Cardano is one of the first 3rd generation blockchain platforms to emerge. Cardano’s main purpose is the development of smart contracts and to improve on the scaling issues 1st(Bitcoin) and 2nd(Ethe
reum) generation blockchains.
Cardano’s answer to the scaling issues is its layer based infrastructure, which allows for better adaptability and being much easier to update. Currently it is comprised of two layers, first being the Cardano Settlement Layer (CSL) that is used to settle transactions that use ADA, Cardano’s native currency, and the Control Layer, which will be used for smart contracts.
Using a Proof-of-Stake algorithm (PoS) , users stake their ADA coins to create transaction blocks in the blockchain.
Bringing together academics and scientists from various universities from around the world and being lead by Ethereum’s co-founder Charles Hoskinson, Cardano is one the most promising projects to emerge in the cryptocurrency market.
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