Cardano (ADA) – What it is, definition and concept

Cardano (ADA) is a platform based on blockchain technology and decentralized in nature. This allows you to execute smart contracts between the parties and carry out purchase and sale operations with their cryptocurrency, ADA.

Many consider it a synthesis between Bitcoin and Ethereum. On the other hand, its qualities have allowed it to climb positions in the world of cryptocurrencies, placing itself among the first. One of their most interesting deals has been the commercialization of ADA by the Coinbase platform and Coinbase Pro.

Origin and history of Cardano (ADA)

Charles Hoskinson created Cardano in 2015, together with a group of programmers. He had worked for Ethereum before and had experience in this area. In addition, he implemented a scientific philosophy in his work, which included “peer review.”

In 2017, its White Paper was signed, in which the Input Output Hong Kong (IOHK) company collaborated. Cardano takes its name from Girolamo Cardano, a Renaissance physician and mathematician. In September of that year, it began operating with its cryptocurrency, ADA.

Characteristics of Cardano (ADA)

Let’s see, now, some of the most relevant characteristics of this platform. These provide the differences with their competitors in the market.

  • The first we have mentioned before, it follows the scientific method. Therefore, its form of development is based on science and not only on engineering.
  • On the other hand, they devised a form of development based on eras. The first is Byron’s, in honor of the poet George Gordon Byron. The second, they called Shelley, after the English poet Percy Bysshe Shelley. The third is Goguen’s, by researcher Joseph Goguen. The fourth will be that of Basho and Voltaire, inspired by Matsuo Basho and the French writer.
  • In addition, the ease of creating “smart contracts” or smart contracts has become a solution to certain security problems.
  • Ouroboros is its participation protocol and one of the most focused on environmental protection. In this way, it promotes energy saving, among other issues.
  • Its interactive improvement system allows users to contribute their ideas and opinions. Thus, these are taken into account for future modifications.
  • Cardano (ADA) belongs to the third generation blockchains. These have significant improvements in their security systems compared to the first, like Bitcoin, or second, like Ethereum.
See also  Arab Socialism - What it is, definition and concept

Interesting facts about ADA

Regarding your cryptocurrency, we can highlight the following information of interest:

  • It takes the name of Ada Lovelace, British mathematician and writer, famous for her work to create a calculator. She was the daughter of George Gordon Byron, creator of the first algorithm.
  • Its base starting price was $ 0.02 and on January 4, 2018, it peaked at $ 1.33.
  • Its arrival on the market was at the end of September 2017, but it did not start operating until October of that year.
  • This currency is traded, among others, on exchanges such as Binance or Kraken.

Leave a Comment