Cardano is a blockchain with a PoS algorithm. According to its creators, the platform is designed to empower "agents of change, innovators, and visionary thinkers" to make the world a better place.
This open-source project also aims to "transfer power from opaque structures to individuals for their benefit," contributing to the creation of a society characterized by greater security, transparency, and justice.
The ADA token is the native cryptocurrency of the Cardano blockchain, named after mathematician Ada Lovelace, which is used for paying fees, staking for network security, and participating in governance (voting on the future development of the platform), as well as for interacting with smart contracts and DeFi services, forming the basis of the Cardano ecosystem that operates on the Proof-of-Stake (PoS) consensus mechanism.
Cardano was founded back in 2017, and the ADA token was designed to ensure the participation of holders in the network's operation. As a result, cryptocurrency holders have the right to vote on proposed software changes.
The working group behind this multilevel blockchain claims there have already been several compelling use cases for this technology, which aims to enable modular development of decentralized applications and smart contracts.
Cardano is used by agricultural companies to track the supply of fresh produce from farm to table. Other products built on the platform allow for the protection against tampering of stored educational data or help retailers significantly reduce the number of counterfeits.
