Cardano #ADA, its operation, and its founders
Defined by a very rigorous scientific philosophy, Cardano is a cryptocurrency aimed at solving the problems faced by its predecessors such as #Bitcoin and #MarketRebound Ethereum. Its design and development aim to address the very high gas fees experienced by cryptocurrencies like ETH. Its ambition is based on a versatile project called Proof of Stake (PoS). It positions itself as a third-generation cryptocurrency here to solve the problems of so-called second-generation cryptocurrencies.
Thus, a roadmap based on five phases is developed for its implementation:
A Phase 1 called Byron: Commissioning of the network with basic features (ADA transfer).
A Phase 2 called Shelley during which measures are taken towards decentralization with nodes managed by the community.
A Phase 3 named Goguen; here smart contracts are activated on the network.
A Phase 4, called Basho, where Sidechains are introduced, improving scalability and interoperability.
And a Phase 5 designated as that of Voltaire, characterized by governance and self-funding, makes ADA completely decentralized.
All these measures taken aim to solve the problems known by previous cryptocurrencies.
This brilliant idea, which is bursting with other features, is the creation of Charles Hoskinson, one of the co-founders of the Ethereum network. Cardano (ADA) is unique in that it is
one of the largest blockchains to successfully use a consensus mechanism called Proof of Stake (PoS). PoS is a mechanism that is even less energy-consuming than the algorithm preferred by Bitcoin, Proof of Work (PoW).
