$ 0.036627 (-0.44%)
Cardano (ADA) - Historical Price Chart
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The goal of Cardano is to create a platform for the exchange of smart contracts, with a focus on security through a layered architecture. It is similar to Ethereum in that it is a platform for smart contracts, but it is majorly different in its underlying technology.
ADA runs on Ouroboros, which is the only DPOS (delegated proof-of-stake) consensus algorithm that has gone through a formal peer review. It is supported by a formal security proof, according to the Chief Scientist at the blockchain technology company IOHK. ADA boasts their network offers deep functionality that comes paired with speed, efficiency, and small fees. Eventually, there will be a treasury model, similar to Dash, where people can request funding to improve the protocol and ecosystem. They also plan to be compliant with regulators from all different jurisdictions, which is a very large undertaking.
Cardano is the first blockchain project to be built on peer-reviewed academic research and was built from scratch in the functional programming language Haskell. IOHK hired Philip Wadler, a principal designer of the Haskell language, to work on the Cardano project. According to Hoskinson, because Haskell is similar to math in its approach, the code can be written more precisely, resulting in a more secure and reliable protocol.