Cardano is a cryptocurrency and decentralized
network made on blockchain technology. Along with Cardano
cryptocurrency, the Cardano network enables smart contracts and decentralized
apps (ĐApps) on its environment-friendly software while maintaining the
security provided by similar blockchains.
Cardano is a blockchain-based
network that powers the Cardano cryptocurrency and other applications. In
addition to the Cardano coin, which trades under the symbol ADA, the Cardano
network is useful for smart contracts and other distributed applications.
The idea of Cardano was first introduced in 2015 to address challenges of scale, interoperability, and
sustainability faced by existing blockchain networks. The first version of the
network and its currency, ADA, were launched in 2017.
ADA is named after 19th-century
mathematician Ada Lovelace, who is credited as the first computer programmer.
Three organizations play an
important role in the Cardano ecosystem. The network is maintained by the
nonprofit Cardano Foundation, which is responsible for its governance and
advancement. EMURGO is one of the founders of Cardano and is deemed the
for-profit arm of the network involved in driving its commercial adoption.
Blockchain infrastructure firm IOHK is the third partner, providing technology
and engineering insights to the network.
The special features of Cardano
are that it powers smart contracts and ĐApps through a highly decentralized,
environmentally sustainable network.
You cannot mine Cardano to create
new coins like Bitcoin and Litecoin. Cardano operates on its own Ouroboros
protocol and uses a proof-of-stake method to verify the creation of new blocks.
This proof-of-stake method uses significantly less energy than the competitive
proof-of-work networks where electricity-hungry mining computers race to create
the next block and earn a Bitcoin (or another coin) reward.
ADA can be purchased on most
major cryptocurrency exchanges such as Coinbase, Kraken, and Bittrex, among