Cardano (ADA) is a decentralised blockchain platform designed for secure and scalable development of dApps and smart contracts. Powered by the energy-efficient Ouroboros Proof of Stake consensus, it features a dual-layer architecture for transactions and smart contract execution. With a focus on academic research and innovation, Cardano aims to address scalability and security challenges, enabling applications in DeFi, NFTs, supply chain, and more. Founded by Charles Hoskinson in 2015, Cardano has become a top cryptocurrency, known for its sustainability and scientific approach.
What is Cardano (ADA)?
Cardano (ADA) is a decentralised blockchain platform designed to provide a secure and scalable foundation for decentralised applications (dApps) and smart contracts. Founded in 2015, Cardano focuses on energy efficiency and scientific research to drive its development.
How does Cardano work?
- Blockchain Architecture: Cardano utilises a dual-layer system: the Settlement Layer (CSL) for transactions and the Computation Layer (CCL) for smart contracts.
- Consensus Mechanism: It uses Ouroboros, a Proof of Stake (PoS) protocol that ensures security and energy efficiency by allowing users to validate transactions based on their staked ADA.
- Smart Contracts: Introduced with the Alonzo upgrade, Cardano enables developers to build dApps with secure and scalable execution.
What are the potential use cases for Cardano?
- Decentralised Finance (DeFi): Creating lending, borrowing, and trading platforms.
- Non-Fungible Tokens (NFTs): Issuing unique digital assets for art, gaming, and identity solutions.
- Supply Chain and Healthcare: Implementing blockchain solutions to enhance transparency and data management.
What is the history of Cardano?
- 2017: Raised $62.2 million during its initial coin offering (ICO).
- 2021: Launched smart contract capabilities with the Alonzo upgrade, paving the way for dApp development.
Cardano’s focus on sustainability and scalability, combined with a commitment to research-driven innovation, has made it a leading blockchain platform recognised globally.