Cardano is a decentralized, open-source platform for building decentralized applications (dApps) and smart contracts. It was created by IOHK (Input Output Hong Kong), a blockchain research and development company, and was launched in September 2017.
Cardano uses a proof-of-stake consensus algorithm called Ouroboros, which is designed to be more energy-efficient and secure than proof-of-work algorithms used by other cryptocurrencies like Bitcoin. Cardano also uses a multi-layer architecture, with a settlement layer for transactions and a control layer for executing smart contracts.
The native cryptocurrency of the Cardano network is ADA, which can be used to transfer value, pay for transaction fees on the network, and participate in the consensus process. Cardano aims to provide a more secure, scalable, and sustainable platform for the development and execution of smart contracts and dApps.
Cardano has been praised for its rigorous approach to security and its use of a formal verification process to validate the code and mathematics behind the platform. It is also designed to be more flexible and upgradeable than other blockchain platforms, allowing for the implementation of new features and improvements over time.
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