"We're Cardano, and if you'll allow us, we'd like to change the world."
- Charles Hoskinson
Cardano is a decentralized third-generation proof-of-stake blockchain platform.
Cardano uses Ouroboros, an algorithm that uses proof-of-stake (PoS) protocol to mine blocks. The protocol is designed to reduce energy expenditure during the block production process to a minimum. It does this by eliminating the need for hash power, or massive computing resources, that are central to the functioning of the proof-of-work (PoW) algorithm used by Bitcoin.
Cardano uses a cryptocurrency called "Ada" or ₳.
Since Cardano is a third-generation blockchain platform, its mission and goals are to address solutions to problems that current cryptocurrencies are facing.
1. Excessive computing resources:
First-generation blockchain (Bitcoin) uses Proof-of-Work protocol to mine or produce blocks to expand the blockchain. Currently, Bitcoin's blockchain energy consumption goes up to 148TWh, which is just above Sweden's consumption! Cardano addresses this issue with the Ouroboros protocol, which is more efficient than first-gen crypto and reduces the energy consumption to currently 0.006TWh.
The slow adoption from current crypto had them struggling growing their network. Cardano has the Core Consensus Protocol to support large scalability to ensure that the blockchain network grows at a better pace than others. Also, with interoperability to work and extend with other blockchains!
3. Smart-contracts, NFTs, governance and more!
Not only Cardano Network supports smart-contracts and NFTs which stimulates the usage of the blockchain, also network participants will be able to use their stake and voting rights to influence the future development of the network.