What is Cardano cryptocurrency?

Similar to other cryptocurrencies, Cardano is a digital coin that can be used to store value or send and receive funds. The ADA cryptocurrency runs on the Cardano blockchain, a first-of-its-kind decentralised network based completely on scientific and mathematical principles and designed by experts in cryptography and engineering.

What is Cardano (Ada) and how does it work?

This is not much different from other cryptocurrencies like Ethereum and bitcoin, but ADA has other uses as well. One of the core principles of cardano is its PoS blockchain protocol where ADA is staked to the blockchain to help stake pool operators successfully verify transactions on the blockchain. This is where cardano crypto comes in handy.

What is Ouroboros & Cardano?

Ouroboros is the first peer-reviewed, verifiably secure blockchain protocol, and Cardano is the first blockchain to implement it. Ouroboros enables the Cardano network’s decentralization, and allows it to sustainably scale to global requirements without, crucially, compromising security.

What protocol does Cardano use?

The Cardano platform runs on the Ouroboros consensus protocol. Ouroboros, created by Cardano in its foundation phase, is the first proof of stake (PoS) protocol designed to reduce the energy expenditure required by proof of work (PoW) mining. It does this by eliminating the massive computing resources that the proof of work algorithm uses. 2