Cardano is a decentralized public blockchain and cryptocurrency project that is focused on providing a more secure and scalable platform for the development of decentralized applications (dApps). It was founded in 2015 by Charles Hoskinson, one of the co-founders of Ethereum, and is built on a proof-of-stake (PoS) consensus algorithm called Ouroboros.
As of December 14, 2022, Cardano is the sixth-largest cryptocurrency by market capitalization, with a total value of over $36 billion. It has a total supply of 45 billion coins, with over 31 billion currently in circulation.
One of the key features of Cardano is its focus on scalability and security. The Ouroboros PoS algorithm is designed to be more efficient and secure than proof-of-work (PoW) algorithms like the one used by Bitcoin. This allows for faster transaction speeds and lower fees on the Cardano network.
Additionally, Cardano is built on a multi-layer architecture that separates the network into a settlement layer and a computation layer. This allows for flexibility and upgradability, as changes can be made to the computation layer without affecting the underlying blockchain.
Cardano is also focused on providing a more decentralized and inclusive platform for dApp development. It uses a unique governance model called the Cardano Settlement Layer (CSL) where stakeholders can vote on protocol changes and fund development projects. This allows for a more decentralized and community-driven approach to decision-making.
Overall, Cardano is a highly ambitious and innovative project that is seeking to improve upon the existing blockchain technology and provide a more secure and scalable platform for dApp development. Its unique architecture and governance model make it a promising project to watch in the future.