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What is ADA / Cardano?
Ada Cardano was created by Charles Hoskinson, who also helped create Ethereum and IOHK, a company that develops blockchain technology.
The first thing that makes Ada Cardano so unique is what it calls “Ouroboros.” Ouroborus is the name of its proof-of-stake consensus algorithm.
Unlike Bitcoin, which uses proof-of-work to validate transactions and create new blocks, proof-of-stake uses less electricity overall while still creating new blocks and validating transactions. This means that the future potential of Ada Cardano is much more robust than what we see with Bitcoin today because it uses less electricity, which has become increasingly important as our world becomes more environmentally conscious.
Where some cryptocurrencies like Ethereum use a memory hard algorithm to attempt to make their blockchain ASIC resistant, Ada Cardano takes a different approach. Its algorithm is designed to be ASIC resistant from the start, meaning that it will be difficult for companies like Bitmain to create dedicated mining hardware for Ada Cardano. This helps keep the network decentralized and more evenly distributed amongst its users.
One of the other key features of Ada Cardano is its governance model. The Ada Cardano Foundation will be responsible for managing the funds raised during the Initial Coin Offering (ICO) and will also be in charge of developing the technology roadmap.
This means that the Ada Cardano team is committed to transparency and accountability, which is something that has been lacking from many other cryptocurrency projects.
Ada vs. Cardano
Ada (Cardano) is a cryptocurrency that was forked from Ethereum in September 2017. It uses the Proof-of-Stake algorithm called Ouroboros and it’s one of the most promising cryptos out there today.
The difference between Ada and Cardano is that Ada is the name of the programming language, while Cardano is the name of the platform.
In other words the currency is called Ada (Cardano) and what’s special about it is that the Cardano blockchain uses a new proof-of-stake algorithm called Ouroboros.
Like Ethereum, Cardano is a platform that allows for the creation of decentralized applications (Dapps). However, what’s special about Cardano is that it was built with academic standards in mind.
When you say you’re buying Ada you’re actually buying Ada tokens or a cryptocurrency that is what is sometimes abbreviated to ADA. You can think of these like the Ether for Cardano.