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
- 'DeFi Education Fund' defends controversial $10.2M UNI liquidationCointelegraph.com News - 11 hours agoThe DeFi Education Fund has defended its shock liquidation of $10 million in UNI, claiming the move was necessary to “begin its work and fund…
- NFL’s Saquon Barkley converting endorsements to BTC to create ‘generational wealth’Cointelegraph.com News - 12 hours agoSaquon Barkley will use Strike to convert all of his endorsements into Bitcoin, and noted that he became interested in BTC after researching inflation. NFL…
- Green BTC miner Bitfarms’ production up 50% after China ban, as Compass goes nuclearCointelegraph.com News - 12 hours agoBitfarms is producing more BTC at a lower cost due to the drop in difficulty. Publicly traded North American Bitcoin mining company, Bitfarms, has doubled…
- SEC fines Coinschedule $200K over sponsored, favorable ICO ratingsCointelegraph.com News - 13 hours agoThe SEC asserts that Coinschedule violated anti-touting provisions of U.S. securities laws. The U.S. Securities and Exchange Commission has settled charges against the defunct initial…
- First look: Spike Lee's TV ad for crypto touts it as new money for a diverse worldCointelegraph.com News - 14 hours agoCoin Cloud chose Spike Lee to direct the crypto commercial specifically for his experience in exploring social issues, and the firm noted they wanted to…