Coindar

Cardano is scheduled to take part in the World Blockchain Summit in Dubai on the 22nd and 23rd of April. The Cardano Foundation team, led by their CEO, Frederik Gregaard, will be in attendance at the event, where Frederik Gregaard will deliver a keynote speech on the first day of the summit.

Refer to the official tweet by ADA:

Apr 15, 2024

ADA Info

Cardano, symbolized as ADA/USD, is a public blockchain platform specializing in smart contracts, akin to Ethereum. Established in 2017, it was created by Charles Hoskinson, one of the co-founders of Ethereum. The Cardano project distinguishes itself with its commitment to a research-oriented approach, being the first blockchain platform to emerge from a scientific and research-centric philosophy.

The operational mechanism of the Cardano blockchain is distinct. It employs a novel proof-of-stake algorithm named Ouroboros. In contrast to proof-of-work blockchains that depend on miners for transaction verification and block creation, the Ouroboros algorithm selects a node (stakeholder) to generate a new block based on the stakeholder’s cryptocurrency holdings. This approach enhances the scalability of the Cardano network significantly.

The ADA token native to Cardano serves dual purposes within the network. It facilitates transactions and enables network participants to engage in voting on platform modifications. The cryptocurrency holders are empowered to partake in network operations and have the authority to vote on proposed software alterations.

A notable aspect of Cardano is its layered architecture comprising the Cardano Settlement Layer (CSL) and the Cardano Computation Layer (CCL). The CSL oversees the ADA cryptocurrency and transaction processing, while the CCL is dedicated to managing smart contracts and computations. This demarcation enhances network security, flexibility, and simplifies smart contract design.

In summary, Cardano stands out as an innovative blockchain platform engineered for security, scalability, and sustainability. Its distinctive attributes include a scientific foundation, a layered architectural model, and a strong emphasis on stakeholder engagement through voting mechanisms.