About Cardano (ADA)
Cardano (ADA) is a decentralized proof-of-stake (PoS) blockchain platform that launched in 2017. It was first conceptualized in 2015 by Charles Hoskinson, one of the co-founders of the Ethereum blockchain network.
Cardano was developed to address the blockchain scaling and infrastructural limitations of first-generation decentralized blockchain network Bitcoin, and second-generation networks like Ethereum. In fact, Cardano is seen as a more scalable alternative to Ethereum. Cardano price is updated in real-time on Binance.
To date, the Cardano blockchain network is one of the largest to have successfully implemented a PoS consensus mechanism that’s more power-efficient than alternative proof-of-work (PoW) blockchain networks. Function on the Cardano blockchain is facilitated by the capabilities granted by smart contract protocol, a technology initially popularized by Ethereum.
The native Cardano cryptocurrency token is ADA, which enables users to participate in network operations. The token is named after Ada Lovelace, a 19th century mathematician recognized as the world’s first computer programmer.
Cardano reportedly made significant progress in improving network scalability in 2022 through the Vasil hard fork. The network is further exploring this area with the preparation for Hydra, which provides a layer 2 scaling solution. This protocol will allow developers to introduce specialized and complex protocols to the platform by building on top of Cardano.
In addition, Cardano has plans to launch two stablecoins and continue developing oracles, which are essential for connecting on-chain and off-chain data. The current price of ADA is updated and available in real time on Binance.