Cardano

What is Cardano (ADA)?

Cardano is a cryptocurrency network and open source project that aims to run a public blockchain platform for smart contracts. One of the main Cardano’s differentiators, as compared to other technologies, is that Cardano uses proof-of-stake technology; in contrast, Bitcoin, for example, uses a proof-of-work system. According to its founder Charles Hoskinson, proof-of-stake blockchains like Cardano have significantly smaller energy requirements than those networks associated with proof of work such as Bitcoin. 

Cardano’s internal cryptocurrency is called ADA. Today (February 28, 2021), ADA coin is the third-largest cryptocurrency by market cap, following Bitcoin and Ethereum.

Cardano was launched in 2017 by Charles Hoskinson, a co-founder of Ethereum. 

Where is the technology currently being used? 

• Minister of Education of Georgia signed a memorandum to use Cardano and Atala to build a credential verification system of Georgia. 
• In 2018 Cardano teamed up with the Ethiopian Government to deploy the technology in different industries throughout the country. 
• Footwear manufacturer New Balance will use distributed ledger blockchain to track the authenticity of its newest basketball shoe. The platform will be built on the Cardano blockchain.