What is Cardano?
Cardano is a decentralized blockchain platform, designed to provide a more efficient alternative to proof-of-work (PoW) networks. This third-generation platform addresses the challenges faced by PoW networks such as scalability, interoperability, and sustainability.
These issues have been recognized by Charles Hoskinson, co-founder of Ethereum, who started developing Cardano and its primary cryptocurrency, ada, in 2015. In 2017, the platform and ada token were launched.
Cardano operates on the Ouroboros consensus protocol, the first PoS protocol to be proven secure through scholarly academic research. The platform’s development roadmap is based on research-based frameworks that incorporate peer-reviewed insights and evidence-based methods.
These milestones aim to further the use and applications of the blockchain network and ada token. As of June 20, 2021, Cardano’s cryptocurrency, ADA, has a staked value of approximately $31.4 billion, with 71.59% of it being staked in 2,626 active pools.
Cardano is seen as an alternative to Ethereum, with similar applications such as smart contracts, and a focus on building a connected and decentralized system. The platform aims to provide banking services to the unbanked population and is also used for identity management and traceability.
This can simplify processes requiring data from multiple sources and track product manufacturing processes to prevent counterfeit goods. The development of the Cardano ecosystem is decentralized, with the Cardano Foundation, IOHK, and EMURGO sharing responsibilities.
The Cardano Foundation oversees the Cardano brand, promotes its visibility, and connects with policymakers and academia.
