WHY WE ARE BUILDING ON CARDANO BLOCKCHAIN
As the Cardano ecosystem grows, there is undeniable need for a smart contract wallet in the ecosystem, to help build an awesome network and bring forth healthy growth and competition in the ecosystem.
Cardano is a public blockchain platform, an open-source and decentralized platform, with it’s consensus achieved using proof of stake. Cardano is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach proof of stake (PoS), This option has caused Cardano to have an improved scalable feature and it’s energy-efficient than Bitcoin and Ethereum proof-of-work (PoW) blockchain platform.
We are aware of the high transaction fee and high gas fee caused by scalability problem in early blockchains that uses proof of work consensus, Although Ethereum has implemented it’s L2 protocol to address scalability problems, but Cardano is designed with scalability as it’s primary feature, With the Alonzo hard fork which saw smart contracts and decentralized app development tools being developed on the Cardano Ecosystem, Cardano’s transaction fee pattern is fundamentally different from Ethereum as you can interact with the Cardano ecosystem, deploy your Dapps and pay a very low gas fee.
For this project we will use Hydra L2 protocol on Cardano, that outperforms the Ethereum L2 protocol, the Hydra L2 uses isomorphic state channels which basically will use the same ledger representation over and over again to provide uniform and off-chain ledger. These are referred to as Heads by the developers and thus allow users to transact with little or no fees hence deeming Cardano a better blockchain to build Piggy Wallet.
Another important feature of Cardano that forced the building of Piggy Wallet on the platform is it’s interoperability and sustainability. Piggy Wallet is designed to be a self bank on the go and thus the ecosystem is open for DAO as integrating other chains is feasible and users can attach the metadata of their transaction if they wish while enjoying a very fast transaction at a low fees.
Piggy Wallet is an all in one DeFi tool that leverages the Synergized strength of Cardano to produce an outstanding result, users will be able to perform tasks such as store, swap, send, receive and buy Cardano cryptocurrency and Cardano native tokens with fiat. Developers and users will be able to explore the decentralized applications and services such as staking, swapping, lending, games and so on.
So far regarding the progress of the project, a UI/UX Designer, Front-End, Back-End, Smart Contract Consultant, Advisor are all on board and are all making progress towards building a first ever smart wallet on Cardano that will serve everyone on Cardano community and the ecosystem.
Join us on this wonderful journey as we have started developing a safe gateway to Cardano Decentralized Applications tailored for the Ecosystem and Community. In the meantime, follow us on