What is Cardano?
Cardano, a major cryptocurrency, aims to improve upon Ethereum's ideas. It's creating a smarter, more flexible blockchain for all sorts of cool things like finance apps, new digital currencies, games, and more. But as of early 2021, they're still working on making it do all these smart things.They plan to turn on these smart features by mid-2021, making Cardano stronger, safer, and able to handle lots of users without wasting tons of energy like other cryptocurrencies do.
Just like Ethereum has its ETH currency, Cardano has ADA. You can buy or sell ADA on places like Coinbase. Right now, you can use ADA to save money, make payments, and even help run the Cardano network.
So, how does Cardano actually work?
It's trying to be the most eco-friendly blockchain out there. Instead of burning lots of power like Bitcoin or Ethereum, Cardano uses something called "Ouroboros." This cool system doesn't need a ton of energy and works by having people who own ADA (they're called validators) help out.
See, in regular systems, miners use huge computers to solve puzzles and update the system. Cardano's way is way less wasteful. Instead of puzzles, the validators with the most ADA get to help out. They prove that transactions are legit and get rewarded with more ADA.
You can even join in and help by "staking" your ADA or let others do the work and still get rewarded. Cardano's system is split into two parts: one to keep track of accounts and transactions and the other for running apps and smart contracts.
Oh, and Cardano also introduced a cool feature in March 2021: native tokens. Just like how Ethereum has special tokens, Cardano now has its own. These tokens live on the same system as ADA and can do all sorts of cool things without using extra complicated tech.
Cardano's history is pretty interesting too. It was started by a person who helped create Ethereum. Their goal is to make a super-fast and eco-friendly blockchain by teaming up with scientists from different places.
And ADA? It's like Cardano's fuel. It's used for paying fees and rewarding the people who help keep Cardano safe and running smoothly. In the future, it might even let people vote on changes to Cardano. Cool, right?
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