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- r/cardano
- Crypto firms among ‘greatest risks’ for money laundering in 2022-2023: UK govtCointelegraph.com News – 2 hours agoCrypto firms, wealth management companies, and retail and wholesale banking remain “particularly vulnerable” to financial crime, according to a U.K. Treasury report. Crypto firms were…
- DeFi lending giant Aave unveils V4 protocol overhaulCointelegraph.com News – 3 hours agoAave Labs shared a proposal for the next version of its protocol, which included improvements to its stablecoin, GHO. Aave Labs, the firm behind the…
- Bitcoin 4% dip may ‘panic’ short-term holders as price falls below average costCointelegraph.com News – 4 hours agoBitcoin short-term holders are currently holding a 3% unrealized loss but it “isn’t the end of the world,” according to a crypto analyst. Bitcoin (BTC)…
- BlackRock Bitcoin ETF sees first outflow day amid record ETF bleedCointelegraph.com News – 4 hours agoBlackRock’s IBIT saw around $37 million in outflows for the first time while the remaining spot Bitcoin ETFs collectively notched over $526.8 million in outflows.…
- US probes Jack Dorsey’s Block, Inc. over financial transactions: ReportCointelegraph.com News – 4 hours agoU.S. prosecutors are reportedly investigating the fintech firm after a whistleblower claimed it processed thousands of transactions for users from sanctioned countries and terrorist groups.…
What is Cardano?
ADA is a crypto coin running on Cardano Settlement Layer (CSL) blockchain, the first and most secure blockchain based on Proof of stake mechanism validating the transactions. Cardano team calls their proof of stake mechanism Ouroboros. Unlike Proof of Work, where miners invest energy intensive computing power to mine each block, proof of stake chooses a random miner based on the size of the stake (value). In order to generate or mint a new block, a slot leader is chosen with a probability proportional to the amount of coins this node is carrying. So one of ADA’s advantages over Bitcoin, Ethereum and other similar cryptocurrencies is its energy-efficient proof of stake transaction validation system. ADA is flexible like Ethereum due to a second layer Cardano Computational Layer (CCL) which supports decentralized applications and smart contracts.
ADA was initially created by Input Output Hong Kong (IOHK), a blockchain development firm. The project was led by Charles Hoskinson who was a former co-founder of Ethereum, Etereum classic and Bitshares. Presently the ADA team consist of three organizations i.e. Cardano foundation, IOHK, and Emurgo.
The major use of Cardano is the transfer of value. Future development of applications on CCL layer can provide the easy and economical payment solution to service providers such as Uber, Upwork, and alike.