The network of cryptocurrencies is continuously spreading across the globe. With the passage of time and more research, more and more cryptocurrencies are emerging as open-source and decentralized platforms. However, to establish a clear understanding of the new platforms, it is important to start with the basic ideas. After Bitcoin and Ethereum, let’s talk about Cardano and see how it is pre-occupying the future.
What Is Cardano?
Cardano is a third-generation decentralized proof-of-stake blockchain platform created in 2015. This blockchain platform is designed to be flexible, sustainable, and scalable for running smart contracts. It is important to mention that it is also one of the biggest cryptocurrencies by market cap today.
How Is It Different From Bitcoin And Ethereum?
Cardano surfaced with the goal to be the most environmentally sustainable blockchain platform across the globe by using a proof-of-stake consensus mechanism known as Ouroboros. Bitcoin and Ethereum use a proof-of-work consensus mechanism that requires a large amount of computational energy (work). On the other hand, Cardano uses validators who stake their own cryptocurrency to bet on the blocks that can be added to the next chain.
What Is ADA?
If you have come across Cardano over the internet, there is a great chance that you may have read the term “ADA” as well. Just like Bitcoin and Ethereum are blockchains with cryptocurrencies “bitcoin” and “ether” respectively, Cardano has a representative digital currency known as “ADA”.
The term “ADA” is extracted from the name of Ada Lovelace who was a 19th-century English mathematician. Ada is globally recognized as the first computer programmer.
The Rise of Cardano
This is a relatively new blockchain platform as compared to Bitcoin and Ethereum. Using the proof-of-stake consensus mechanism, it is continuously gaining popularity in the digital currency markets across the globe. As per expert opinions, the rise of Cardano – a third-generation PoS platform – is not a surprise and it will continue to grow to leave Bitcoin and Ethereum behind.