Nov 2, 2024

6thTrade

Cardano is set to unlock 18,530,000 ADA tokens on November 6th, representing about 0.05% of the circulating supply.

ADA Overview

Cardano (ADA) is a public blockchain platform for smart contracts, comparable to Ethereum. Launched in 2017 by Ethereum co-founder Charles Hoskinson, Cardano is distinct for its research-driven approach, being the first blockchain to emerge from a scientific philosophy, prioritizing peer-reviewed research and evidence-based development.

Cardano’s blockchain uses Ouroboros, an innovative proof-of-stake algorithm. Unlike proof-of-work blockchains that rely on miners to verify transactions, Ouroboros selects a node (stakeholder) to generate new blocks based on the amount of ADA held. This method makes Cardano highly scalable and energy-efficient.

ADA, Cardano’s native token, facilitates transactions within the network and allows holders to participate in governance by voting on proposed changes to the platform. This governance model gives ADA holders a stake in the platform’s future, ensuring that any upgrades or alterations reflect the community’s consensus.

A key feature of Cardano is its layered architecture, split into the Cardano Settlement Layer (CSL) and Cardano Computation Layer (CCL). The CSL manages ADA transactions, while the CCL handles smart contracts and computation. This separation enhances network security, flexibility, and simplifies smart contract development.

In summary, Cardano is an innovative blockchain platform, uniquely positioned in the cryptocurrency landscape due to its scientific foundation, layered structure, and commitment to scalability, security, and community governance.

Image Credit : Coindar

Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.