What is Cardano ADA? Explained

 

What is Cardano ADA?

Cardano is a decentralized proof-of-stake (PoS) blockchain platform meant to be a more efficient alternative to proof-of-work (PoW) networks. The infrastructure load of rising expenses, energy consumption, and lengthy transaction times limits scalability, interoperability, and sustainability for PoW networks like Ethereum.

The ramifications of these issues to blockchain networks were recognized by Charles Hoskinson, co-founder of the proof-of-work (PoW) blockchain Ethereum, who began creating Cardano and its principal cryptocurrency, ada, in 2015, unveiling the platform and the ada token in 2017.

The Ouroboros consensus protocol underpins the Cardano platform. Ouroboros, developed by Cardano during its early stages, was the first PoS protocol that was not only shown to be safe, but also the first to be informed by scholarly academic study. Each development phase, or era, in the Cardano roadmap is anchored by the research-based framework, which integrates peer-reviewed ideas with evidence-based approaches to achieve progress toward the Cardano vision.

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