Complete Guide Cardano Network

Cardano is a public blockchain network that utilises a unique consensus algorithm known as Proof of Stake (POS). Cardano also features a smart contract platform, which allows for the development and execution of decentralised applications (DAPPs). The native token of the Cardano network is ADA, which can be used to transact on the network or to participate in the POS consensus algorithm.

Cardano was founded in 2015 by three co-founders: Charles Hoskinson, Jeremy Wood, and Aggelos Kiayias. The team behind Cardano has a wealth of experience in both the academic and practical aspects of blockchain technology. For example, Hoskinson is a former co-founder of Ethereum, while Kiayias is the Chief Scientist at IOHK, one of the leading organisations behind Cardano’s development.

The Cardano network is powered by a novel consensus algorithm known as Proof of Stake (POS). POS is a departure from the more common Proof of Work (PoW) consensus algorithm that is used by most public blockchain networks. With PoS, block validators are chosen based on the amount of ADA they stake, or lock up, on the network. The more ADA a block validator stakes, the higher their chances of being chosen to validate a new block and earn rewards.

Cardano also features a smart contract platform that enables the development and execution of decentralised applications (DAPPs). The platform is based on a programming language called Haskell, which is known for its security and stability.

The Cardano network is still in its early stages of development. However, it has already seen significant adoption by businesses and individuals all over the world. In 2018, the Japan Exchange Group (JPX) announced that it was partnering with IOHK to develop a blockchain platform for trading securities. And in 2019, the United Nations Development Programme (UNDP) announced that it was using Cardano to develop a blockchain-based system for tracking humanitarian aid.

Cardano is one of the most promising and exciting projects in the blockchain space. With a strong team of experienced developers, a unique consensus algorithm, and a robust smart contract platform, Cardano is well-positioned to become a leading player in the blockchain industry.

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