Cardano – Blockchain Platform with Layers
Started in 2015, Cardano is a platform that has multiple layer architecture. Thus, it is easy to maintain each layer separately and enforce protocol upgrades on the fly through soft forks. The platform uses Haskell, a programming language, for the implementation and development.
Also, the blockchain platform is the first of its kind to built using the extensive academic research.
Cardano Settlement Layer is the first layer of the platform. It uses a Proof-of-Stake algorithm called Ouroboros. Soon, Deployment of another layer called Control Layer would take place. It will help in validating proofs to verify certain kinds of computations carried out correctly.
Cardano will also support sidechains. The sidechain concept comes in handy to move funds to other layers in the ecosystem. Or to any separate blockchain that supports the protocol.
Ada (ADA) is the Cryptocurrency of the platform and takes six decimal places in representation. It will also act as the native token for the application built on the Cardano platform. The maximum supply is 45 billion ADA. And the current circulating amount is 25.9 billion tokens.
A sale was conducted, and 25.9 billion ADA were sold. 5.1 Billion ADA has been distributed to the three organizations – IOHK, Emurgo, and Cardano Foundation – which are responsible for technical and business development.
Cardano is in Bootstrap phase. In this stage, there are no transaction fees and there will be no creation of new coins.
The official wallet is called Daedalus. Currently, it is available for Windows and MacOS. Soon, The Linux version will be available.
Also, the support for paper wallets in is development phase.
How to get ADA tokens?
As of now, mining is not an option. And there is no information available about when would minting new coins will start.