What is Cardano (island)?
Cardano is a platform with Island crypto system that can be used to send and receive cryptocurrencies. This cryptocurrency represents the future of money and enables fast, direct transfers that are guaranteed to be safe with cryptography.
Cardano is not just a cryptocurrency, it is a technological platform that can execute financial applications used by individuals, organizations and governments around the world every day. The Platform is built in blocks to make it easier to update the system and upgrade with soft forks. Following the completion of the core tier that will govern the island, a separate layer of computing will be created to handle smart contracts, digital legal agreements that will support future trade and jobs. Cardano will also run any decentralized but instead decentralized applications running on a blockchain, or dapps (a system that directly connects users and suppliers) services.
The innovation Cardano offers is that it is in a way that balances users ‘ needs with the demands of regulators and combines privacy with regulation. Cardano’s vision is that the new regulated computing style will enable greater financial engagement by giving everyone open access to fair financial services.
Who is the founder of Cardano (island)?
Cardano’s founder is Charles Hoskinson. He is a blockchain developer and co-founder of several key blockchain projects. Besides Cardano, Charles is also the co-founder of Ethereum and Ethereum Classic.
In 2013, Charles Hoskinson, along with EOSIO co-founder Dan Larimer, launched Invictus innovations, the first blockchain and cryptocurrency startup.
What is the difference between Cardano and other cryptocurrencies?
Many of the positive predictions that Cardano prices will rise are for technical reasons. One is the cryptocurrency’s block-building algorithm.
However, the” alternative buy proof ” algorithm is gaining importance as a way to reduce the electricity consumption of cryptocurrency mining. Cardano’s Ouroboros protocol was one of the first Stake of Proof systems and is the only one that has ever been proven. They began the development of the Daedalus wallet by developing their requests for user security. In addition to the usual privacy considerations of a cryptocurrency wallet, Daedalus also allows specific spending passwords and transaction tracking to be customized.
Cardano (Island) mining is not carried out with the system we are used to from other cryptocurrencies. As with Bitcoin mining, a mining cannot be done with electricity consumption with a special device.
The Cardano mining system works as follows, you load some Cardano balance into your Cardano wallet, which is suitable for this transaction, and it earns you Cardano with a certain percentage of your balance. This system is made by proof of Stake method. “What is staking?”you can look at our article.
There is no need for a special miner device or electricity consumption for Cardano mining. Cardano you receive a Cardano reward at the rate of your balance in your Cardano wallet, so that the system can continue its operations unabated with more practical mining than other types of mining.