What is Cardano (ADA)?
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| Cardano (ADA) |
What is Cardano (ADA)?
Cardano is a blockchain platform. proven stated that the goal is to "Changers innovator and visionaries” can make a positive change on a global scale.
The open source project also aims to “Decentralizes from untrusted structures to marginal areas for individuals,” thereby helping to build a secure society. more transparent and fair
Cardano was founded in 2017 and the ADA token is designed to allow its owners to participate in the operation of the network. As such, cryptocurrency holders have the right to vote on any proposed changes in the software.
The team behind layered blockchain says there are interesting use cases for the technology, which aims to allow decentralized apps and smart contracts to be developed with modularity.
Agricultural companies use Cardano to track fresh produce from farm to fork. while other products built on the platform allow educational credentials to be stored in a tamper-proof manner and retailers can deal with counterfeit goods.
Who is the founder of Cardano?
Cardano was founded by Charles Hoskinson, one of the co-founders of the Ethereum network. He is the CEO of IOHK, the Cardano blockchain company.
in an interview Regarding CoinMarketCap's Crypto Titans series, Hoskinson said that he was involved in cryptocurrencies in 2011 and is immersed in mining and trading. He explained that his first professional involvement in the industry came in 2013 when he created a course on Bitcoin that eventually enrolled 80,000 students.
Besides being a technology entrepreneur, Hoskinson is also a mathematician. In 2020, his tech company made a $500,000 ADA donation to the University of Wyoming's Blockchain Research and Development Laboratory.
What makes Cardano unique?
Cardano is one of the largest blockchains that has successfully implemented a gambling-proof consensus mechanism. It uses less power than Bitcoin-based proof-of-work algorithms. Although much larger Ethereum has been upgraded to PoS, this change is only gradual.
This project prides itself on ensuring that all technologies developed go through a peer-reviewed research process. This means that bold ideas can be challenged before they are examined. According to the Cardano team, this academic rigor allows the blockchain to be robust and stable, which increases the likelihood of errors going forward.
In 2020, Cardano instituted an upgrade to Shelley, which aims to make its blockchain “50 to 100 times more decentralized” than any other large blockchain at the time. Have hundreds of assets running on their network.
How many Cardano (ADA) coins are in circulation?
It has a maximum supply of 45 billion ADA, but at the time of writing this article. It has a circulating supply of approximately 31 billion. Five public rounds of Cardano token sales took place between September 2015 and January 2017.
Around 2.5 billion ADA was allocated to IOHK when the network launched. Meanwhile, another 2.1 billion ADA was awarded to Emurgo, the global blockchain technology company serving as the founder of the Cardano protocol. Last but not least, 648 million ADAs were awarded to the non-profit Cardano Foundation. which aims to promote the platform and increase its adoption level.
Overall, approximately 16% of ADA's total supply goes to the project's founders, with the remaining 84% being shared among investors.
How is the Cardano network secured?
Cardano is secured through an "environmentally sustainable and verifiable" PoS protocol called Ouroboros.
The project says Ouroboros improves the security assurance delivered by the PoW consensus mechanism while using much less power. It claims to be four times more energy efficient than Bitcoin.
It is a combination of unique technology and mathematical validation mechanisms. Behavioral psychology and economic philosophy are included for good measure. Overall, Ouroboros' objective is sustainable and ethical growth.
The incentive mechanism means that participants in the network are rewarded for their participation.
Where can I buy Cardano (ADA)?
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