>Now, project longevity-wise, the situation is kind of the same, too. Cardano has a dedicated treasury - it’s filled up with transaction fees, and then those fees are paid out in the form of rewards to anyone who makes a meaningful impact on the ecosystem (developers, scientists, and so on).</p>\n<p style=\"text-align: center;\"><img title=\"What is Cardano: Cardano sustainability.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-cardano-4.o.jpg/" alt=\"What is Cardano: Cardano sustainability.\" width=\"1000\" height=\"508\" /></p>\n<p>On top of that, Cardano is actually really big on science and long-term planning, in general. There’s a popular internet meme that, in order to make something happen on Cardano, you need to write a research paper on the subject, and have it peer-reviewed by other blockchain professionals. While it is funny, it does showcase that Cardano is purely based on scientific research and advanced maths!</p>\n<p>Continuing on, at some point in time, Charles Hoskinson agreed on a collaboration with another co-founder of Ethereum, <strong>Jeremy Wood</strong>. This collaboration resulted in a brand new company, called IOHK (also known as Input-Output Hong Kong). Cardano is the main point of interest for IOHK, and the company itself is concerned with creating blockchain solutions for both private companies, as well as governmental institutions, worldwide!</p>\n<p>All of that is to say - Cardano is already a well-established project, with multiple backers, a company standing behind it, and huge plans for the future. Charles himself hosts frequent livestreams on YouTube in order to answer questions that the community might have, and to talk about the future of all things Cardano.</p>\n<h3>Interoperability</h3>\n<p>Now, interoperability is another <strong>big issue</strong> that blockchains of today are dealing with. In order to understand what the term actually means, allow me to give you an example:</p>\n<p>Imagine that you’re in a car, and are driving down a road. You’re going to check out another car - perhaps you want to buy it? Or maybe, simply meet a friend that drives a different car brand?</p>\n<p>At some point in your journey, you come across a river that needs to be crossed. No matter if you drive a sports car, a truck, or a tractor, you won’t be able to cross that river without a bridge. Blockchain interoperability is that bridge!</p>\n<p style=\"text-align: center;\"><img title=\"What is Cardano: Cardano interoperability.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-cardano-5.o.jpg/" alt=\"What is Cardano: Cardano interoperability.\" width=\"1000\" height=\"286\" /></p>\n<p>To throw it back to our topic at hand, different blockchains need to have some sort of a “bridge” where they could communicate with each other. If a blockchain lacks interoperability, it means that it doesn’t have any <strong>cross-chain functionality</strong>, and you can only interact with it on its native projects and applications.</p>\n<p>Cardano solves this issue with what is known as the “KMZ sidechains protocol”. It acts as that bridge between two blockchains - thanks to the protocol, users are able to trade Cardano coins (or, to be more specific, ADA coins) for other cryptocurrencies!</p>\n<h2>The future of Cardano</h2>\n<p>So, then - up to this point, we’ve discussed what is Cardano, and how this blockchain network is different from most other cryptocurrency projects out there. As you might have figured out by now, it truly is special!</p>\n<p>What does the future hold for Cardano, though? And what does the community think about it?</p>\n<p>Well, for starters, it’s worth pointing out that Cardano has a really, REALLY strong community behind it. On one hand, this is amazing - it means that the project is strong and healthy, and that there’s avid interest in it, from a large number of people.</p>\n<p>On the flip side, though, it’s also worth mentioning that there are criticisms of Cardano that relate to this very fact. Some people claim that the project has basically become a Charles Hoskinson cult, with fans cheering every single word that he says. Furthermore, this then evolves into criticism that any progress made on the network developments is very slow, and that there are only unrealistic ideas being thrown around, without any signs of them being successfully implemented.</p>\n<p>What’s the reality, though?</p>\n<p>Well, in my own honest opinion, Cardano is truly an amazing project, with exponential potential! Sure, it does have some struggles, but this is true with any and all blockchains that you might <strong>evaluate and examine</strong>.</p>\n<p>At the same time, it’s also important to mention that, contrary to popular belief, Cardano isn’t an “enemy” of Ethereum. Instead, Charles has expressed, multiple times, that he feels that blockchains should work together in order to build “a better tomorrow”, and not “muscle up” against each other, on which of them has better scalability or smaller transaction fees.</p>\n<p style=\"text-align: center;\"><img title=\"What is Cardano: The future of Cardano.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-cardano-6.o.jpg/" alt=\"What is Cardano: The future of Cardano.\" width=\"1000\" height=\"1055\" /></p>\n<p>That being said, I do also have to point out that Cardano and Ethereum are still very different from one another. While Ethereum is often praised as the “core technology behind the development of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-web-3-0/">Web 3.0</strong></a>”, Cardano aims to work with governments and large organizations that are concerned with “managing identity, value, and governance” (as pointed out by Charles himself).</p>\n<p>With all of that being said, if you wish to learn more about the world of crypto make sure to check out the section about <a href=https://www.bitdegree.org/"/crypto/learn/what-is-web-3-0/">Web 3.0</strong></a>.</p>","meta_title":"What is Cardano in Crypto: Is it Worth the Hype?","meta_description":"In this section, you will learn what is Cardano, what is the Cardano coin & what are the three main problems the project aims to solve.","meta_keywords":"what is cardano, what is cardano in crypto, what is cardano coin, cardano crypto, cardano coin, cardano cryptocurrency, cardano ada","order":8,"language":"en","created_at":"2022-05-03T11:58:33.000000Z","updated_at":"2023-02-10T09:39:11.000000Z","modified_content":"<p>Now that you understand the general premise behind cryptocurrencies, and the differences between crypto coins and tokens, in this section, I will tell you all about what is Cardano!</p>\n<p>If you’ve spent even a day in the crypto markets, you’ve probably heard about <a href=https://www.bitdegree.org/"/crypto/buy-ethereum-eth/">Ethereum, the second-largest cryptocurrency. Ethereum was created by a team of inspired individuals, among which the most well-known one is <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/who-is-vitalik-buterin/">Vitalik Buterin</strong></a>.</p>\n<p>At some point, the initial Ethereum team broke up, and some members went on to create their own projects. One of those members was Charles Hoskinson, the now-known <strong>creator of Cardano.</strong></p>\n<p>In this section, I’ll tell you all about what is Cardano. To be more specific, I’ll introduce to you the history of the Cardano project, how its different from other blockchains such as Ethereum, and what makes Cardano special, in the first place.</p>\n<p>Let’s go!</p>\n<div class=\"container\">\n <div class=\"row justify-content-center\">\n <div class=\"col-md-10 comparison-suggestion pb-3 mb-4\">\n <div class=\"d-flex flex-row\">\n <div class=\"text-center\">\n <div class=\"img-block-yt\">\n <img src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/images/compare-crypto-exchanges.gif/"/n alt=\"What is Cardano in Crypto? (Easily Explained!)\"\n title=\"What is Cardano in Crypto? (Easily Explained!)\" class=\"border-0\">\n <p>Video Explainer</p>\n </div>\n </div>\n <div class=\"col-xs-10 col-sm-10 col-md-10 text-left py-3 yt-info\">\n <h4 class=\"mb-1\">Video Explainer: What is Cardano and What is It Used For?</h4>\n <p class=\"py-1 mb-0 youtube-video-subtitle\">Reading is not your thing? Watch the \"What is Cardano and What is It Used For?\" video explainer</p>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div class=\"col-12 col-md-11 px-3\">\n <div class=\"wrapper mb-0\">\n <div class=\"youtube mb-4 bg-transparent p-0 video-modal-popup\" data-toggle=\"modal\"\n data-target=\"#video-modal\" data-id=\"bn6Vxt_RTbI\" data-title=\"CryptoFinallyExplained\">\n <div class=\"video-gradient-top\"></div>\n <p class=\"text-left dyk-video-title\">What is Cardano in Crypto? (Easily Explained!)</p>\n <img src=https://www.bitdegree.org/"https://i.ytimg.com/vi/bn6Vxt_RTbI/hq720.jpg/"/n alt=\"What is Cardano in Crypto? (Easily Explained!)\"\n title=\"What is Cardano in Crypto? (Easily Explained!)\"\n class=\"p-0\">\n <img class=\"play-button\" data-target=\"#video-modal\"\n src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/video-button.png/"/n alt=\"What is Cardano in Crypto? (Easily Explained!)\">\n </div>\n </div>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div>\n <a href=https://www.bitdegree.org/"https://www.youtube.com/c/CryptoFinallyExplained?sub_confirmation=1\%22\n class=\"btn yt-promo mb-2\" target=\"_blank\" rel=\"nofollow noopener\">\n <div class=\"row justify-content-center align-items-center mx-0 text-center\">\n <div class=\"col-4 col-md-4\">\n <i class=\"fab fa-youtube yt-dyk-btn\"></i>\n </div>\n <div class=\"col-8 col-md-8 text-center yt-promo-text\">\n <h4 class=\"m-0 text-white\">SUBSCRIBE</h4>\n <span>ON YOUTUBE</span>\n </div>\n </div>\n </a>\n </div>\n </div>\n </div>\n </div>\n</div>\n<div class=\"modal fade\" id=\"video-modal\" tabindex=\"-1\" role=\"dialog\" aria-labelledby=\"bn6Vxt_RTbI\">\n <div class=\"modal-dialog modal-dialog-centered modal-lg\" role=\"document\">\n <div class=\"modal-content\">\n <div class=\"modal-body p-0\">\n <button type=\"button\" class=\"video-modal-close close\" data-dismiss=\"modal\" aria-label=\"Close\">\n <i aria-hidden=\"true\" class=\"fas fa-times\"></i>\n </button>\n <div id=\"iframe\"></div>\n </div>\n <a class=\"text-decoration-none\"\n href=https://www.bitdegree.org/"https://www.youtube.com/c/CryptoFinallyExplained?sub_confirmation=1\%22\n rel=\"nofollow noopener\" target=\"_blank\">\n <div class=\"modal-footer p-0 d-block bg-white\">\n <div class=\"row justify-content-center m-0\">\n <div class=\"col-3 col-md-4 col-lg-2 p-0\">\n <img class=\"w-100 h-100\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/crypto-subscribe.jpg/" alt=\"Subscribe\">\n </div>\n <div class=\"col-9 col-md-8 col-lg-2 px-0 d-flex\">\n <div class=\"modal-subscribe w-100\">\n <p class=\"m-0 mt-1 mr-3\">SUBSCRIBE<br>\n <span class=\"m-0\">ON YOUTUBE</span>\n </p>\n </div>\n </div>\n <div class=\"col-12 col-md-12 col-lg-8 p-0 text-center d-flex justify-content-center align-items-center\">\n <div class=\"modal-subscribe-text\">\n <h4 class=\"m-0\">Understand crypto with ease</h4>\n <span>New explainer videos every week!</span>\n </div>\n </div>\n </div>\n </div>\n </a>\n </div>\n </div>\n</div>\n<h2>What is Cardano?</h2>\n<p>To start this section off, we need to address the core question - what is Cardano?</p>\n<p>In order to answer this very question, allow me to continue with the story I’ve started telling in the introduction.</p>\n<p>The initial team behind Ethereum broke up because of a conflict of interest. Vitalik wanted Ethereum to remain <strong>a non-profit project</strong>, while team members such as Charles had the opposite point of view - he wanted Ethereum to start accepting venture capital, and to become a for-profit project.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is Cardano: What is Cardano?\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-cardano-1.o.jpg/" alt=\"What is Cardano: What is Cardano?\" width=\"1000\" height=\"552\" /></p>\n<p>Charles Hoskinson created Cardano with a single goal - to provide a more balanced and sustainable ecosystem for the cryptocurrency world. At its very core, Cardano is simply a cryptocurrency project named after an Italian mathematician - just like many other crypto projects, it utilizes the Proof-of-Stake consensus algorithm (more on that later) and has a native coin called ADA.</p>\n<p>This is like you and your friend building a sandcastle on the beach, and having an argument on how many towers it should have. Since you can’t come to a resolution, your friend decides to build a separate castle of his own - one with as many towers and gateways as he wants!</p>\n<p>The thing that makes Cardano special, and also different from other, similar blockchains, is the goal that the project has. There are <strong>three problems</strong> that Cardano aims to solve, in regard to the crypto world - scalability, sustainability, and also interoperability.</p>\n<p>Big terms, but don’t worry - let’s break each of them down, in a simple manner!</p>\n<h3>Scalability</h3>\n<p>Scalability is often named the biggest problem that all cryptocurrencies face. Put simply, it references the inability of blockchains to keep up with a growing userbase, transaction speed-wise.</p>\n<p>Here’s a simple example for you to understand what I’m talking about:</p>\n<p>Imagine that you’re using <strong>traditional banking</strong> methods to pay for your online shopping - let’s say, you have VISA. Your transactions are processed pretty fast, since VISA can handle up to around 24,000 different transactions per second. However, every once in a while, you might experience lag spikes, if the network is encumbered - if there are tens of thousands of other people buying something at that point in time, using VISA, you might need to wait for a few minutes for your transaction to be approved.</p>\n<p><img title=\"What is Cardano: VISA.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-cardano-2.o.jpg/" alt=\"What is Cardano: VISA.\" width=\"1000\" height=\"590\" /></p>\n<p>Blockchains experience the same issue. However, they also have notoriously small block sizes - in other words, many of the older blockchains can’t handle even close to the number of transactions that VISA can, per second. Ethereum is no exception - it can only deal with around 15 transactions per second!</p>\n<p>So, Cardano aims to address and solve this problem. Specifically, the plan that Charles and the team behind Cardano have to make it like this: the more users join the network, <strong>the faster it gets.</strong></p>\n<p>Sounds awesome, doesn’t it? However, how is this achieved?</p>\n<p>Well, as I’ve mentioned earlier, Cardano works on a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-stake-pos/">Proof-of-Stake consensus algorithm. It’s a ginormous topic, of its own, so I highly advise you to go check out a section on <strong>staking</strong> if you want to understand it better.</p>\n<p>For the sake of keeping things simple, basically, the Cardano network has validators (individual people, or organizations) that confirm transactions happening on the blockchain. The thing that makes Cardano different from other PoS networks, however, is Ouroboros.</p>\n<p>This is a special type of system <strong>made up of epochs</strong> (currently, these are periods of 5 days) and slots (1-second intervals). Each slot has a slot leader (who is selected from the transaction validators), and this leader is chosen to confirm transactions.</p>\n<p style=\"text-align: center;\"><img title=\"What is Cardano: Ouroboros.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-cardano-3.o.jpg/" alt=\"What is Cardano: Ouroboros.\" width=\"1000\" height=\"669\" /></p>\n<p>All of that is, admittedly, extremely technical. I won’t be going deeper into the topic, since it’s so vast, that it requires a different section, of its own. For now, suffice to say that the Ouroboros system allows for the Cardano network to be much more secure than your traditional Proof-of-Stake blockchains, which then allows an increase in scalability.</p>\n<h3>Sustainability</h3>\n<p>Having dealt with that complicated can of worms, let’s move on to something that’s much simpler to understand - sustainability.</p>\n<p>In terms of Cardano (and cryptocurrencies, in general), this means two things - how eco-friendly a project is, and just how likely it is to prosper and maintain its functionality, long-term.</p>\n<p>Ecology-wise, Cardano’s Proof-of-Stake system allows it to be much more eco-friendly than cryptocurrencies such as <a href=https://www.bitdegree.org/"/crypto/buy-bitcoin-btc/">Bitcoin or Ethereum. While it’s still not ideal, Cardano is already <strong>leaping ahead</strong> of the two aforementioned coins, when it comes to energy preservation and ecology concerns.</p>\n<p>Now, project longevity-wise, the situation is kind of the same, too. Cardano has a dedicated treasury - it’s filled up with transaction fees, and then those fees are paid out in the form of rewards to anyone who makes a meaningful impact on the ecosystem (developers, scientists, and so on).</p>\n<p style=\"text-align: center;\"><img title=\"What is Cardano: Cardano sustainability.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-cardano-4.o.jpg/" alt=\"What is Cardano: Cardano sustainability.\" width=\"1000\" height=\"508\" /></p>\n<p>On top of that, Cardano is actually really big on science and long-term planning, in general. There’s a popular internet meme that, in order to make something happen on Cardano, you need to write a research paper on the subject, and have it peer-reviewed by other blockchain professionals. While it is funny, it does showcase that Cardano is purely based on scientific research and advanced maths!</p>\n<p>Continuing on, at some point in time, Charles Hoskinson agreed on a collaboration with another co-founder of Ethereum, <strong>Jeremy Wood</strong>. This collaboration resulted in a brand new company, called IOHK (also known as Input-Output Hong Kong). Cardano is the main point of interest for IOHK, and the company itself is concerned with creating blockchain solutions for both private companies, as well as governmental institutions, worldwide!</p>\n<p>All of that is to say - Cardano is already a well-established project, with multiple backers, a company standing behind it, and huge plans for the future. Charles himself hosts frequent livestreams on YouTube in order to answer questions that the community might have, and to talk about the future of all things Cardano.</p>\n<h3>Interoperability</h3>\n<p>Now, interoperability is another <strong>big issue</strong> that blockchains of today are dealing with. In order to understand what the term actually means, allow me to give you an example:</p>\n<p>Imagine that you’re in a car, and are driving down a road. You’re going to check out another car - perhaps you want to buy it? Or maybe, simply meet a friend that drives a different car brand?</p>\n<p>At some point in your journey, you come across a river that needs to be crossed. No matter if you drive a sports car, a truck, or a tractor, you won’t be able to cross that river without a bridge. Blockchain interoperability is that bridge!</p>\n<p style=\"text-align: center;\"><img title=\"What is Cardano: Cardano interoperability.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-cardano-5.o.jpg/" alt=\"What is Cardano: Cardano interoperability.\" width=\"1000\" height=\"286\" /></p>\n<p>To throw it back to our topic at hand, different blockchains need to have some sort of a “bridge” where they could communicate with each other. If a blockchain lacks interoperability, it means that it doesn’t have any <strong>cross-chain functionality</strong>, and you can only interact with it on its native projects and applications.</p>\n<p>Cardano solves this issue with what is known as the “KMZ sidechains protocol”. It acts as that bridge between two blockchains - thanks to the protocol, users are able to trade Cardano coins (or, to be more specific, ADA coins) for other cryptocurrencies!</p>\n<h2>The future of Cardano</h2>\n<p>So, then - up to this point, we’ve discussed what is Cardano, and how this blockchain network is different from most other cryptocurrency projects out there. As you might have figured out by now, it truly is special!</p>\n<p>What does the future hold for Cardano, though? And what does the community think about it?</p>\n<p>Well, for starters, it’s worth pointing out that Cardano has a really, REALLY strong community behind it. On one hand, this is amazing - it means that the project is strong and healthy, and that there’s avid interest in it, from a large number of people.</p>\n<p>On the flip side, though, it’s also worth mentioning that there are criticisms of Cardano that relate to this very fact. Some people claim that the project has basically become a Charles Hoskinson cult, with fans cheering every single word that he says. Furthermore, this then evolves into criticism that any progress made on the network developments is very slow, and that there are only unrealistic ideas being thrown around, without any signs of them being successfully implemented.</p>\n<p>What’s the reality, though?</p>\n<p>Well, in my own honest opinion, Cardano is truly an amazing project, with exponential potential! Sure, it does have some struggles, but this is true with any and all blockchains that you might <strong>evaluate and examine</strong>.</p>\n<p>At the same time, it’s also important to mention that, contrary to popular belief, Cardano isn’t an “enemy” of Ethereum. Instead, Charles has expressed, multiple times, that he feels that blockchains should work together in order to build “a better tomorrow”, and not “muscle up” against each other, on which of them has better scalability or smaller transaction fees.</p>\n<p style=\"text-align: center;\"><img title=\"What is Cardano: The future of Cardano.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-cardano-6.o.jpg/" alt=\"What is Cardano: The future of Cardano.\" width=\"1000\" height=\"1055\" /></p>\n<p>That being said, I do also have to point out that Cardano and Ethereum are still very different from one another. While Ethereum is often praised as the “core technology behind the development of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-web-3-0/">Web 3.0</strong></a>”, Cardano aims to work with governments and large organizations that are concerned with “managing identity, value, and governance” (as pointed out by Charles himself).</p>\n<p>With all of that being said, if you wish to learn more about the world of crypto make sure to check out the section about <a href=https://www.bitdegree.org/"/crypto/learn/what-is-web-3-0/">Web 3.0</strong></a>.</p>","preview_url":"https://www.bitdegree.org/crypto/learn/what-is-cardano-in-crypto","youtube_video":{"id":15,"channel_id":1,"sort":47,"video_title":"What is Cardano in Crypto? (Easily Explained!)","description":"What is Cardano in crypto?\n\nCardano is a Proof-of-Stake blockchain project, with ADA being the native coin of the platform. Cardano is often referenced as being the direct competitor to Ethereum, and it was created by Charles Hoskinson, one of the original co-founders of ETH. \n\nWhile being somewhat similar to Ethereum, however, Cardano does have a lot of major differences, too. In this video, I discuss all of these differences, and also talk about the core features that make Cardano stand out from the blockchain crowd!\n\nWhat do you think about Cardano? Is it an awesome and innovative project, or is it overhyped? Share your thoughts below!\n\nVideo Time Table:\n\n0:00 Introduction to What is Cardano in Crypto\n0:50 What is Cardano?\n1:58 Cardano Scalability\n4:09 Cardano Sustainability\n5:50 Cardano Interoperability\n6:55 What is the Future of Cardano?\n8:30 Wrap-up: What is Cardano in Crypto?\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps://twitter.com/crypto_xplained\n\n#WhatisCardanoinCrypto #WhatisCardano #WhatisCardanoCoin #CardanoCrypto #CardanoCoin #CardanoCryptocurrency #CardanoADA","video_id":"bn6Vxt_RTbI","duration":522,"view_count":1267,"thumbnail_url":"https://i.ytimg.com/vi/bn6Vxt_RTbI/hq720.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2022-03-08 17:11:20","created_at":"2022-03-08T23:00:01.000000Z","updated_at":"2023-05-21T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}},"featured_image":{"id":6525,"uuid":"b567449c-5b31-45c3-a8eb-4640d3b8ff69","public_url":"https://assets.bitdegree.org/crypto/storage/media/what-is-cardano.o.jpg","path":"crypto/storage/media/what-is-cardano.o.jpg","original_path":"crypto/storage/media/what-is-cardano.jpg","name":"what-is-cardano.o.jpg","original_name":"what-is-cardano.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"91.90KB"}},"chapterList":[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-blockchain.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/blockchain-101.jpg","rating":100,"sections":[{"slug":"what-is-blockchain","title":"What is the Blockchain?","featured_image_id":6412,"status":"published","chapter_id":1,"language":"en","order":1,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-blockchain","featured_image":{"id":6412,"uuid":"152ba579-ce8d-488a-9e06-bcd99e976b7d","public_url":"https://assets.bitdegree.org/crypto/storage/media/what-is-blockchain-626fbe085a0cd.o.jpg","path":"crypto/storage/media/what-is-blockchain-626fbe085a0cd.o.jpg","original_path":"crypto/storage/media/what-is-blockchain-626fbe085a0cd.jpg","name":"what-is-blockchain-626fbe085a0cd.o.jpg","original_name":"what-is-blockchain.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"93.86KB"},"youtube_video":null},{"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","featured_image_id":7205,"status":"published","chapter_id":1,"language":"en","order":2,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/decentralized-blockchain","featured_image":{"id":7205,"uuid":"c5d6f6a7-4914-4d6b-9fdd-e94dfb0bae82","public_url":"https://assets.bitdegree.org/crypto/storage/media/decentralized-blockchain-featured-image.o.jpg","path":"crypto/storage/media/decentralized-blockchain-featured-image.o.jpg","original_path":"crypto/storage/media/decentralized-blockchain-featured-image.jpg","name":"decentralized-blockchain-featured-image.o.jpg","original_name":"decentralized-blockchain-featured-image.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"136.00KB"},"youtube_video":null},{"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in 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For?","featured_image_id":7272,"status":"published","chapter_id":1,"language":"en","order":6,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/types-of-blockchains","featured_image":{"id":7272,"uuid":"6ad01272-67ac-4719-8e88-7f01752a0628","public_url":"https://assets.bitdegree.org/crypto/storage/media/types-of-blockchains-featured-image.o.jpg","path":"crypto/storage/media/types-of-blockchains-featured-image.o.jpg","original_path":"crypto/storage/media/types-of-blockchains-featured-image.jpg","name":"types-of-blockchains-featured-image.o.jpg","original_name":"types-of-blockchains-featured-image.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"110.34KB"},"youtube_video":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-cryptocurrencies.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/cryptocurrencies-101.jpg","rating":100,"sections":[{"slug":"what-is-a-cryptocurrency","title":"What 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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"currentChapter":"cryptocurrencies","currentSection":"what-is-cardano-in-crypto","readingTime":8,"readingLevel":"easy"},"url":"/crypto/learn/what-is-cardano-in-crypto","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
All Crypto From

Scratch!

Crypto 101 Handbook

Chapter 1: Blockchain

1.1

What is the Blockchain?
1.2

Anonymous & Decentralized Blockchains: The Cornerstone of Crypto
1.3

What is a Blockchain Transaction in Crypto?
1.4

The Different Types of Crypto Fees Explained
1.5

The Key Notion Behind the Concept of Bridging in Crypto
1.6

Different Types of Blockchains: What to Look Out For?
Chapter 2: Cryptocurrencies

2.1

What is a Cryptocurrency?
2.2

How Does Cryptocurrency Work?
2.3

Is Cryptocurrency a Good Investment? The Pros & Cons
2.4

Coin VS Token: How Do They Differ?
2.5

What are Stablecoins, Altcoins & Wrapped Coins?
2.6

Bitcoin: the Pioneer of the Crypto World
2.7

The Ultimate Blockchain for dApp Creation: Ethereum
2.8

What is Cardano and What is It Used For?
2.9

Shiba Inu: the Dogecoin Killer
2.10

Is Solana an Improved Version of Ethereum?
2.11

The Bridge Between Blockchains: Polkadot
2.12

Polygon: the Essential Scaling Solution for Ethereum
2.13

The Practical Use of Crypto
Chapter 3: Crypto Exchanges

3.1

How do Cryptocurrency Exchanges Work?
3.2

DEX VS CEX: Two Sides of the Crypto Exchange Industry
3.3

Crypto Day Trading: The Difference Between Buying, Trading, and Swapping
3.4

KYC & AML: The Key to Complying With Legal Industry Standards
3.5

From Fiat to Crypto: How to Buy Crypto for the First Time
3.6

Taking Profits: Turning Crypto Into Fiat
3.7

You’ve Got Crypto: What Can You Do With It?
Chapter 4: Crypto Wallets

4.1

What is a Crypto Wallet?
4.2

Hot Wallet VS Cold Wallet: Which One to Pick?
4.3

What are Non-Custodial Crypto Wallets?
4.4

Metamask: The Leading Non-Custodial Wallet
4.5

The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?
Chapter 5: NFTs

5.1

What are Non-Fungible Tokens (NFTs)?
5.2

NFT Trading: The Ins and Outs
5.3

Tips and Tricks of Choosing the Right NFTs
5.4

How to Store NFTs: Best Practices
5.5

How to Create Your Own NFTs?
5.6

Making Passive Money with NFTs
Chapter 6: dApps & Defi

6.1

What is Decentralized Finance (DeFi)?
6.2

DeFi 2.0: The New Version of Decentralized Finance
6.3

What Are dApps and How Do They Work?
6.4

Picking the Right dApps: Dos and Don'ts
6.5

Web 3.0: The Future of the Internet
6.6

What is the Core Purpose of Smart Contracts?
6.7

The Notion of a Decentralized Autonomous Ogranization (DAO)
6.8

What is the Goal of Staking Crypto Assets?
6.9

What is a Liquidity Pool and How Does It Work?
6.10

Automated Market Maker: the Cornerstone of the Decentralized Crypto Exchange Industry
6.11

The Main Yield Farming Techniques
6.12

Crypto Oracles: The Link Between Blockchain and Outside World Data
6.13

The Peculiarities of Decentralized Crypto Gambling
6.14

Metaverse: A New Perception of Reality
Chapter 7: Trading & Investing

7.1

Where Can You Trade Cryptocurrencies?
7.2

Investing in Crypto: What Investing Options Do You Have?
7.3

ICO vs IDO vs IEO: Which One is the One?
7.4

What are Crypto Airdrops and How to Get Them?
7.5

How to Get Free Crypto Assets?
7.6

What is Crypto Arbitrage: The Main Principles
7.7

What is FUD: How to Use It to Your Advantage While Investing in Crypto?
7.8

Investing in Cryptocurrency: How to Manage Your Risks?
7.9

What is a Rug Pull in Crypto?
7.10

How to Spot and Avoid Rug Pulls?
7.11

The Key Legal Techniques of Avoiding Crypto Taxes
Chapter 8: Crypto Analysis

8.1

Bearish and Bullish Markets: Do They Matter?
8.2

5 Best Crypto Technical Analysis Indicators You Must Know About
8.3

Technical Analysis: What are Candlesticks, Trendlines, and Patterns?
8.4

Crypto Tracking: How to Track Your Favorite Coins & Tokens?
8.5

Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy
Chapter 9: Mining

coming soon

Chapter 10: Crypto Terms

10.1

All Crypto Terms

Handbook Cover Page

Chapter 2: Cryptocurrencies

What is Cardano and What is It Used For?

Did you know that the initial team behind Ethereum broke up because Vitalik Buterin wanted Ethereum to remain a non-profit project, while other team members had the opposite point of view?

Easy

8 minutes

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Now that you understand the general premise behind cryptocurrencies, and the differences between crypto coins and tokens, in this section, I will tell you all about what is Cardano!

If you’ve spent even a day in the crypto markets, you’ve probably heard about Ethereum, the second-largest cryptocurrency. Ethereum was created by a team of inspired individuals, among which the most well-known one is Vitalik Buterin.

At some point, the initial Ethereum team broke up, and some members went on to create their own projects. One of those members was Charles Hoskinson, the now-known creator of Cardano.

In this section, I’ll tell you all about what is Cardano. To be more specific, I’ll introduce to you the history of the Cardano project, how its different from other blockchains such as Ethereum, and what makes Cardano special, in the first place.

Let’s go!

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Video Explainer: What is Cardano and What is It Used For?

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What is Cardano?

To start this section off, we need to address the core question - what is Cardano?

In order to answer this very question, allow me to continue with the story I’ve started telling in the introduction.

The initial team behind Ethereum broke up because of a conflict of interest. Vitalik wanted Ethereum to remain a non-profit project, while team members such as Charles had the opposite point of view - he wanted Ethereum to start accepting venture capital, and to become a for-profit project.

Charles Hoskinson created Cardano with a single goal - to provide a more balanced and sustainable ecosystem for the cryptocurrency world. At its very core, Cardano is simply a cryptocurrency project named after an Italian mathematician - just like many other crypto projects, it utilizes the Proof-of-Stake consensus algorithm (more on that later) and has a native coin called ADA.

This is like you and your friend building a sandcastle on the beach, and having an argument on how many towers it should have. Since you can’t come to a resolution, your friend decides to build a separate castle of his own - one with as many towers and gateways as he wants!

The thing that makes Cardano special, and also different from other, similar blockchains, is the goal that the project has. There are three problems that Cardano aims to solve, in regard to the crypto world - scalability, sustainability, and also interoperability.

Big terms, but don’t worry - let’s break each of them down, in a simple manner!

Scalability

Scalability is often named the biggest problem that all cryptocurrencies face. Put simply, it references the inability of blockchains to keep up with a growing userbase, transaction speed-wise.

Here’s a simple example for you to understand what I’m talking about:

Imagine that you’re using traditional banking methods to pay for your online shopping - let’s say, you have VISA. Your transactions are processed pretty fast, since VISA can handle up to around 24,000 different transactions per second. However, every once in a while, you might experience lag spikes, if the network is encumbered - if there are tens of thousands of other people buying something at that point in time, using VISA, you might need to wait for a few minutes for your transaction to be approved.

Blockchains experience the same issue. However, they also have notoriously small block sizes - in other words, many of the older blockchains can’t handle even close to the number of transactions that VISA can, per second. Ethereum is no exception - it can only deal with around 15 transactions per second!

So, Cardano aims to address and solve this problem. Specifically, the plan that Charles and the team behind Cardano have to make it like this: the more users join the network, the faster it gets.

Sounds awesome, doesn’t it? However, how is this achieved?

Well, as I’ve mentioned earlier, Cardano works on a Proof-of-Stake consensus algorithm. It’s a ginormous topic, of its own, so I highly advise you to go check out a section on staking if you want to understand it better.

For the sake of keeping things simple, basically, the Cardano network has validators (individual people, or organizations) that confirm transactions happening on the blockchain. The thing that makes Cardano different from other PoS networks, however, is Ouroboros.

This is a special type of system made up of epochs (currently, these are periods of 5 days) and slots (1-second intervals). Each slot has a slot leader (who is selected from the transaction validators), and this leader is chosen to confirm transactions.

All of that is, admittedly, extremely technical. I won’t be going deeper into the topic, since it’s so vast, that it requires a different section, of its own. For now, suffice to say that the Ouroboros system allows for the Cardano network to be much more secure than your traditional Proof-of-Stake blockchains, which then allows an increase in scalability.

Sustainability

Having dealt with that complicated can of worms, let’s move on to something that’s much simpler to understand - sustainability.

In terms of Cardano (and cryptocurrencies, in general), this means two things - how eco-friendly a project is, and just how likely it is to prosper and maintain its functionality, long-term.

Ecology-wise, Cardano’s Proof-of-Stake system allows it to be much more eco-friendly than cryptocurrencies such as Bitcoin or Ethereum. While it’s still not ideal, Cardano is already leaping ahead of the two aforementioned coins, when it comes to energy preservation and ecology concerns.

Now, project longevity-wise, the situation is kind of the same, too. Cardano has a dedicated treasury - it’s filled up with transaction fees, and then those fees are paid out in the form of rewards to anyone who makes a meaningful impact on the ecosystem (developers, scientists, and so on).

On top of that, Cardano is actually really big on science and long-term planning, in general. There’s a popular internet meme that, in order to make something happen on Cardano, you need to write a research paper on the subject, and have it peer-reviewed by other blockchain professionals. While it is funny, it does showcase that Cardano is purely based on scientific research and advanced maths!

Continuing on, at some point in time, Charles Hoskinson agreed on a collaboration with another co-founder of Ethereum, Jeremy Wood. This collaboration resulted in a brand new company, called IOHK (also known as Input-Output Hong Kong). Cardano is the main point of interest for IOHK, and the company itself is concerned with creating blockchain solutions for both private companies, as well as governmental institutions, worldwide!

All of that is to say - Cardano is already a well-established project, with multiple backers, a company standing behind it, and huge plans for the future. Charles himself hosts frequent livestreams on YouTube in order to answer questions that the community might have, and to talk about the future of all things Cardano.

Interoperability

Now, interoperability is another big issue that blockchains of today are dealing with. In order to understand what the term actually means, allow me to give you an example:

Imagine that you’re in a car, and are driving down a road. You’re going to check out another car - perhaps you want to buy it? Or maybe, simply meet a friend that drives a different car brand?

At some point in your journey, you come across a river that needs to be crossed. No matter if you drive a sports car, a truck, or a tractor, you won’t be able to cross that river without a bridge. Blockchain interoperability is that bridge!

To throw it back to our topic at hand, different blockchains need to have some sort of a “bridge” where they could communicate with each other. If a blockchain lacks interoperability, it means that it doesn’t have any cross-chain functionality, and you can only interact with it on its native projects and applications.

Cardano solves this issue with what is known as the “KMZ sidechains protocol”. It acts as that bridge between two blockchains - thanks to the protocol, users are able to trade Cardano coins (or, to be more specific, ADA coins) for other cryptocurrencies!

The future of Cardano

So, then - up to this point, we’ve discussed what is Cardano, and how this blockchain network is different from most other cryptocurrency projects out there. As you might have figured out by now, it truly is special!

What does the future hold for Cardano, though? And what does the community think about it?

Well, for starters, it’s worth pointing out that Cardano has a really, REALLY strong community behind it. On one hand, this is amazing - it means that the project is strong and healthy, and that there’s avid interest in it, from a large number of people.

On the flip side, though, it’s also worth mentioning that there are criticisms of Cardano that relate to this very fact. Some people claim that the project has basically become a Charles Hoskinson cult, with fans cheering every single word that he says. Furthermore, this then evolves into criticism that any progress made on the network developments is very slow, and that there are only unrealistic ideas being thrown around, without any signs of them being successfully implemented.

What’s the reality, though?

Well, in my own honest opinion, Cardano is truly an amazing project, with exponential potential! Sure, it does have some struggles, but this is true with any and all blockchains that you might evaluate and examine.

At the same time, it’s also important to mention that, contrary to popular belief, Cardano isn’t an “enemy” of Ethereum. Instead, Charles has expressed, multiple times, that he feels that blockchains should work together in order to build “a better tomorrow”, and not “muscle up” against each other, on which of them has better scalability or smaller transaction fees.

That being said, I do also have to point out that Cardano and Ethereum are still very different from one another. While Ethereum is often praised as the “core technology behind the development of Web 3.0”, Cardano aims to work with governments and large organizations that are concerned with “managing identity, value, and governance” (as pointed out by Charles himself).

With all of that being said, if you wish to learn more about the world of crypto make sure to check out the section about Web 3.0.

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