What Is Cardano (ADA)?

Blockchain
#1

Cardano is a third-generation decentralized proof-of-stake (PoS) blockchain platform that aims to outperform proof-of-work (PoW) networks. The infrastructure load of rising prices, energy usage, and sluggish transaction times limit scalability, interoperability, and sustainability for PoW networks like Ethereum.
The relevance of these difficulties to blockchain networks was recognized by Charles Hoskinson, co-founder of the proof-of-work (PoW) blockchain Ethereum, who began creating Cardano and its principal cryptocurrency, ada, in 2015 and launched the platform and the ADA token in 2017. The Ouroboros consensus protocol is used by the Cardano platform. Cardano’s Ouroboros protocol was the first PoS system that was not only shown to be safe, but was also the first to be informed by sophisticated academic study. The research-based framework anchors each development phase, or era, in the Cardano roadmap, incorporating peer-reviewed insights with evidence-based methods to make progress toward and achieve milestones related to the future directions of the blockchain network and the ADA token’s use applications.

#2

Cardano is a blockchain and smart contracts platform with a cryptocurrency called “ada.” Cardano has released products for identity management and product traceability. Cardano uses Ouroboros—a proof-of-stake algorithm—to create blocks and validate transactions occurring on its blockchain.

Key points about Cardano;

  • Cardano is a blockchain platform that aims to be a decentralized application (DApp) development platform with a multi-asset ledger and verifiable smart contracts.

  • Cardano is being built in five stages: foundation, decentralization, smart contracts, scaling, and governance.

  • Cardano runs on the proof-of-stake Ouroboros consensus protocol and developments are informed by scholarly academic research.

  • The primary cryptocurrency of Cardano is called “ADA”

  • Cardano oversight is decentralized and shared by The Cardano Foundation, IOHK, and EMURGO.