Which blockchain does Dropspot support?
Learn more about the Cardano blockchain and it's features.
Overview
Dropspot is built with adopted WEB3 practices, with Cardano as the primary blockchain and ADA as the coin that powers the Cardano network. It is the first 100% decentralised blockchain in operation, under a proof of stake consensus mechanism.
Cardano is a 3rd generation blockchain and has introduced the eUTXO model of accounting which means that NFT functionality is baked into the base-level blockchain rules, making Cardano a natural, more secure and dependable technology choice.
Cardano is a groundbreaking proof-of-stake blockchain network, being developed into a decentralized application (DApp) development platform with a multi-asset ledger and verifiable smart contracts.
Built with the rigor of high-assurance formal development methods, Cardano aims to achieve the scalability, interoperability, and sustainability needed for real-world applications. Cardano is designed to be the platform of choice for the large-scale, mission-critical DApps that will underpin the economy of the future
Good to know: Cardano has also been chosen for environmental reasons in that its processing efficiency is less <1% of Bitcoin.
Cardano Blockchain Features
NFT's minted, and sold on our platform inherent the features and security of the base-level blockchain. This infuses our NFT's with the intrinsic benefits and features of Cardano.
Native Tokens
The issuance (minting) and transfer of NFTs on Cardano occurs natively. As such, the tokens exist directly within an owners wallet, and have no dependency upon 3rd party smart contracts to control behaviour. The tokens are treated no differently to Cardano’s native currency (ADA). This ultimately increases security, and removes dependency on centralised services.
Low and Predictable Fees
Rather than a fee market for priority, Cardano was the first of the top 10 to implement 100% Proof of Stake (Pos), for block validation and processing.
The Oroborus protocol ensures low, predictable and consistent fees are charged for each transaction. This opens currently non-commercial use cases (think expansion into supply chain) and increases profitability. Ultimately this translates to a better creator and consumer user experience.
Decentralisation
Currently 70% of ADA ~30B of ADA is delegated amongst 3000 pools, making Cardano one of the most decentralised chains. Cardano has beaten ETH to this milestone.
Network Security
Network is based upon an extension of Bitcoin’s UTXO model - eUTXO as opposed to EVM’s account based model. SC’s are written as validators of transactions rather than computational logic on chain. So a very different approach which increases network security and reduction of attack vectors.
The network is also written in a code Haskel which falls under a ‘Functional’ vs ‘Imperative’ programming language. This basically translates to ‘provable’ and ‘deterministic’ verification and trust of operation.
With respect to NFT’s, the blockchain, not smart contracts are responsible for security.
Sustainability
Not only is PoS a much less energy intensive network (99%), many Stake Pool Operators are aligned directly to Charitable causes, and use this to incentivise wallet delegation.
Community and Governance
Cardano has one of the largest crypto communities and is fuelled by Catalyst which is one of the largest private development funds in the world.
Learn More:
Last updated
