ADA is the native cryptocurrency of the Cardano blockchain. Named after Ada Lovelace, the 19th-century mathematician, ADA facilitates transactions on the Cardano network. It's used to pay transaction fees and can be "staked" by holders to help secure the network and earn rewards. Cardano, a "third-generation" blockchain, uses a Proof-of-Stake consensus mechanism (Ouroboros) making it energy-efficient. Its development is characterized by a research-driven, peer-reviewed approach, aiming to provide a scalable and sustainable platform for decentralized applications (dApps) and smart contracts, similar to Ethereum but with a focus on rigorous academic methodology.
