CRYPTO SPOTLIGHT: CARDANO

2 years ago

Cardano is an innovative and third-generation blockchain protocol developed for executing financial applications. This protocol uses the Proof of Stake consensus mechanism.

Cardano was started to be developed in 2015, but was introduced by Charles Hoskinson in 2017. Cardano is a third- generation blockchain platform with a secure structure as well as scalability. This platform has been developed in an open source way to add flexibility to the blockchain system.Ada is the cryptocurrency of the Cardano platform and is named after the first computer programmer Ada Lovelace. Focusing on scalability and sustainability functions, Cardano is also the first decentralized blockchain.

The Cardano platform was created in 2017 by Charles Hoskinson, who is also one of the founding partners of Ethereum. This platform is also supported by three separate organizations: the Cardano Foundation, a Swiss-based organization, IOHK and Emurgo, which are involved in the development phase. The digital currency of this platform is the "ISLAND". Cardano, which has its own programming language, is designed to balance the needs of users and the demands of regulators.

Cardano uses the Proof of Stake consensus mechanism. This consensus has a structure that takes into account digital asset ownership instead of a system based on computing power. In this consensus structure, there are basic parts called time slots and circuits (epoch). Each circuit is also managed by a slot leader who is responsible for creating and verifying the blocks generated on the Cardano blockchain. Transactions in blocks are approved by the input endorser (input endorser), which are selected depending on the shares after they are generated by the slot leaders. In a circuit, there may also be more thar one input verifier.

What are the Advantages of Cardano?

Cardano uses Ouroboros, which was developed on Proof of Steak or PoS mining, for its mining algorithm. The Ouroboros mechanism is an innovative program that tries to protect the privacy of users and create different blockchains.

The aim of this program is to create an alternative to the Proof of Work system, which carries electricity consumption to gigantic dimensions. For this reason, one of the most important advantages of Cardano is the savings it provides in terms of electricity consumption.

Another advantage of Cardano is that it integrates blockchain technology into banking activities. Therefore, the Cardano protocol also provides a benefit to users in terms of practicality.

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