The Cardano network

Blockchain technology is constantly growing all the time, there is always a new technology appearing that in one way or another optimizes the way we create a blockchain. Cardano is a combination of these technologies as it is a public platform developed in 2015 as an open source and uses a proof of stake as a consensus protocol as well as facilitating transactions between individuals. The currency that comes with this new blockchain platform is what we know as ADA.

Differences with a classic blockchain:

• Because of its proof-of-consensus (PoS) system known as Ouroboros, it manages to perform complex calculations to maintain the chain and leave great energy savings. This same system is designed to achieve the maximum level of decentralization in the blockchain.
• Blocks are created using epochs and slots. At the beginning of each epoch, a set of leaders is elected and each is given the right to allocate a block in a specific slot.
• The leaders are chosen by several processes being the first one the amount of ADA that the interested parties have in their wallets, so the ones with more will have more chances to be chosen, then from all the interested parties, one is chosen randomly to validate them and incorporate the next blockchain, and finally, the leaders that have been previously selected vote for the election of the next leaders, which guarantees that it is a win-win situation for all avoiding bad intentions of those who validate the block.
• This consensus method allows the blockchain to record between 50 to 250 transactions per second. It is expected that in future updates up to 5000 transactions per second can be generated.
• Unlike bitcoin, new ADAS are not created or granted to miners, but to stakeholders interested in becoming leaders.
• It has a transaction layer known as the “Cardano Settlement Layer” for transactions using its ADA cryptocurrency, but in the same way, it has a computation layer still under development known as the “Control layer” in which its smart contracts are executed in a similar way to Ethereum.
• It is written with the Haskell programming language which is often used by banking and military defense sectors alike.

This type of blockchain network has been gaining a lot of importance in the current market, in addition to the fact that it is a network compatible with multiple cryptocurrencies which gives the possibility that in the future a transfer of cryptocurrencies between wallets could be achieved.