Cardano is a project that was started in 2015 by the previous co-founder of etherium Charles Hockinson. The development of Cardano is overseen by a foundation Known as Cardano located in Switzerland, and that is how it got its name. First of all, Cardano and ADA are two different entities that work to serve a similar goal. Cardano is an open-source blockchain platform that utilizes a proof-of-stake protocol called Ouroboros.
ADA is the cryptocurrency used on the Cardano blockchain platform; these two entities collaborate to promote peer-to-peer transactions. In simpler terms, Cardano is the home to ADA. Cardano doesn't use white paper, but it uses principles to overcome challenges on other crypto networks like regulatory compliance, interoperability, and scalability. Cardano has two layers within its platform; the first layer houses ADA, where all transactions are monitored. The next layer is known as the computation layer, where applications and smart contracts run. In 2021 Cardano integrated decentralized finance, also known as (Defi) services, and an upgrade to allow users to create decentralized applications and enable smart contracts to run on the platform. Ouroboros was the pioneer of peer-reviewed, secured, and provable blockchain, and Cardano was the first to integrate it into their system.
Ouroboros allows the Cardano network to endure ascending to worldwide requirements without potentially compromising security. Ouroboros aims to provide a solid and secure system with unambiguous global payment systems through the tireless culmination of effort and developing foundational research. Apart from that, Cordana's Blockchain protocol envisions a way of fair redistribution of power and control. Cordana ADA is truly a greener solution to utilizing blockchain platforms compared to Etherum and Bitcoin. The proof-of-stake method uses significantly less electrical energy and computational power compared to the proof-of-work blockchain method. Cordana aims to define a better future where decentralized networks are not bound by intermediaries and individuals are given back control.
Proof-of-work vs. proof-of-stake
To reduce energy usage and enable speedier transactions, the Ouroboros algorithm uses the PoS technique. Cardano's blockchain reduces the number of nodes in a system by assigning certain nodes the responsibility of checking and confirming transaction activities from a cluster of nodes. These nodes are called leaders, and they then send transactions to the main network. This is the opposite of what a PoW does. With a PoW, each node maintains a copy of isolated blockchains.
This method, along with other characteristics, has helped the ADA coin gain traction in the market. Cardano's ADA coin has increased by 1,520 percent after its launch in 2017. Now its market cap is about $18.8 billion.
What is Cardano used for?
Cardano's main application right now is limited at the cryptocurrency level. ADA is the built-in token of the Cardano settlement layer. However, the blockchain hopes to grow by allowing cross-chain transfers via side chains, which allow two parties to perform transactions off-chain.
It's also looking into how institutions and people might selectively reveal transaction and identity info to enable ADA usage in everyday transactions. It also wants to get into the gaming and gambling sector.
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