$ADA ADA is the native cryptocurrency of the Cardano platform. It's used for transactions, staking, and governance. Cardano is a public, open-source, and decentralized blockchain platform designed for smart contracts and decentralized applications (dApps). It utilizes a proof-of-stake (PoS) consensus mechanism called Ouroboros. 

Here's a more detailed breakdown:

What it is:

ADA is the digital token of the Cardano platform, named after 19th-century mathematician Ada Lovelace. 

Functionality:

ADA is used for various purposes:

Transactions: Like other cryptocurrencies, it facilitates value transfer on the Cardano network. 

Staking: ADA holders can stake their tokens to participate in the network's consensus mechanism and earn rewards. 

Governance: In the future, ADA will also be used for voting on changes and upgrades to the Cardano platform. 

Cardano Platform:

Cardano is a blockchain platform focused on scalability, security, and sustainability.