What is Cardano (ADA)?
ADA is a crypto coin running on Cardano Settlement Layer (CSL) blockchain, the first and most secure blockchain based on Proof of stake mechanism validating the transactions. Cardano team calls their proof of stake mechanism Ouroboros. Unlike Proof of Work, where miners invest energy intensive computing power to mine each block, proof of stake chooses a random miner based on the size of the stake (value). In order to generate or mint a new block, a slot leader is chosen with a probability proportional to the amount of coins this node is carrying. So one of ADA's advantages over Bitcoin, Ethereum and other similar cryptocurrencies is its energy-efficient proof of stake transaction validation system. ADA is flexible like Ethereum due to a second layer Cardano Computational Layer (CCL) which supports decentralized applications and smart contracts.
ADA was initially created by Input Output Hong Kong (IOHK), a blockchain development firm. The project was led by Charles Hoskinson who was a former co-founder of Ethereum, Etereum classic and Bitshares. Presently the ADA team consist of three organizations i.e. Cardano foundation, IOHK, and Emurgo.
The major use of Cardano is the transfer of value. Future development of applications on CCL layer can provide the easy and economical payment solution to service providers such as Uber, Upwork, and alike.
See Also: How to Buy Cardano ADA
- Historical Data
- Nifty News: Kevin Smith sells horror flick rights as NFT, Megadeth’s ETH, farming MEMEs ...Cointelegraph.com News - 5 hours agoMEME NFT farming platform launches the new and improved v2, Megadeth NFT nets $18K, and Kevin Smith tokenizes the rights to “Killroy Was Here”. Filmmaker…
- Toddler hodler: 3-year-old Bitcoin educator interviews Michael SaylorCointelegraph.com News - 6 hours agoThree-year-old Lily Knight interviewed Michael Saylor on April 13 about his thoughts on Bitcoin and his plans for the future. Three year old Lily Knight,…
- South Korea's largest bank joins Hedera Governing CouncilCointelegraph.com News - 7 hours agoShinhan Bank plans to use Hedera’s infrastructure to bolster the efficiency of many of its internal processes. Shinhan Bank, South Korea’s largest financial institution by…
- Coinbase’s COIN stock reference price set at just $250, as 1,700 staff get free sharesCointelegraph.com News - 7 hours agoCoinbase’s reference price of $250, received ahead of the Nasdaq direct listing, values a “thank you” gift to all 1,700 full-time employees at $25,000. Major…
- Revealed: Top 4 user complaints about Signal's new crypto payments betaCointelegraph.com News - 7 hours agoSignal has published user feedback from its beta integration with Mobilecoin, which saw users complain about the volatility and transaction fees related to MOB. Privacy-focused…