Cardano (ticker symbol, ADA) is a decentralized proof of stake (PoS) blockchain designed to be a more efficient alternative to proof of work (PoW) networks.
Cardano's cryptocurrency is named Ada after Augusta Ada King, Countess of Lovelace (1815-1852), who is commonly regarded as the first computer programmer. Ada is used in the blockchain's PoS consensus mechanism. It is given as a reward for work done for the blockchain by users participating in a stake pool.
Charles Hoskinson, the co-founder of Ethereum, began the development of Cardano in 2015 and launched the platform in 2017.
Cardano has positioned itself as an alternative to Ethereum. Both platforms are used for similar applications, such as smart contracts, and have goals of building a connected and decentralized system.
Cardano considers itself an updated version of Ethereum and has anointed itself a "third-generation" platform, compared with Ethereum’s "second-generation" credentials. The blockchain platform also has a goal of providing banking services to the world’s unbanked.
KEY TAKEAWAYS
Cardano is a blockchain platform that was founded in 2015 by Charles Hoskinson. It was launched in 2017.
Cardano aims to be a decentralized application (DApp) development platform with a multi-asset ledger and verifiable smart contracts.
Cardano runs on the proof-of-stake Ouroboros consensus protocol.
The primary cryptocurrency of Cardano is called "Ada."
Cardano oversight is decentralized and shared by the Cardano Foundation, IOHK, and EMURGO.
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