Cardano is a decentralized public Proof-of-Stake (PoS) blockchain. It works on the Ouroboros proof-of-stake consensus protocol. It is designed as a more efficient alternative to Proof-of-Work (PoW) networks. It is flexible, durable and scalable allowing its developers and users to have a wide range of decentralized financial apps, new crypto tokens, games and much more. ADA is Cardano’s main cryptocurrency. Former Ethereum co-founder Charles Hoskinson began developing this blockchain in 2015 and launched it in 2017.
Cardano Use Cases
- Cardano calls itself the third-generation cryptocurrency. It solves the scaling and infrastructure problem that first appeared in bitcoin, the first-generation cryptocurrency.
- It also solves the problem of high fees and the problem of network slowdown during high-volume transactions.
- How to use it?
- The Cardano blockchain can be used to create smart contracts and create decentralized applications and protocols.
- Users can send and receive money quickly with minimal fees.
- Cardano cryptocurrency can be used as an investment for purchases and exchanges.
- Like other blockchains, Cardano cryptocurrency holders can use their ADA to vote for any protocol changes and developments.
Cardano competitors
Ethereum: Cardano is also known as the Ethereum killer. Ethereum is Cardano’s main competitor, as both blockchains are consensus mechanisms for verifying proof-of-stake (PoS) transactions. However, ETH is less flexible while Cardano allows users to earn rewards for validating transactions on the network.
Algorand: It also uses the Proof of Stake blockchain protocol, just like Cardano, which provides security, decentralization, and scalability.
Solana: In many ways, Solana is like Cardano. Both are smart contract-enabled projects, which allow their community to have many features in their decentralized financial ecosystem.
