Cardano is "the world’s first third-generation blockchain", the first blockchain platform developed with a research-first driven approach and one of the first to be built on the Haskell programming language. The project was launched in September 2017 by Blockchain Development Output Hong Kong (IOHK), headed by Charles Hoskinson, the former co-founder of BitShares and Ethereum. It is an evolving technological platform that will -eventually- support digital money transactions, financial applications, smart contracts, decentralized apps, sidechains, multipart calculations and metadata.
ADA is the cryptocurrency based on the Cardano platform and, according to the developers, it will allow fast direct transfers with guaranteed security thanks to cryptography. To use ADA, investors must use the Daedalus wallet, which is a hierarchical deterministic, multiplatform, secure wallet designed specifically for this cryptocurrency. The wallet is easy to install, and it allows you to view everything and even search for transactions. Moreover, Cardano is being constructed in layers, which gives the system the flexibility to be more easily maintained and allow for upgrades by way of soft forks. After the settlement layer that will run ADA is complete, a separate computing layer will be built to handle smart contracts, the digital legal agreements that will underpin future commerce and business. Cardano will also run decentralised applications, or dapps, services not controlled by any single party but instead operate on a blockchain. .
Cardano works on a Proof-of-Stake algorithm called Ouroboros that determines how individual 'nodes' reach consensus about the network and eliminates the need for an energy-hungry proof of work protocol allowing scaling up for much wider use. Ouroboros has been designed by a talented team of cryptographers from five academic institutions, led by Professor Aggelos Kiayias of the University of Edinburgh. The core innovation it brings beyond being proven secure using a rigorous cryptographic model is a modular and flexible design that allows for the composition of many protocols to enhance functionality. According to the Cardano developers, the Layer 2 solution “Hydra” will give the Cardano network scalability of over one million transactions per second (TPS).
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