DeFi 10107 September 2021

What is Cardano?

Cardano

Summary

· Cardano is a decentralized PoS (Proof-of-Stake) blockchain

· Cardano provides a more efficient alternative to the PoW (Proof-of-Work) networks

· Cardano platform operates on the Ouroboros consensus protocol

Cardano is a decentralized PoS (Proof-of-Stake) blockchain platform with its native currency called Ada. It was established in 2015 and launched in 2019 by Charles Hopkinson, the Ethereum co-founder.

The tokens wer named after Ada Lovelace or Augusta “Ada” King. She was a 19th century Countess from Britain and best known for her theoretical computation engine. She is regarded as the first-ever computer programmer.

The platform’s design was to provide a more efficient alternative to the PoW (Proof-of-Work) networks. Issues like increased costs, slow transactions, and energy use limit networks like Ethreum, limiting their sustainability, interoperability, and scalability.

The Cardano platform operates on the Ouroboros consensus protocol. It is the first of the PoS protocols that was truly secure and the first one that has ever been informed by scholarly academic research.

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