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The bitcoin blockcoin was great for its time, then it came ethereum, but it was not the best because there were huge problems that took away how good it was. Since then the world has grown and evolved into a much more advanced place. Third-generation blockchains promise to do much more than what bitcoin and ethereum have established.
Cardano is a project of blockchain and open source public cryptocurrency, decentralized, powered by its native cryptocurrency called ADA (Cardano). It's a regular blockchain that offers decentralized contracts or smart contracts like Ethereum, it does so a little differently. He thinks and defines himself as a blockchain protocols developer far superior to anything similar.
Its infrastructure was implemented after several peer reviews of its white papers by researchers and mathematicians from around the world. He also stressed that his goal was to solve the 4 critical problems faced by the blockchains of the world today, all in one place:
- scalability
- interoperability
- Sustainability
- Governance
The price of Cardano is low and has a huge supply. These factors are helping you become a safer and more practical network to use and launch your blockchain idea. This is because Cardano uses Proof of Stake instead of Proof of work.
Proof of Work is used as a security level for blockchain to help keep all transactions truthful and flawless, however, it is known to use enough electricity like 5 million American families, or a whole New Zealand or Hungary. This is very inefficient and in a sense the mining basins that come together to earn rewards like the unions, but they mean compromising the idea of decentralization that lies beneath the blockchain.
The mining tanks are huge groups of miners who share rewards forming large signs, this takes away the essence of the blockchain by making it centralized in various units or blocks. Mining basins may seem right, but the huge economies of scale they enjoy make them dominant and monopolistic cartels.
Proof of Stake is something used by Cardano, this is much more efficient and different from its peer-to-peer consensus card system, this helps overcome the painful points of bitcoin and ethereum.
In calculating Proof of Stake, it takes less time, is organized differently, is still decentralized and the rewards are fair. This is done by storing a fixed amount of coins as a bet in the blockchain, which allows you to select a random slot leader that controls and manages the node when the leader is not available, the node is distributed to another. This re-election allows for fluid calculations, allows better use of resources and a much fairer and faster network!
