Cardano

Cardano is a blockchain platform launched in 2017 by Charles Hoskinson with a native cryptocurrency also called Cardano (ADA). Specifically, it aims to solve existing limitations of other blockchain networks, for instance, sustainability, scalability and interoperability. It’s a third-generation blockchain which also provides an infrastructure for the deployment of decentralised applications (dApps) and smart contracts.

Let’s dive into some of the characteristics of Cardano:

• Two-layer architecture: Cardano relies on the Cardano Settlement Layer (CSL) and the Cardano Computation Layer (CCL). The CSL handles ADA, Cardano’s native cryptocurrency, transactions, while CCL manages smart contracts, governance and dApps. This separation enhances security and scalability.
• Ouroboros consensus protocol: Cardano relies on a unique variation of a Proof of Stake (PoS) consensus mechanism, known as the Ouroboros consensus protocol. This protocol relies on randomly chosen leaders to approve blocks, aiming for energy efficiency and security. As with most blockchains, the node that adds the next block receives a reward for its effort. 
• Shared oversight: Cardano’s oversight is shared among three entities: the Cardano Foundation, IOHK (Input Output Hong Kong), and EMURGO.‍
• Smart contracts: The Cardano blockchain supports smart contracts and allows developers to create various decentralised applications (dApps) and automated contracts on the network.

ADA (Cardano) is the native cryptocurrency of the Cardano blockchain. You can easily access buying and selling ADA on the Xapo Bank app. Discover more.