Cardano (podium)

Cardano is a distributed computing podium that runs the blockchain for the Ada cryptocurrency. [Four] [Five] Daedalus is presently the only (software) cryptocurrency wallet that holds Ada and permits transfers to other wallet addresses. [6]

It wasgoed created by blockchain development rock hard Input Output Hong Kong (IOHK) and led by Charles Hoskinson, former co-founder of BitShares, Ethereum and Ethereum Classic, and aims to run clever contracts, decentralized applications, side chains, multi-party computation, and metadata. [7]

Contents

Coins are mined and decisions are made via a proof-of-stake algorithm called Ouroboros instead of a proof-of-work system, overeenstemming is generated by coin-holder vote. [8] [9] Ter this protocol, slot leaders generate fresh blocks te the blockchain and verify the transactions. Anyone holding an Ada coin can become a slot leader. [Ten] This werkonderbreking mechanism makes it unnecessary to brute force the hash code. Thus saves a significant part of the energy required by work-based systems, and permits a resource-efficient and cost-saving blockchain creation. [11]

Layers Edit

The Ada cryptocurrency operates on its own blockchain called the Cardano Settlement Layer (CSL). The CSL is an accounting layer and supports ledger transactions. A 2nd layer called the Cardano Computation Layer (CCL) will support wise contracts and decentralised applications. [12] This multi-layer architecture permits for lighter updates via soft forks than Ethereum does, te Ethereum thesis two layers are intertwined. [13] . Side chains are used to connect transactions inbetween the CSL and CCL. [14]

Cardano wasgoed released on September 29, 2018 under the ‘Byron’ bootstrap phase with the official launch ter Japan. [15]

Cardano develops their currency around a Recursive InterNetwork Architecture (RINA). [16] [17] Cardano uses Haskell, a programming language with a high degree of fault tolerance. [Ten]

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