If you want to know what is Cardano coin or what is Cardano cryptocurrency, search no more. Also, it is the same thing if you need to know.
Cardano is the world's first peer-reviewed blockchain and cryptocurrency project (ADA). It started in 2015 to redesign the way cryptocurrencies are built to solve all known issues and create a decentralized platform for complex, programmable transactions, keeping in mind scalability and security.
It is a third-generation blockchain platform that claims to improve Bitcoin and Ethereum. Smart contracts on the Cardano platform are designed to provide more features than any other protocol before. This project was developed in line with a scientific philosophy and a research-driven approach. Cardano brought together a network of academics, expert engineers, and researchers from various fields and universities.
The team of developers agreed on certain principles from the very beginning, including transparency, openness to regulators, and scientific approach.
How does it work?
Cardano's platform consists of two layers: the Cardano Settlement Layer (CSL) and the Control Layer (CL). CSL is used to execute transactions of ADA coins, while CL will be used for smart contracts.
Cardano can be used both as a medium of exchange, as well as a platform for creating smart contracts. In the future, Cardano wants to become compatible and even interchangeable with the mainstream finance ecosystem.
The main feature of this blockchain platform is an algorithm that uses Proof of Stake protocol to mine coins – Ouroboros. Unlike typical Proof of Stake algorithms, where nodes with the highest number of coins create transaction blocks, Ouroboros works differently. It is the first PoS protocol that is proven to guarantee security and operation in both synchronous and semi-synchronous setting. Of course, it is only possible when an "honest majority" is participating, but other PoS protocols require at least 2/3 of honest participants.
Ouroboros has a different approach toward incentives for the stakeholders as well. Unlike Proof of Work algorithms, that offers coins and transaction fees to miners, Ouroboros provides rewards for availability and transaction verification, that is shared between input endorsers, multiparty computation stakeholders, and slot leaders.
So what is Cardano? Let's review
Cardano is an open-source blockchain platform that is being developed with the help of world-leading academics and fundamental research. It has a first provably secure proof of stake algorithm that was peer-reviewed by academics. Cardano is designed to underpin the economy of the future.
