Cardano is a decentralized blockchain platform that utilizes a proof-of-stake consensus mechanism. The platform is designed to provide a more secure and scalable infrastructure for the development and operation of smart contracts and decentralized applications (dApps). Development began in 2015 under the leadership of Charles Hoskinson, one of the founders of Ethereum. When launched in 2017, Cardano became the largest cryptocurrency based on a proof-of-stake system, which is considered a more environmentally friendly alternative to traditional proof-of-work systems. Cardano uses a proof-of-stake consensus mechanism called Ouroboros. The platform aims to solve the scalability, interoperability, and sustainability issues existing in current blockchain solutions.
ADA is the native cryptocurrency of the Cardano blockchain. It’s named after Ada Lovelace, a pioneer in computer programming. ADA is used to conduct transactions and power applications on the Cardano network. ADA holders can participate in the network's decision-making by voting on proposals and changes. Additionally, ADA can be staked in the network's proof-of-stake consensus mechanism. By staking ADA, holders help secure the network and have the opportunity to earn rewards. ADA's use cases also include enabling micropayments and facilitating financial services in developing countries.
Cardano features a multi-layer architecture that separates the settlement layer from the computation layer. The settlement layer, known as the Cardano Settlement Layer (CSL), handles ADA transactions, while the computation layer, known as the Cardano Computation Layer (CCL), supports smart contracts and dApps. This separation allows Cardano to achieve higher security and flexibility. The Ouroboros consensus mechanism, a proof-of-stake system, ensures the network's integrity and security by allowing ADA holders to participate in block validation. The modular design enables future upgrades without disrupting the network's operations, making Cardano scalable and adaptable for various use cases.
Why does Cardano exist?
Cardano was created to provide a sustainable and secure blockchain platform that addresses the limitations of previous generations of blockchains. The project, led by the company IOHK under the leadership of Charles Hoskinson, aims to create a research-driven, peer-reviewed platform that can support a global economy. Cardano strives to solve issues such as scalability, interoperability, and sustainability. By focusing on scientific research and collaboration with academic institutions, Cardano aims to establish itself as a leading platform for financial services, especially in developing countries where traditional financial systems are often inaccessible or inefficient.
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Cardano's website: https://cardano.org/
Cardano on Wikipedia: https://en.wikipedia.org/wiki/Cardano_(blockchain_platform)