Cardano has increased to $0.50 and exceeds a market capitalization of $13 billion, placing the cryptocurrency in sixth place overtaking other well-known coins IOTA and Dash.
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Cardano is developing a smart contract platform which seeks to deliver more advanced features than any protocol previously developed.
It is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach.
The development team consists of a large global collective of expert engineers and researchers.
Cardano uses a new proof of stake algorithm called Ouroboros, which determines how individual nodes reach consensus about the network.
The algorithm is a crucial part of the infrastructure that supports the ADA cryptocurrency and is a major innovation in blockchain technology.
Ouroboros eliminates the need for an energy-hungry proof of work protocol, which stands as a barrier to blockchain scaling up for much wider use.
Designed a team led by IOHK Chief Scientist, Professor Aggelos Kiayias, Ouroboros is the first proof of stake protocol that has mathematically been shown to be provably secure, and the first to have gone through peer review through its acceptance to Crypto 2017, the leading cryptography conference.
The level of security demonstrated by Ouroboros compares to that of Bitcoin’s blockchain, which has never been compromised.