Everything you need to know about Cardano Cryptocurrency

Everything you need to know about Cardano Cryptocurrency

Blockchain
March 24, 2021 Editor's Desk
460
Cardano has become one of the fastest growing assets in the entire cryptocurrency industry. ADA has built significant hype, but not for nothing. The coin has been in the top 10 since it was released in 2015. With a team that was involved in building Ethereum, the platform can be expected to have similar success
Cardano Explained

Cardano has become one of the fastest growing assets in the entire cryptocurrency industry. ADA has built significant hype, but not for nothing. The coin has been in the top 10 since it was released in 2015. With a team that was involved in building Ethereum, the platform can be expected to have similar success in building a substantial blockchain ecosystem.

What is Cardano?

Cardano is a decentralized network, the first of its kind, based completely on scientific and mathematical principles. The blockchain can be used to build smart contracts and create decentralized applications and protocols. A plus point is that it allows to send and receive funds instantly for minimal fees, making it particularly useful in the business and finance industry.

Cardano aims to solve a few of the blockchain industry’s main problems in the following ways:

  • Mathematical and scientific principles to provide a secure blockchain that is less prone to attacks.
  • An infinitely scalable consensus mechanism.
  • Separating the accounting and computational layers.
  • Creating a secure voting mechanism for token holders.

Why Cardano?

One of the core principles of Cardano is its Proof-of-Stake (PoS) blockchain protocol. What this means is ADA is locked to the blockchain to help pool operators verify any transactions that take place. Those who stake their ADA to the blockchain are rewarded with more in return. This system helps maintain security throughout the blockchain.

Another feature is the use of ADA in voting. Unlike other blockchains, token holders vote on changes to the Cardano blockchain, not miners. This way everyone that owns the cryptocurrency has a say in its development.

Moving forward, developers will also be able to use ADA to create smart contracts and applications running on the blockchain.

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