Cardano is a public blockchain driven by scientific approach philosophy and founded by Charles Hoskinson, Ethereum co-founder and CEO of IOHK, a team of engineers building Cardano until 2023 year on a paid basis. The network runs on a Proof-of-Stake consensus algorithm called Ouroboros. Cardano team has the ambitious plan to create interoperable, secure & scalable multi-asset ledger with a platform for verifiable smart-contracts.
The first step Cardano was the establishment of the blockchain’s settlement layer – the ADA cryptocurrency as a native digital currency of the network. Once development on this layer is complete, the team will move on to the more complex ‘computing layer’ that will introduce smart contract functionality.
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