The Cardano cryptocurrency attracts close attention and provides food for heated discussions. Similar to Ethereum, Cardano is a system of smart contracts on the blockchain. Cryptocurrency attaches increased importance to the security provided by a multi-level structure. Cardano positions itself as the first blockchain project that arose due to academic research and has a comprehensive scientific philosophy as its foundation. The cryptocurrency, developed and managed by Charles Hoskinson, who in the past headed the Ethereum project, seeks to maximize the potential of smart contracts.
History and characteristics
Initially, the Cardano development team declared its intention to create a project aimed at taking care of the interests and convenience of the end user, as well as taking into account the position of regulators. The developers sought to find a middle ground between the need for regulation on the one hand and privacy and the principles of decentralization, key to blockchain technology, on the other. Cardano was born in 2014. At that time, the project was a mixture of revolutionary ideas and concepts, the fruit of collective research and cooperation. Its creators set out to overcome the limitations of existing blockchains.
Three organizations are working on Cardano. The first of them, the Cardano Foundation, is located in Switzerland. This independent standardization body is designed to support Cardano users and work with the authorities of different countries on regulatory and commercial issues.
The second organization is Emurgo, an investment fund whose mission is to "develop and support commercial enterprises, as well as help integrate these businesses into the Cardano decentralized blockchain ecosystem."
Finally, the third participant is IOHK, "an engineering and technology company that intends to provide financial services to 3 billion people through p2p innovations. people deprived of access to them." IOHK is the main player in the field of cryptocurrency development and research activities. The company is linked to the project by a contract, under the terms of which it will remain the main developer of the platform until 2020.
How Cardano works
Cardano is unique in many ways. The standard white paper has been replaced by a set of scientific articles addressed to potential investors. The development team includes numerous experts, researchers and engineers from all over the world.
The platform consists of two levels: a register of account balances and a separate level at which funds are moved from one account to another. This separation allows you to create flexible smart contracts on the platform: unique, private and ideally suited to a specific use case.
Cardano uses a Proof-of-Stake algorithm called Ouroboros, thanks to which, as stated on the project's website, "there is no need for an energy-intensive Proof-of-Work protocol that prevents the scaling of the blockchain and its wider use."
ADA is the name and ticker of Cardano tokens. According to the developers, ADA demonstrates what the function of money will be in the future: high-speed, direct, cryptographically secure transfers.
To make an ADA transfer, you need to pay a minimum commission. The minimum commission is a prerequisite for the transaction, and if desired, you can pay a larger fee. According to a special formula, the amount of the minimum commission for each transaction is calculated separately.
