Review on Cardano by Azad Aliyev

What is Cardano (ADA)?

Cardano is a third-generation proof-of-stake (PoS) decentralized blockchain platform that aims to become a more effective alternative to proof-of-work (PoW) network. The scalability, interoperability, and sustainability of PoW networks like Ethereum are limited by infrastructure burdens such as higher costs, slow power usage, and slow transaction times.

Proof of Work (PoW) blockchain Ethereum co-founder Charles Hoskinson understands the impact of these challenges on the blockchain network and began developing Cardano and its main cryptocurrency ada in 2015, launching the platform in 2017 and ada tokens. The

Cardano platform runs on the Ouroboros consensus protocol. Ouroboros, created by Cardano in its founding stage, is the first PoS protocol that has not only been proven safe, but also the first to be informed by academic research. Each development stage or era in the Cardano roadmap is based on a research-based framework, combining peer-reviewed insights with evidence-based methods to move toward and achieve milestones related to the direction. Blockchain network and the future application of ada tokens. 21

The main application of Cardano is identity management and traceability. The first application can be used to simplify the process of collecting data from multiple sources. The latter application can be used to track and review the manufacturing process of the product from the place of origin to the finished product, and may eliminate the market for counterfeit products.

Cardano usage examples The organization behind

Cardano has released three products: Atala PRISM, Atala SCAN and Atala Trace. The first product is sold as an identity management tool and can be used to provide access to the service. For example, it can be used to verify credentials for opening a bank account or eligibility for government assistance. The other two products are used to track the product's journey through the supply chain. 7

Cardano is also developing a smart contract platform, which will serve as a stable and secure platform for the development of decentralized applications at the enterprise level. In the near future, Cardano's team plans to use a democratic on-chain governance system called Project Catalyst to manage project development and execution. They will also use Project Catalyst.8 to transform their financial management system to fund future costs.