Cardano (ADA) was launched on October 1, 2017, and as a newcomer, it was almost immediately in the lead, starting in 13th place, and is currently one of the top five coins in existence. Cardano is a new blockchain technology developed by IOHK (Input Output Hong Kong), an ownership team with great potential. The company is committed to peer-to-peer innovation and aims to provide the ultimate financial services. Ethereum is its main competitor. They are currently working on creating a unique blockchain with the participation of renowned developers and investors. One of Cardano's founders is the famous Charles Hoskinson, who previously joined the Ethereum team and then joined the project. Cardano is a decentralised platform for smart contracts, similar to Ethereum. The Mary hard fork was implemented in early February 2021, making smart contracts available and allowing the creation of tokens. Cardano's network already operates in a Proof-of-Stake fashion, offering higher speed and significantly cheaper transactions than Ethereum. Cardando will migrate many Defi applications to the Ethereum network, as is already the case with Dex PancakeSwap on the Binance Smart Chain, which is already operating at daily volumes similar to Uniswap. Cardano has borrowed names from the famous English colognes to name each phase or milestone. It has recently changed from the Byron phase to the Shelley phase. It operates using the Ouroboros PoS algorithm, developed by its own team. It consists of two layers to allow extensions below the soft fork: Settlement layer - for settlement Control layer (computing) - for running smart contracts.
ADA is the cryptocurrency of the Cardano platform.
It performs the same function as Ether in Ethereum: a native token for using the platform. Mining is different from the usual way: validators work on the network, they create the blocks. The system decides who will create the next one based on the number of ADA tokens they hold. From there, it's business as usual: the validator processes the transactions and receives the ADA reward. Tokens can be stored in wallets, but most are still held on exchanges and in staking pools.