Blockchains 101: Cardano

Introduction

Cardano (ADA) is a cryptocurrency and decentralized blockchain platform allowing programmable transfers of value via smart contracts.

Cardano’s logo

Description

Cardano platform is built on a Proof of Stake algorithm (Ouroboros), determining how the consensus is achieved between the separate nodes of the network. To use the platform, participants must install the Deadelus deterministic wallet designed specifically for serving the Cardano ecosystem.

Smart contracts

Cardano is expected to integrate smart contracts functionalities by end 2020, transiting from Shelley to GoGuen era and opening the door for more on-chain functionalities (dApps, DeFi).

Cardano’s daedalus official wallet logo

Storage and wallets

Official cardano wallet: Deadelus

Technical specificities:

  • Type: Native Coin
  • Total Supply: 45,000,000,000
  • Subunit: NA
  • Consensus: Proof of Stake (PoS)
  • algorithm: Ouroboros
  • Encryption: HMAC-SHA512
  • Privacy: Pseudonymous (Low)
  • Blocktime: 10 minutes
  • Coding languages: Haskell, Plutus
  • Open source: Yes
  • Current version: Shelley
  • Past version: Byron
  • Next version: Goguen

Documentation:

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