What Is Cardano (ADA)?
History of Cardano (ADA)
Future of Cardano
How Is Cardano Different From Bitcoin?
What Is the Best Place to Stake Cardano?
What Is Cardano (ADA)?
Cardano is a blockchain platform for smart contracts, similar to Ethereum. However, Cardano’s approach is unique in that it is built on a scientific philosophy and a research-first approach. The platform is being developed in separate layers, which separate the ledger of account values from the reason why values are moved from one account to the other. This separation is intended to make smart contracts safer.
The cryptocurrency used on the Cardano blockchain is called ADA, named after Ada Lovelace, a 19th-century mathematician who is recognized as the first computer programmer.
History of Cardano (ADA)
Cardano was founded in 2015 by Ethereum co-founder Charles Hoskinson and officially launched in 2017 by Input Output Hong Kong (IOHK). The project began as an effort to change the way cryptocurrencies are designed and developed. The overall focus beyond the separation of the settlement and computation layers is also on “balance” between the needs of users with those of regulators, and in so doing combining privacy with regulation.
The development team consists of a large global collective of expert engineers and researchers.
Future of Cardano
Cardano aims to be the world’s financial operating system by establishing decentralized financial products similarly to Ethereum as well as providing solutions for chain interoperability, voter fraud, and legal contract tracing, among other things.
The team behind Cardano is planning significant upgrades in its pipeline to increase its utility. With the release of smart contract functionality, the platform aims to gain more traction in the decentralized application (dApp) and DeFi space.
How Is Cardano Different From Bitcoin?
While both Cardano and Bitcoin are cryptocurrencies, their purposes are quite different. Bitcoin was the first cryptocurrency and remains the most well-known. It was created primarily to function as a decentralized digital currency.
Cardano, on the other hand, was designed to allow for complex programmable transfers of value, thanks to its smart contract platform. It is much more akin to Ethereum in this regard. The platform aims to deliver more advanced features than any protocol previously developed, through its layered approach.
Moreover, Cardano uses a unique proof-of-stake consensus algorithm called Ouroboros, whereas Bitcoin uses a proof-of-work mechanism.
What Is the Best Place to Stake Cardano?
The best place to stake Cardano depends on a variety of factors including the stake pool’s performance, fees, reliability, and security. Some popular choices include official wallets like Daedalus and Yoroi, which allow you to select from a range of stake pools.
Staking ADA involves delegating your ADA to a staking pool. This pool, in turn, validates transactions on the Cardano blockchain and rewards you with a portion of the ADA it earns.
