Cardano (ADA)

Cardano (ADA) is an open-source, decentralized blockchain platform that is aiming to create a more secure and transparent ecosystem for financial transactions and building smart contracts. It was created by IOHK, a blockchain research and development company led by Charles Hoskinson, also a co-founder of Ethereum. Cardano aims to achieve scalability, interoperability, and sustainability to advance the adoption of blockchain technology. It uses a proof-of-stake consensus algorithm called Ouroboros, which reduces the energy consumption required for mining compared to proof-of-work algorithms used by platforms like Bitcoin. Cardano’s unique features include its layered architecture, which separates the blockchain into two layers, one for the settlement layer (where transactions are processed) and the other for the computation layer (where smart contracts are built and executed), and its peer-review process for code and governance decisions. The ADA cryptocurrency is native to the Cardano platform and can be used for peer-to-peer transactions, staking, paying transaction fees, and participating in governance decisions. Its overall goal is to become a self-sustaining ecosystem that can bring financial inclusion to the unbanked and underbanked populations, especially in developing countries.