Cardano is a blockchain platform with more advanced features than other previously released protocols. As the first to develop from a scientific philosophy, expert research teams from various countries were deliberately brought in to deconstruct existing cryptographic concepts, and then create something new within the scope of its Proof-of-Stake algorithm.
The result of this research is Ouroboros. Ouroboros is the core of the Cardano platform. Which means an algorithm that uses the Proof of Stake protocol to mine coins. This protocol is adapted to reduce the energy and time use of creating new coins.
Difference between Cardano and ADA
Many people think that Cardano and ADA are the same thing, but there are differences between the two. Cardano is the name of the blockchain that allows users to send and receive funds. Meanwhile, ADA is the name for crypto assets from Cardano.
Similar to Ethereum, Cardano is a smart contract platform. However, Cardano offers scalability and security through a layered architecture. The project was started in 2015 by Input-Output Hong Kong (IOHK). The company behind its development is managed by the co-founder of BitShares and Ethereum, namely Charles Hoskinson. Quoted from their website, they strive to deliver positive global change and, together, with their partners, drive a new era. A future that serves the many as well as the few, and that empowers individuals, communities and businesses to envision and create new ways of transacting, interacting, creating, and managing.
The concept is to create a blockchain that can perform much better than older blockchains, such as Ethereum. This allows it to be able to process more transactions faster and cheaper. Charles Hoskinson believes that Cardano is the third generation blockchain, while Bitcoin and Ethereum are the first and second. So, instead of copying the code of another blockchain, IOHK decided to create a new blockchain of its own.
As of this video, there are nearly 26 billion ADA in circulation in the world. ADA can be obtained through mining, however, Indodax is here as a place for traders who want to have ADA easily and quickly.