The Cardano currency (Cardano) represented by $ADA
It is a cryptocurrency that operates on an open-source blockchain platform known as Cardano. It was launched in 2017 by a team that includes Charles Hoskinson, one of the co-founders of Ethereum, with the aim of providing a more efficient, sustainable, and scalable platform compared to other blockchains like Bitcoin and Ethereum.
What distinguishes Cardano (ADA):
1 Technical Architecture:
◦ Cardano relies on a multi-layered design that separates the settlement layer (where transactions are managed using ADA) and the computation layer (which supports smart contracts).
◦ It uses a consensus algorithm called Ouroboros, which is a type of Proof of Stake, making it more energy-efficient compared to the Proof of Work used in Bitcoin.
2 Goals:
◦ It aims to support smart contracts, decentralized applications (dApps), and projects that require high scalability.
◦ It focuses on scientific research and academic review to ensure the provision of reliable technical solutions.
3 Uses:
◦ ADA is used as a currency within the Cardano ecosystem to pay transaction fees, participate in network governance, or stake to earn rewards.
4 Market Value:
◦ As of today's date (March 13, 2025), ADA is one of the prominent cryptocurrencies in terms of market value, but the price constantly changes based on supply and demand in the market. You can check the current price on platforms like CoinMarketCap or Binance.
Why is it called ADA?
The name 'ADA' is inspired by Ada Lovelace, the 19th-century English mathematician who is considered the first programmer in history, reflecting the scientific and technical focus of the project.