An independent examiner has revealed shocking details surrounding the inner workings of Celsius – a crypto lender that filed for bankruptcy in July 2022. The examiner claimed that Celsius did not operate by the business model that it presented to customers. He likened it to a Ponzi scheme, much like FTX – a company that happened to have used the same accounting software: QuickBooks. The Truth About CEL Token Per a filing from examiner Shoba Pillay on Tuesday, Celsius had…
What is Cardano (ADA)?
Cardano (ADA) is a cryptocurrency and blockchain platform designed to be more secure and sustainable than previous generations of blockchain technology. It uses a unique consensus algorithm called “Ouroboros,” a proof-of-stake algorithm that allows for more energy-efficient consensus than proof-of-work algorithms like the one used by Bitcoin.
The Cardano network is built in layers, with the Settlement Layer (SL) handling the transfer of ADA between accounts and the Control Layer (CL) handling more complex operations like smart contracts. This separation of layers allows for more flexibility and scalability in the network.
The Cardano network also places a strong emphasis on governance and community participation. The Cardano Foundation, IOHK (Input Output Hong Kong), and Emurgo are the three organizations working together to develop and promote the Cardano Protocol. The community also plays a role in decision-making through a treasury and voting system.
The development of Cardano is also being done in a scientific and peer-reviewed manner, with the team publishing numerous research papers and collaborating with academics and researchers in the field of cryptography and distributed systems.
Cardano Blockchain Features
Cardano has several features that set it apart from other blockchain platforms:
- Ouroboros consensus algorithm: As mentioned, Cardano uses a proof-of-stake consensus algorithm called Ouroboros.
- Layered architecture: The Cardano network is built in layers, with the Settlement Layer (SL) handling the transfer of ADA and the Control Layer (CL) handling more complex operations like smart contracts. This separation allows for more flexibility and scalability in the network.
- Formal verification: The Cardano team has put a lot of effort into formal verification, which is a method of mathematically proving the correctness of code. This makes the platform more secure and allows for more reliable smart contracts.
- Self-governance and treasury: Cardano has a built-in system for self-governance and treasury, which allows community members to propose and vote on changes to the platform. This ensures that the platform is community-driven and funds are available to finance future development.
- Interoperability: Cardano is being developed with interoperability in mind to allow it to interact with other blockchain networks and traditional financial systems.
- Plutus is a functional programming language IOHK designed specifically for smart contract development on the Cardano platform. It is designed to be a secure and expressive language for writing smart contracts.
- Haskell: Cardano is built using the Haskell programming language, which is known for its reliability and security properties. This helps to ensure that the platform is robust and secure.
- Cryptography and Research-Driven Development: The team behind Cardano places a strong emphasis on research and cryptography. They work to improve the platform with the help of academia, industry, and community.
These are some of the main features of Cardano, but there are many more technical details and capabilities under the hood.
The Role of ADA Coin
ADA is the native cryptocurrency of the Cardano blockchain. It is used to pay for transactions and smart contract execution on the network, and it can also be used as a store of value or traded on cryptocurrency exchanges.
Like many other cryptocurrencies, ADA is created through a process called mining. However, Cardano uses a proof-of-stake consensus algorithm called Ouroboros, which is different from the proof-of-work algorithm used by Bitcoin and other older cryptocurrencies. Instead of miners competing to solve complex mathematical puzzles to validate transactions, the process of creating new blocks on the Cardano blockchain is done by “stakers.” Stakers are holders of ADA who lock up a certain amount of their ADA as collateral and are chosen randomly to create new blocks and validate transactions. This process is called “staking,” and stakers are rewarded with new ADA for their efforts.
By holding and staking ADA, token holders can participate in the network’s governance by voting on proposed changes to the network. They can also propose their changes and vote on proposals submitted by other community members. This helps ensure that the Cardano blockchain is community-driven and evolves in the direction most users want.
ADA can also be traded on various cryptocurrency exchanges, like any other token, allowing holders to buy and sell ADA in the open market based on supply and demand and price speculation.
In Summary
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Cardano aims to be a more sustainable, secure, and decentralized platform for the creation and execution of smart contracts and the transfer of digital assets. ADA is the cryptocurrency used to pay for transactions and smart contract execution on the Cardano blockchain; it is also used as a store of value and can be staked by holders to validate transactions and participate in the network’s governance; finally, it can be traded on the open market.
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