In honor of Augusta Ada King, Countess of Lovelace (1815 - 1852), widely considered as the first computer programmer, Cardano's cryptocurrency is called Ada. The blockchain's PoS consensus algorithm uses Ada. It is awarded to users who take part in a stake pool as compensation for their contributions to the blockchain.
Charles Hoskinson, who was also one of the project's co-founders, was the one who ultimately built and published Cardano in 2017.Cardano is developed on top of an existing platform for the creation of smart contracts called ENCODE. Its primary objective is to create a network that is both connected and decentralized.
It accomplishes this by removing the proof of work algorithm's heavy reliance on processing power.
A stake is an ownership interest that a pool participant holds and that is committed and secured with Ada. Due to the fact that it is being kept as security for truthful validation behavior, pledged Ada cannot be used or spent by the bearer. The awards are given out based on how much Ada a user has bet.
Cardano is intended to be developed in 'eras' named after significant personalities in poetry and computer science history, including Voltaire, Byron, Shelley, Goguen, and Basho. The Basho period (present, late August 2022) is one of scale and optimization, with the goal of giving Cardano new capabilities. With previously revealed smart contract features and system upgrades, Voltaire is the last period of Cardano development and is designed to add voting and treasury management to the blockchain and network.
Decentralized proof-of-stake (PoS) blockchain Cardano was created in 2015 and released in 2017.
The objectives driving Cardano's development are significant. When voting and blockchain-based treasury management are added to Cardano's capabilities in the future, its developers envision it finally becoming completely decentralized.