An open-source, proof-of-stake blockchain platform with a focus on smart contracts, similar to Ethereum.
Cardano is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals.”
Cardano is a decentralized, open-source blockchain platform that uses a proof-of-stake consensus algorithm. It was launched in 2017 by Ethereum co-founder Charles Hoskinson. The platform aims to provide more advanced features than any other protocol previously developed, with a strong focus on security, sustainability, and scalability. The native cryptocurrency of the Cardano platform is called ADA. Unlike Ethereum, which transitioned to proof-of-stake, Cardano was built as a proof-of-stake platform from the beginning.
Cardano stands tall among its counterparts, carving its unique niche in the cryptocurrency space with a robust set of founding principles that ensure a solid, secure, and scalable platform. The distinctiveness of Cardano is underpinned by two fundamental tenets: a commitment to peer-reviewed research and a strong emphasis on evidence-based methods. These two pillars not only differentiate Cardano but also set the stage for its progressive trajectory in the field of blockchain technology.
Unlike many other blockchain projects, which are often based on rapid development and iteration, Cardano has chosen a path less traveled: rigorous academic research. It's the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach.
Each protocol componentundergoes a thorough review by a panel of independent experts in a process called peer-reviewing. This procedure eliminates errors, verifies the soundness of the technology, and promotes transparency, thereby reinforcing the trust in the system.
Cardano's approach combines cryptography, software engineering, and game theory to create a balanced and secure system. This multifaceted method provides a holistic view of blockchain technology, tackling the challenges from different angles and offering innovative solutions.
The second pillar in Cardano's foundation is the use of evidence-based methods, which further boosts its reliability and effectiveness.
Cardano has pioneered a unique Proof of Stake (PoS) algorithm named Ouroboros, which sets it apart in terms of security and energy efficiency. This groundbreaking algorithm has been designed to ensure that the blockchain operates optimally with minimal energy consumption, addressing a critical concern associated with blockchain technologies - scalability and environmental impact.
Cardano's focus on evidence-based development has led to the implementation of formal verification methods, a mathematical approach to validate the correctness of the system's code. This prevents bugs and vulnerabilities, enhancing the platform's security to a significant extent.
The founding principles of Cardano have positioned it as a future-forward platform in the blockchain ecosystem. By combining academic rigor and evidence-based development, Cardano provides a dependable, secure, and efficient environment for building decentralized applications and conducting digital transactions.
ADA is Cardano's native cryptocurrency that powers the network. Holders can use ADA for transactions and to participate in the network's operations, such as voting on protocol changes or running a stake pool.
For more information, visit: https://cardano.org/