Cardano is a decentralized, open-source project that effortlessly combines pioneering technologies to provide unparalleled security and sustainability to decentralized applications and systems.
How Cardano Works
Cardano's primary innovation is its unique layered architecture which separates the ledger of account values from the reason why transfers are conducted. This separation is intended to bring greater flexibility to smart contracts. A unique Proof-of-Stake (POS) algorithm is used by Cardano, known as Ouroboros. This algorithm determines how individual nodes reach consensus about the network.
Why Use Cardano?
Cardano goes beyond the utility of being just a cryptocurrency. It's a technological platform capable of running secure smart contracts, which are applications providing features not previously possible with conventional financial systems. While the protocol's first version mainly assists ADA transfers, the upcoming versions are designed for smart contracts and decentralized applications (dApps).
The Development Team
Cardano is not a product of a single mind, but a collective effort by a global team of engineers and researchers, led by the Input Output Hong Kong (IOHK). IOHK works with academic institutions worldwide to produce research that pushes the boundaries of blockchain technology.
Cardano's Price in 2020 and 2021
In 2020, Cardano's price oscillated between $0.03 and $0.18 - its highest for the year was reached in July. However, 2021 proved to be a breakout year for Cardano. It soared to a peak market price of $2.45 in May, showing the growing confidence of the investors in this cryptocurrency.
