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Cardano (ADA) Calculator:
Cardano is a Proof of Stake (PoS) blockchain platform that is designed based on peer-reviewed scientific research. The open-source project “combines pioneering technologies to provide unparalleled security and sustainability to decentralized applications, systems, and societies.” Cardano is designed to be a third-generation blockchain that differentiates itself from first and second-generation blockchains by providing greater scalability.
The native currency of Cardano is called Ada, and it’s named after a 19th-century mathematician and possibly the first computer programmer Ada Lovelace. Ada is a digital currency and a vehicle for on-network transactions. There are a total of 45 billion ADA.
Cardano was founded by tech company Input Output Hong Kong (IOHK). The CEO of IOHK Charles Hoskinson is a mathematician and one of the founders of the Ethereum network.
Cardano raised over $62 million in its 2016 Initial Coin Offering (ICO). In the three-month-long ICO, the company sold about 25.8 billion ADA.
Upon its launch, the Cardano network allotted 648 million ADA to the Cardano Foundation, 2.1 billion to founding member Emurgo, and about 2.5 billion to IOHK.
The Cardano Foundation supervises the Cardano project. IOHK is responsible for the development of the Cardano protocol.
Unlike Bitcoin and many other major and minor cryptos, Cardano uses the PoS consensus protocol instead of the Proof of Work (PoW) protocol. Specifically, the blockchain uses the Ouroboros PoS mechanism. Ouroboros helps with scalability by reducing energy costs compared to a PoW protocol.
Ada holders can use the money stored in their digital wallets to help running the network and get a reward in return. Or, they can pledge it to a stake pool to help increase the chances of that pool of earning rewards.
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