Cardano has become one of the fastest growing blockchain assets in the entire cryptocurrency industry. Its internal cryptocurrency is called ADA.
It was created by Charles Hoskinson, a mathematician. He partnered with Jeremy Wood, a former co-worker at Ethereum. They both wanted to create blockchains in more scientific ways.
ADA has been a top-10 cryptocurrency by market capitalization since it was released in 201. Its technology is advancing at rapid speed and looks to take on the likes of Ethereum in building a massive blockchain ecosystem.
What does Caradano do?
ADA – Cardano is a digital coin that can be used to store value or send and receive funds. The ADA cryptocurrency runs on the cardano blockchain, a first-of-its-kind decentralized network. It is based completely on scientific and mathematical principles and designed by experts in the fields of cryptography and engineering.
The cardano blockchain can be used to build smart contracts, and in turn, create decentralized applications and protocols.
Additionally, the ability to send and receive funds instantly through, for minimal fees, have many applications in the world of business and finance.
I know what you’re thinking, ethereum and ripple and in one.
However, cardano is staying a step ahead by working with regulations in mind instead of trying to thwart global regulators.
Cardano looks to solve many of the blockchain industry’s current problems, including:
1- The use of mathematics to secure their blockchain that is less prone to attacks
2- Separation of accounting and computational layers
3- Creation of a secure voting mechanism for token holder
4- A consensus mechanism that is infinitely scalable
In mere mortal speak, they are creating something functional, scalable, and very very secure.
This next part is important if you want to understand what sets Cardano apart from other cryptocurrencies.
However, it’s a bit technical. If this video doesn’t do the job for you, click on the link in the description box to download our Ultimate Cardano Guide. In fact, even if you already get something out of this video, I suggest you download that guide.
We’ve always advocated understanding the crypto you are buying into.
Cardano’s blockchain has two layers:
The Cardano Settlement Layer or CSL is where token holders can send and receive ADA instantaneously with minimal transaction fees.
The Cardano Computational Layer or CCL helps run smart contracts. It also ensures security and compliance, and allows for other advanced functionality, such as blacklisting and identity recognition.
The cardano open source code is written using Haskell. It is known as a secure programming language.
Cardano works on a specially designed proof-of-stake (PoS) blockchain protocol for consensus called Ouroboros.
The biggest benefit of Ouroboros is its mathematical security in choosing blockchain validators. Many other blockchains claim they choose block validators at random. Rarely anyone proves it.
Ourboros offers a verifiable way to randomly select a validator and ensure all token holders who stake ADA to the cardano blockchain have a fair chance of mining a block and receiving the associated reward.
Uses for ADA cardano
The cardano coin can be used in so many different ways:
1- as a transfer of value in a similar way that cash is currently used
2- to help stake pool operators successfully verify transactions on the blockchain
3- In the future, ADA will also be used for smart contracts
As of recording Cardano is worth a little more than a dollar. Some experts are predicting it will thread towards a hundred.
We say download our ADA guide and get to know Cardano more before you buy in. Also, stay subscribed. We will continue to feed you with updated information about cardano and other cryptocurrencies.