What is Cardano ($ADA)?
Founded in 2015, Cardano $ADA is a digital currency that allows users to create smart contracts to build DApps and protocols.
ADA is Cardano’s native token. The unique feature of the Cardano ecosystem is that it has multiple architectural layers. Additionally, Cardano also uses mathematical principles in its consensus and has low transaction fees.
Cardano also aims to solve several current industrial problems, such as separating accounting and computational layers.
Uses of (Cardano) $ADA
Inside the Blockchain
1. Valuable Transfer Asset
Just like money, Cardano can be used as a valuable transaction asset. Every other cryptocurrency (e.g., ETHER and BTC) also have this feature.
2. Rewarding holders
The Cardano network uses the Proof-of-Stake consensus method.
The Cardano network is unique as it allows holders to have a say in the development of the Ecosystem. Holders vote and decide on proposed protocol changes.
4. Smart Contracts powering
This is a futuristic goal, but Cardano aims to use $ADA to power the creation of smart contracts. Additionally, holders will use apps that run on the decentralized Cardano network.
Uses in the Developed world
Other than uses within the blockchain, Cardano has developed Atala Prism.
Atala PRISM is a decentralized identity solution that allows users to own their personal information seamlessly, privately, and securely interacting with organizations.
The site has outlined several uses of Cardano, including Issuing credentials in various sectors such as;
- Health-Digital ID, Licenses, Certificates, health records, Vaccinations, and Prescriptions
- Government- Digital ID, Civic Records, Licenses, Certificates, Records, and Awards
- Travel- Car-Sharing Membership, Bus, Train, Flight Tickets, Boarding Pass, Travel Card, Travel Insurance, and Parking Permit
- Enterprise-digital ID, JobReference, Certificates, Awards, Loyalty Program, and invoices
- Social- Gym Membership, Museum Pass, Concert Ticket, Movie Ticket, Library Pass, and Zoo Annual Pass
- Finance- Digital ID, Account Details, Asset Ownership, KYC compliance, Statements, Agreements
- Education- Digital ID, Degrees, Certificates, Transcripts, Examinations, and Badges
Other Cardano Uses Include;
- For Growing Businesses- Expand your customer numbers, raise your profits, and future-proof your business through an improved overall experience.
- An effective government
- Empowerment of individuals to own personal data
Apart from being cost-friendly, flexible, and sustainable, Atala Prism aims for Scalability. In addition, the platform is inclusive as it allows anyone from anywhere to use it.
Who Created Cardano?
Charles, who also doubles up as the co-founder of Ethereum, founded Cardano. He did this with the help of Jeremy Wood, who also worked at Ethereum. The duo also aimed to create a standardized blockchain and improve ScalabilityScalability.
Other than the two master planners, the network also has other stakeholders. Cardano Foundation, IOHK, and Embargo are the major stakeholders of Cardano.
Interestingly, the Crypto was named after Agustus Ada King. She was a mathematician and a writer.
In Summary, the Cardano blockchain is doing well and has a promising future. In addition, its unique qualities allow the blockchain to stand out from the rest.