What Is Cardano? (ADA)Complete Guide & Review About Cardano.

What Is Cardano (ADA)?

Cardano is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators and visionaries” to bring about positive global change. To learn more about this project, check out the deep dive of Cardano.

The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals” — helping to create a society that is more secure, transparent and fair.

Cardano Coin was founded back in 2017, and named after the 16th century Italian polymath Gerolamo Cardano. The native ADA token takes its name from the 19th century mathematician Ada Lovelace, widely regarded as the world’s first computer programmer. The ADA token is designed to ensure that owners can participate in the operation of the network. Because of this, those who hold the cryptocurrency have the right to vote on any proposed changes to the software.

The team behind the layered blockchain say that there have already been some compelling use cases for its technology, which aims to allow decentralized apps and smart contracts to be developed with modularity.

In August 2021, Charles Hoskinson announced the launch of the Alonzo hard fork, causing Cardano price to surge, gaining 116% in the following month. On Sept. 12, 2021, the Cardano ‘Alonzo’ hard fork officially launched, bringing smart contrADAact functionality to the blockchain. Over 100 smart contracts were deployed in the following 24 hours after the launch.

Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

Who Are the Founders of Cardano?

Cardano was founded by Charles Hoskinson, who was also one of the co-founders of the Ethereum network. He is the CEO of IOHK, the company that built Cardano’s blockchain.

In an interview for CoinMarketCap’s Crypto Titans series, Hoskinson said that he got involved in cryptocurrencies back in 2011 — and dabbled in mining and trading. He explained that his first professional involvement in the industry came in 2013, when he created a course about Bitcoin that ended up being taken by 80,000 students.

As well as being a technology entrepreneur, Hoskinson is also a mathematician. In 2020, his technology company donated ADA worth $500,000 to the University of Wyoming’s Blockchain Research and Development Lab.

Making The World Work Better For All

Cardano is a blockchain platform for changemakers, innovators, and visionaries, with the tools and technologies required to create possibility for the many, as well as the few, and bring about positive global change.

World Is Changing. Together, We Can Change It For The Better.

Cardano is a proof-of-stake blockchain platform: the first to be founded on peer-reviewed research and developed through evidence-based methods. It combines pioneering technologies to provide unparalleled security and sustainability to decentralized applications, systems, and societies.

With a leading team of engineers, Cardano exists to redistribute power from unaccountable structures to the margins – to individuals – and be an enabling force for positive change and progress.

Benefits

Cardano restores trust to global systems – creating, through science, a more secure, transparent, and sustainable foundation for individuals to transact and exchange, systems to govern, and enterprises to grow.

What Makes Cardano Unique?

Cardano is one of the biggest blockchains to successfully use a proof-of-stake consensus mechanism, which is less energy intensive than the proof-of-work algorithm relied upon by Bitcoin. Although the much larger Ethereum is going to be upgrading to PoS, this transition is only going to take place gradually.

The project has taken pride in ensuring that all of the technology developed goes through a process of peer-reviewed research, meaning that bold ideas can be challenged before they are validated. According to the Cardano team, this academic rigor helps the blockchain to be durable and stable — increasing the chance that potential pitfalls can be anticipated in advance.

In 2020, Cardano held a Shelley upgrade that aimed to make its blockchain “50 to 100 times more decentralized” than other large blockchains. At the time, Hoskinson predicted that this would pave the way for hundreds of assets to run on its network.

The Alonzo hard fork launch in September 2021 will bring an end to the Shelley era, and usher in the Goguen phase. Users can develop and deploy smart contracts on Cardano, allowing native decentralized applications (DApps) to be built on blockchain. Cardano price broke the $3 mark and hit an all-time high of $3.101 on Sept. 2, 2021, ahead of the launch.

How Is the Cardano Network Secured?

Cardano is secured through an “environmentally sustainable, verifiably secure” PoS protocol that’s known as Ouroboros.

The project says that Ouroboros improves upon the security guarantees that are delivered by a PoW consensus mechanism while using substantially less power — claiming that it is four times more energy efficient than Bitcoin.

It is described as a blend of unique technology and mathematically verified mechanisms, with behavioral psychology and economic philosophy thrown in for good measure. Overall, the objective of Ouroboros is to achieve sustainable and ethical growth.

What Is Cardano’s Alonzo Upgrade?

On Sept. 12, Cardano released its highly-anticipated Alonzo upgrade. Following the upgrade, the blockchain network can now support a wide range of crypto applications, including non-fungible tokens (NFTs) and smart contracts.

According to the project’s founder Charles Hoskinson, Alonzo aims to introduce “programmability” to the network. He likened the upgrade to when JavaScript was introduced to web browsers and the transition from static web pages to the likes of Facebook and YouTube.

Alonzo is named after American mathematician Alonzo Church, who is considered to be one of the founding fathers of computer science.

In addition to supporting NFTs and smart contracts, Cardano can now be used for decentralized exchanges.

In general, Alonzo puts Cardano in the same class as Ethereum, the world’s leading blockchain which supports other applications other than its native Ether token. Smart contracts, for instance, are one of the cornerstones of the decentralized finance sector — and Cardano now supports smart contracts.

Where Can You Buy Cardano (ADA)?

As one of the biggest cryptocurrencies in the world in terms of market capitalization, you shouldn’t have much difficulty in finding a major exchange to buy Cardano on including Binance, Bittrex, eToro, and HitBTC.

If you’re struggling to find a trading pair that unites ADA with your local currency, check out this guide on how to convert fiat into Bitcoin — giving you a gateway to buying altcoins.”

To check Cardano price live in the fiat currency of your choice, you can use CoinMarketCap’s converter feature directly on the Cardano currency page, or the dedicated exchange rate converter page. Popular Cardano price pairs include: ADA/USD, ADA/JPY, ADA/KRW, ADA/CNY, ADA/GBP and ADA/AUD.