was developed by a team of esteemed academics, engineers, and entrepreneurs who aimed to address the scalability and security issues faced by existing cryptocurrencies such as Bitcoin
. Their solution came in the form of a multi-layer protocol that offers flexibility, and interoperability. ADA
- Cardano's native cryptocurrency serves as a means to facilitate transactions and incentivize stakeholders to actively engage in network governance.
Unlike Bitcoin, which relies on Proof-of-Work consensus for validating transactions and creating new blocks. Cardano utilizes a Proof-of-Stake mechanism that enables faster transaction processing with lower energy consumption and enhanced security.
The total supply of ADA is limited to 45 billion coins, with 34,9 billion currently in circulation. ADA plays a vital role in network operations and software updates by covering transaction fees, rewarding validators, and funding research and development endeavors.
Cardano's governance structure
is meticulously designed to ensure inclusivity in decision-making processes while promoting decentralization and transparency within the network.
What sets Cardano apart from other prominent cryptocurrencies like Bitcoin, Ethereum, and Ripple is its commitment to scientific rigor through peer-reviewed research coupled with an openness to collaboration. This distinct approach has attracted a vibrant community of developers and researchers. These individuals are consistently pushing the boundaries of blockchain technology.