Cardano is a third-generation, decentralized Proof-of-Stake (PoS) blockchain platform. It was launched in 2017 by Charles Hoskinson, one of the co-founders of Ethereum, with the goal of solving the scalability, interoperability, and sustainability issues faced by older networks like Bitcoin and Ethereum.
Key Features
Scientific Approach: Unlike many other projects, Cardano is built on peer-reviewed research and evidence-based methods. Every update undergoes rigorous academic scrutiny before implementation.
Layered Architecture: It uses a unique two-layer system:
$ADA Cardano Settlement Layer (CSL): Handles the ledger of accounts and transactions.
Cardano Computation Layer (CCL): Where smart contracts and decentralized apps (dApps) run.
Ouroboros Protocol: This is Cardano’s environmentally friendly consensus mechanism. It requires significantly less energy than Bitcoin's mining process.
The ADA Token
The native cryptocurrency of the platform is called ADA (named after Ada Lovelace, the 19th-century mathematician). You can use ADA to:
Pay for transaction fees.
Stake your coins to earn rewards while securing the network.
Participate in governance by voting on the future of the project.
Why It Matters
Cardano aims to provide banking and identity solutions to "the unbanked," particularly in developing nations like Ethiopia. It’s not just a digital currency; it’s a global platform for identity and supply chain tracking.
Visual Representation
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