Updated: Aug 27
Network: PoS - Proof Of Stake
Total Supply: 45 Billion
Founder: Charles Hoskins
Transaction Cost: 0.17 ADA
Target Market: Developers\Financial Industry
About: ADA is a digital currency that runs on the decentralized Cardano Blockchain which uses a specially designed proof-of-stake (PoS) consensus mechanism called Ouroboros that rewards token holders who stake ADA to the network to help keep it secure. Ouroboros only uses the first blockchain entry and after that, the honest chain is validated locally without the need of a trusted party. This also means that less energy is required to validate transactions.
The mathematical principles behind this technology designed by experts in cryptography and engineering led to the creation of a platform that allows developers to create decentralized applications and protocols using smart contracts. The Cardano Settlement Layer (CSL) acts as the unit of account and The Cardano Computational Layer (CCL) is a set of protocols that govern the Cardano Blockchain and ensure security, compliance, and other advanced functionality.
Cardano set out to create a digital asset that solves a lot of the problems that other crypto's face, to make it more secure and infinitely scalable with regulatory compliance in mind.