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Exploring the Depths of Cardano (ADA): A Comprehensive Guide

작성자 비트루 조회수 50 작성일 23.11.30  11:13

Dear Bitruers,

Today, we are excited to share a new article about Cardano!In the fast-evolving landscape of blockchain technology, Cardano (ADA) has emerged as a decentralized proof of stake (PoS) blockchain, offering a compelling alternative to traditional proof of work (PoW) networks. In this comprehensive guide, we delve into the intricacies of Cardano, unraveling its history, distinctive features, and the fascinating world of Cardano's tokenomics.Be sure to follow Bitrue's Official Twitter and Telegram to stay updated!

Introduction

Cardano, founded in 2015 by Charles Hoskinson, officially launched in 2017, positioning itself as a decentralized application (dApp) development platform. Named after Augusta Ada King, Countess of Lovelace, the first computer programmer, Cardano's native cryptocurrency, ADA, powers its PoS consensus mechanism. The platform seeks to address the limitations of earlier blockchain generations, especially Ethereum, aiming to provide efficient and scalable solutions.

 

Read More: How TON Coin Is Building the Future of Decentralized Infrastructure

 

What Sets Cardano Apart

Proof of Stake vs. Proof of Work

Cardano operates on the Ouroboros consensus protocol, a groundbreaking PoS mechanism designed to minimize the energy consumption associated with PoW mining. In contrast to PoW, which relies on solving complex cryptographic puzzles, PoS involves multiple validators agreeing on transaction accuracy. ADA, Cardano's digital currency, plays a pivotal role in this process, serving as a reward for users participating in stake pools.

Cardano Staking: An In-Depth Look

Cardano's PoS system introduces the concept of staking, where a node's ability to create blocks is determined by the amount of ADA it holds. Staking involves pledging ADA as collateral, with pledged tokens earning rewards in the form of transaction fees. Staking pools, groups of ADA holders, collaborate to update the ledger, create new blocks, and share rewards based on the participants' staked amounts.

Smart Contracts

In 2021, Cardano implemented smart contract support through its Alonzo update. This marked a significant milestone, allowing users to create smart contracts, non-fungible tokens (NFTs), and manage multiple assets. The ongoing development roadmap envisions additional capabilities and improvements, positioning Cardano as a dynamic and evolving platform.

The Five Eras of Cardano Development

Cardano's development unfolds in five eras, each named after notable figures in poetry and computer science: Byron, Shelley, Goguen, Basho, and Voltaire. As of 2023, the platform anticipates transitioning from the Basho era, focused on scaling and optimization, to the final Voltaire era. Voltaire aims to introduce governance elements, enabling the community to shape Cardano's future independently.

Tokenomics & Supply Schedule

Cardano's native token, ADA, boasts a maximum supply of 45 billion, with a current circulating supply of around 34 billion (as of Oct 2022). The token's supply schedule follows an inflationary model, compensating for the network's decreasing monetary expansion. ADA's use cases extend beyond a mere exchange of value; token holders can stake ADA, pay transaction fees, and actively participate in on-chain governance.

Staking Mechanics & Rewards

ADA staking operates on a non-custodial and fully liquid basis, allowing users to delegate their holdings to staking pools. The rewards, comprising monetary expansion and transaction fees, are distributed every epoch (5 days). Staking rewards are determined by factors such as fixed costs, margin, expansion rate, and pledge amount. Notably, Cardano's staking system does not involve slashing, emphasizing the importance of rational behavior for participants.

What's Next for Cardano

Cardano's future holds the promise of full decentralization and community-driven development, set to be realized in the Voltaire era. The completion of this phase will empower the community to guide Cardano's evolution independently, signaling a new era for the platform.

Conclusion

In conclusion, Cardano stands as a testament to innovation and sustainability in blockchain technology. With its unique approach to consensus, robust staking mechanisms, and a roadmap guided by scientific research, Cardano remains a key player in the evolving crypto landscape. As we anticipate the transition to the Voltaire era, the community's role in shaping Cardano's destiny becomes more pronounced than ever.

 

Read More: Kyber Network (KNC) - A Multi-Chain Liquidity Hub for Crypto Trading and DeFi

 

Official Website & Social Media

Official Website: Cardano Official Website

Twitter: Cardano Twitter

Docs: Cardano Documentation




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