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What is Cardano? Discover How It Works – 2022

Table of Contents

Cardano (ADA) is one of the largest cryptocurrencies to date. Cardano was founded by Charles Hoskinson, with goal of competition with Bitcoin and Ethereum. Cardano is a virtual currency that has been developed by a team of specialists from around the world, including Japan, South Korea, and Russia. Some call the cryptocurrency “Ethereum-killer” for its scalability and interoperability. ADA’S development is led by Ouroboros. Its advisors include Ethereum CEO Jeremy Rubin and JPMorgan Chase’s Blockchain Executive.

Cardano Founder
Cardano Founder – Charles Hoskinson

What are the features of Cardano?

Cardano is a decentralized public blockchain and cryptocurrency project. It seeks to create a platform where decentralization of power can happen without creating a centralized controller. ADA provides equal standing for all participants in the network, from the miners to the developers. The Cardano team has a social contract which outlines its commitment to democratizing access to fair financial services in emerging markets and developing countries.

Cardano is a fork of the Ethereum blockchain. ADA uses a proof of stake consensus algorithm. This means that those who are in possession of the crypto currency are rewarded for transacting on it. The coin itself is used to transact on the network. It is possible to purchase and sell goods and services on the ADA network.

Cardano is an open source project. This means that anyone can access and view the source code to the blockchain. This source code is developed by a team of approximately 75 developers. The open source nature of ADA makes it possible for anyone to see exactly what the blockchain is computing.

Why is Cardano (ADA) different from other blockchains?

ADA is a smart contract platform that is seeking to bring blockchain technology into the future through its powerful and flexible architecture. Built in layers, ADA allows the most sensitive of processes on the network to be segregated, analyzed, reviewed, and improved upon by experts. ADA is decentralized, and its blockchain is community-run. This means that there is no single entity that holds the power of the network. There are no central authorities, and no single entity can manipulate the system.

How does it work?

ADA is a decentralized public blockchain and cryptocurrency project that is fully open-source and has been built from the ground up for complex use cases. ADA’s layered, security-based system was designed to resist the centralization of power in the hands of a few entities. The team behind ADA also aims to be more inclusive than other networks by awarding token holders an equal say in how the network evolves.


In 2016, the Cardano team created the Cardano Protocol, a framework that can be utilized by other applications. The following year, the Cardano Foundation was formed. In 2018, it was announced that ADA is a top 5 project in the Ethereum ecosystem. The launch of its mainnet was planned for Q3 of 2018, however, the schedule was pushed back to Q4. The team also announced that it would be moving to the Ouroboros Proof-of-Stake consensus algorithm to increase scalability. ADA’s roadmap consists of building Daedalus, a decentralized application framework. It is also planning to launch its own stablecoin that will be supported by the ADA token.

What Cardano the is the future of Cardano?

The Cardano Foundation has been working to provide a sustainable and balanced protocol for the economy of tomorrow. It is a major financial hub in Africa, and is ranked among the top ten cryptocurrency economies in the world.

The Foundation is developing a decentralized system of governance and has been instrumental in developing other blockchain projects. The Cardano team is also working to make the ADA blockchain as efficient and scalable as possible. By adopting proven techniques and technologies, ADA is able to provide security, privacy, and decentralization for businesses and individuals. ADA has a unique focus on providing a more open and democratic financial system. The team has a strong focus on quality, not just quantity.

Bottom Line

ADA is an interesting project that is trying to address the shortcomings of Bitcoin and Ethereum. The project is led by a strong team of developers that are committed to building a better future. The Cardano project is unique in its approach toward creating a more open and democratic financial system.

What To Do Next?

If you found this useful, you may like to learn more about Ethereum. Check out our article here on What is Ethereum?