Cardano is an ecosystem considered as a blockchain third generation. In other words, it is proposed to solve the scalability problems of the blockchains first generation, as is the Bitcoin, and second generation, as is Ethereum. It’s the third cryptomoney in market capitalization behind Bitcoin and Ethereum and was launched in 2017 by its creator, Charles Hoskinson, along with his cryptomoney ADA, whose highest historical price so far was $ 3.09 per 1 ADA in 2021.
What is a blockchain? It is a chain of blocks, we can think of it as the accounting book where each of the transactions of cryptocurrencies.
One of the main innovations of Cardano it is the ability to balance the needs of users with those of regulators. Its goal is to provide scalability, flexibility, and security.
According to its creators “Cardano it exists to redistribute the power of irresponsible structures to the margins, to the people, and to be an enabling force for change and positive progress ”.
Cardano allows to develop smart contracts and decentralized applications known as DApps. The consensus algorithm of Cardano It is called Ouroboros, which is a variant of Proof of Stake (PoS)
Ouroboros is the first verifiable and peer-verified blockchain protocol, and Cardano it is the first blockchain to implement it. Ouroboros enables network decentralization Cardano and allows you to sustainably scale to global requirements without compromising security. The concept of Proof of Stake (PoS) states that a person can extract or validate transactions in bulk according to the number of coins they have. This means that the more coins a miner owns, the more mining power he has. PoS protocol uses less power and enables faster transaction mining
This blockchain Open source is named after Italian scholar Gerolamo Cardano, who was a friend of Leonardo Da Vinci. The ADA token is named after the English mathematician Ada Lovelace, considered the first programmer in history who lived back in the 19th century.
Alonzo Hard Fork is the new update of Cardano, where anyone will be able to create and implement their own smart contracts in the blockchain from Cardano, paving the way for native decentralized applications (DApps).