What Is Cardano ADA? Explained Simply in 2022

Описание: You've probably heard of the cryptocurrency Cardano by now, but you might be wondering exactly what it is, how it works, and how it compares to other cryptocurrencies like Ethereum. In this guide, we'll go over some things you need to know about Cardano in order to stay current with the latest developments in the blockchain world.

You are undoubtedly familiar with Vitalik Buterin. In 2015, Buterin and a team of co-founders launched a small project called Ethereum, now the second-largest cryptocurrency in the world with incredible potential. Ethereum also had a few other significant founders. One of these was Charles Hoskinson. Roughly two years later, Hoskinson found himself at the center of a brand new project that was just being launched, Cardano, named after the Italian mathematician Gerolamo Cardano.

In this video, we'll be taking a look at what Cardano is, how it functions, and what Ethereum has to do with it. So, first things first, what is Cardano? Cardano is just a proof of stake cryptocurrency. Let's listen to what the founder has to say about the coin to get an idea of what it means.

Hoskinson recognized that cryptocurrency would suffer from three main problems, namely, scalability, interoperability, and sustainability. Let's go through each of these points to get a better understanding of the intentions behind the project.

Number one is scalability. Those who have an appreciation for Bitcoin understand this problem too well. Due to the limitations in block size, the Bitcoin network can confirm, on average, five to seven transactions per second. This is minuscule when compared to the Visa beast that can confirm tens of thousands of transactions per second. Bitcoin's debate about block size raged on for years, but no matter the cryptocurrency, scaling the project to the influx of users is crucial. As Hoskinson has said, we want things to happen faster as more people use a system, not slower as many of them do. He claims that for the network to operate at the same level with greater speed, a blockchain needs to be capable of scalability proportionate to its usage. Cardano, to deal with this issue, uses epochs that subdivide the various entities validating the blockchain. Precisely, they use slots and nodes, meaning anyone can act as a validator of the blockchain. If you would like to serve as a slot leader, you can do so. The term doesn't have to be something you can relate to, but it does explain how Cardano's proof of stake algorithm is able to scale. Cardano has designated this system as Ouroboros. However, it warrants its video because of its complexity. Here is a short explanation, slots can be divided into even smaller parts, which can help the network be flexible.


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