The #Cardano (ADA), its functioning and its founders

Defined by a very rigorous scientific philosophy, #Cardano is a cryptocurrency aimed at addressing the problems faced by its predecessors such as #Bitcoin and Ethereum. Its design and development aim to solve 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 intended to solve the issues of so-called second-generation cryptocurrencies.

Thus, a roadmap based on five phases is developed for its implementation:

A Phase 1 called Byron: Launching the network with basic functionalities (ADA transfer).

A Phase 2 known as 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, introducing either Sidechains, improving scalability and interoperability.

And a Phase 5 designated as Voltaire, translated by governance and self-funding making ADA completely decentralized.

All these measures aim to address the problems known by previous cryptocurrencies.

This brilliant idea, which is filled 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). It is an even less energy-consuming mechanism than the algorithm preferred by Bitcoin, Proof of Work (PoW).