As with other cryptocurrencies around, Cardano is also fully decentralized which means that no financial institutions oversee its payment system which is fully based on blockchain technology.
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This digital currency was launched back in September of 2017 by IOHK or Blockchain Development Output Hong Kong. As another decentralized digital currency, Cardano is dependent on smart contracts that it uses across its open-source platform. One of the bases of this platform is a Cardano Coin or ADA that is available for purchasing and trading on cryptocurrency exchange platforms such as Bittrex and Binance for a rather attractive price.
The cryptocurrency is developed by Charles Hoskinson’s team who is known as the former co-founder of Ethereum and BitShares. The digital currency aims at the launch of decentralized apps, smart contracts, multipart calculations, sidechains, and metadata. The Cardano platform works on the popular Proof-of-Stake algorithm named Ouroboros which determined how different nodes achieve a consensus regarding the whole network. This algorithm is also an extremely important part of the entire infrastructure which supports ADA Coins.
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