$ADA is the native cryptocurrency of the Cardano blockchain, launched in 2017 by Ethereum co-founder Charles Hoskinson. Cardano is a third-generation blockchain platform based on scientific research and peer review, utilizing the Ouroboros proof-of-stake (PoS) consensus mechanism, with a focus on security, scalability, and sustainability. $ADA is named after 19th-century mathematician Ada Lovelace and is used for paying transaction fees, participating in network governance, and staking to earn rewards. Its goal is to build an efficient decentralized application (dApp) and smart contract platform, currently ranked among the top by market capitalization, making it an important player in the cryptocurrency market.