Cardano (ADA) 101
Cardano is the Network, ADA is the currency
What is Cardano ADA? Cardano is the blockchain platform that runs the Cryptocurrency ADA. The Cardano platform was launched in September of 2017 in Japan. The Cardano platform utilizes a distributed computing platform to run the blockchain for the ADA currency.
What is a Distributed Computing Platform?
Wikipedia describes Distributed computing as
“A field of computer science that studies distributed systems. A distributed system is a model in which components located on networked computers communicate and coordinate their actions by passing messages.”
Gathered from this, it is safe to assume that distributed computing is a scientific breakdown of what blockchain decentralization aims to be. Cardano takes it to the next level.
How does Cardano work?
The Cardano platform uses a proof-of-stake system instead of the popular proof-of-work algorithm. This means that coin holders can become “Slot leaders” and vote on decisions such as new coin creation and verifying block transactions on the blockchain.
Cardano has two separate layers on its blockchain. One for verifying transactions, and a separate layer for Dapps and smart contracts. The multilayer architecture is an upgrade as compared to former single layer blockchain systems such as Ethereum.
Why Cardano?
According to the Cardano website, Cardano’s platform is aimed at running financial applications in the future that governments, individual people, and organizations around the world currently use. Cardano is proud of its multi-layered-architecture, which it claims will make soft forking easier allowing upgrades or maintenance to easily be conducted.
Cardano is still new. The settlement layer built for the ADA transactions is not even finished. Once that layer is finished, the Cardano team will begin building the computing layer, which will not only handle smart contracts and Dapps but will also enable a set of blockchain written legal agreements which Cardano claims will be the basis for future business and commerce.
Cardano’s Team
Cardano was conceived by a team of worldwide engineers based on a basic principle that the platform is safe, secure, adaptable, and expandable. Decisions made on the design of the Cardano platform are made with extreme prejudice regarding future users privacy as well as any future cryptocurrency regulation.
Cardano wants to offer fair financial services to anyone worldwide.
Cardano’s availability
Cardano is easily accessible on many different crypto exchanges. The largest is Asian exchange Upbit. Unfortunately, most of you English speaking readers will have better luck with the English version of the Asian exchange Binance. Its where I picked up mine!
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Sources:
https://www.cardano.org/en/what-is-cardano/
https://www.cardano.org/en/philosophy/
https://en.wikipedia.org/wiki/Cardano_(platform)
https://en.wikipedia.org/wiki/Distributed_computing
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