In short – Cardano is the third generation blockchain, the first of its kind in the world, based on Peer-Reviewed. The digital asset / currency of this platform is also known as ADA.
And a little more than that – the non-profit fund responsible for the Cardano currency has recruited a network of academics and scientists, (unlike programmers in other projects of most digital currencies), from various universities, including the University of Edinburgh and the Tokyo Institute of Technology, to review their protocols before they are released. . It is a “third generation” of digital currencies and a smart contracts platform that claims to improve problems on the scale of Bitcoin, a first generation currency, and Etherium, a second generation currency.
The Cardano is divided into 2 layers: the CSL layer – Cardano Settlement Layer – used to implement transactions for the second layer and the ADA layer – the layer of Cardano’s digital currency: ADA. The initial token issue raised $ 62 million from investors and currently uses 26 billion coins (out of 45 billion).
At the heart of the Cardano platform is the Ouroboros, an algorithm that uses the Proof of Stake protocol for coin mining. This protocol has been specially adapted in order to reduce energy consumption during mining and the time of creation of new coins. The use of the third generation of the Ouroboros algorithm and the complex process of the platform made it perceived as more stable and secure.
The system is still under development and much emphasis is placed on developing high capabilities with dealing with an increase in demand, the ability to work with other block strings and a balance between the regulatory needs and the needs of the potential audience that includes not only those interested in cryptography.
Currency developers have a number of future plans that the community expects to see evolving such as trading in ADA through a customized Android or iOS app, or issuing a credit card that has the ability to automatically convert to local currency securely. In fact, an initial experiment is already underway that includes ATMs where ADAs can be withdrawn across Japan.