A public blockchain platform is termed Cardano Network, and is decentralized and open-source, with consent attained using proof-of-stake(Pos). It is also considered as a third-generation Pos blockchain platform design that is well organized to replace the proof-of-work(Pow) networks. It enables peer-to-peer dealings with its internal cryptocurrency, Ada. And is the largest cryptocurrency to utilize the proof-of-stake blockchain network which is a better option than Proof-of-work protocols. The main applications of this platform are traceability and identity management.
Cardano is the replacement of Ethereum, which came into effect in 2017 by Charles Hoskin who is the co-founder of Ethereum. Both platforms have almost similar applications and goals, such as smart contracts, and have the objective of constructing a decentralized and connected system. The former application was used to collect the data from various sources and streamline and simplify the processes, but the present application can track and audit the whole transaction from the manufacturing process to finished goods which possibly helps to eliminate from the market the fake or forged goods. Cardano also aims to furnish banking facilities to everyone around the globe who needs it the most.
The main objective of Cardano is to achieve a decentralized system and those responsibilities are shared by partners of Cardano: The Cardano Foundation, EMURGO, and IOHK.
The Cardano Foundation is the legal custodian of the Cardo brand. It is a not-for-profit organization for primary overview and supervision. It helps to promote the visibility protocol worldwide, improves used-case opportunities, and also helps to associate with policymakers, academia, and regulators.
IOHK’s work is building Cardano as a software engineer and technology company, intending to dedicate to promote blockchain education. IOHK’s mission is to not only work closely with the partners in academia for educational purposes but also to improve the longevity or durability of the Cardano protocol with the help of recently critiqued research, to inform the platform updates before execution.
EMURGO is the partner for global technology whose work is to attract traffic towards Cardano protocol through commercial advertisement, and also amalgamate businesses into their blockchain system worldwide.
The importance and usefulness of a blockchain platform are its algorithms and how it utilizes to make blocks and validates the transaction. Cardano also uses Ouroboros, which is also an algorithm that uses the protocol proof-of-stake to mine blocks. It is designed in such a way that it reduces to the minimum the energy expenditure of the block production process.