What is Cardano
Cardano (ADA)
Cardano is the world’s first peer-reviewed blockchain designed using a rigorous formal methods philosophy and ADA is its native third generation cryptocurrency. It is a proof-of-stake blockchain platform: the first to be dessigned based on peer-reviewed research and developed through evidence-based formal methods.
Charles Hoskinson and Jeremy Woods co-founded the Cardano project back in 2015. IOG is the sofware development company that has been contracted to build the Cardano project for which Charles is the CEO.
Cardano aims to find solutions to solve problems facing first-generation cryptocurrencies. like Bitcoin and second- generation cryptocurrencies like Ethereum. Cardano focus on strengthening the three key pillars of scalability, interoperability and sustainabilty in its design philosophy.
Cardano combines pioneering technologies that provide security and sustainability to decentralized applications, systems, and societies. Cardano hopes to enable redistribution of power from powerful forces/groups to the edges – to individuals – and hopes to become the World’s financial operating system.
What is Cardano Shelley?
Shelley is a major update of Cardano .The Shelley era encompasses the critical early steps in Cardano’s journey to optimise decentralisation. From a federated coin minted only by IOG the corporation, the Shelly phase of Cardano started on 29 July 2020 and there are, at the time of this writing, more than 1000 registered stake pools being run by the Cardano community.
What is cardano staking?
Ada held on the Cardano network represents a stake in the network, with the size of the stake proportional to the amount of ADA held. If you hold 10% of all available ADA, you have a 10% stake in the network.
The ability to delegate that stake is fundamental to how Cardano works. There are two ways a Cardano holder can earn rewards, and thus be incentivized to keep the network running: one by delegating their stake to a stake pool run by someone else, or two by running their own stake pool.
The design of the Cardano protocol encourages decentralisation by incentivising more and more stake pools to participate in running the network and disincentivising the formation of large stake pools dominating the network by saturating the amount of rewards larger pools get.
Anybody that has ADA stored in either a Daedalus or Yoroi wallets can participate and earn rewards through delegation or running a stake pool.
