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Cardano was launched in 2017 using the Haskell programming language. The idea for this cryptocurrency came from Charles Hoskinson, one of the co-founders of Ethereum in 2015.
The system was built with a scientific approach to distributing hashing power across a decentralized blockchain.
The Cardano network is used to power cryptocurrency and decentralized applications using smart contracts. It is named after the Italian mathematician Gerolamo Cardano.
The Cardano cryptocurrency is traded under the symbol #ADA and is named after the English mathematician and writer Augusta Ada King, Countess of Lovelace, a Hoskinson who was directly involved in the development of Charles Babbage's first computer.
Cardano is considered a third-generation public blockchain because it aims to address three major issues with the first two generations of crypto networks.
These issues include scalability, interoperability with other blockchains, and security.
One of the main problems of the first two generations of blockchains is scalability. Due to the proof-of-work consensus mechanism, Bitcoin, for example, can only process 5-7 transactions per second. This wasn't a problem in the early days of blockchain, when the network load was significantly lower.
As the load increases, computing power becomes more expensive, as all transactions are processed simultaneously.
Ethereum, for example, also suffers from this problem, which has led to increased transaction fees.
Cardano's cryptocurrency, ADA, is not actually mined. Unlike Bitcoin, a system in which cryptocurrency is controlled by miners, Cardano has validators. These validators are elected by the system to verify transactions, based on the amount of ADA involved.
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