Cardano is a decentralised, third-generation Proof of Stake (PoS) blockchain platform. It aims to improve upon the flaws of earlier blockchains like Bitcoin and Ethereum by being more flexible, sustainable, and scalable. Cardano is designed to support smart contracts, enabling developers to create decentralised applications (dApps) that can securely interact with monetary exchanges.
Cardano operates on a two-layer architecture: the Cardano Settlement Layer (CSL) and the Cardano Computational Layer (CCL). The CSL is responsible for accounting and transferring value, while the CCL handles smart contracts and decentralised applications. Cardano uses a unique consensus mechanism called Ouroboros, which is an energy-efficient PoS protocol that enhances security and scalability. Users can stake their ADA, Cardano's native cryptocurrency, to earn rewards while contributing to network security.
Cardano's potential use cases span across various industries such as supply chain management, finance, education, real estate, and healthcare. Specific applications include decentralised identity verification, enhancing supply chain transparency, DeFi solutions for lending and borrowing, stablecoin deployment, and verifying educational credentials. Notable partnerships include collaborations with institutions and businesses in sectors like education, banking, healthcare, and supply chain management.
Cardano was founded by Charles Hoskinson, one of the co-founders of Ethereum, in 2015. The platform was developed by IOHK (Input Output Hong Kong), focusing on providing a secure and scalable blockchain infrastructure. Cardano's journey includes significant milestones like the Shelley and Alonzo updates, enhancing decentralisation and smart contract functionalities. With its community-driven development approach, Cardano has grown to be one of the prominent blockchain platforms, continuously evolving through research-led techniques and peer-reviewed scientific methodologies.