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Introduction: Cardano (ADA), launched in 2015, gained a lot of attention for its ambitious plans to become the “internet of blockchains."
What is Cardano? What is ADA?: The difference between Cardano and ADA can be best described as Cardano being the home where ADA coins live. Cardano is a blockchain and ADA cryptocurrency live on the Cardano Blockchain.
Cardano Blockchain Use Cases: Apart from being able to send and receive ADA, the Cardano Blockchain also is used for hosting Smart Contracts and applications.
Similarities between Cardano vs. Ethereum: Cardano’s Co-Founders, Charles Hoskinson & Jeremy Wood, were instrumental in the early days of Ethereum.
Staking Cardano ADA: ADA is a Proof-of-Stake (POS) coin that fuels the Cardano Blockchain. By staking Cardano, users can assist in validating block transactions allowing users to mine Cardano as a reward for validating Cardano blockchain transactions.
ADA Coin Supply: The maximum supply of ADA coins is capped at 45 billion. The current circulating supply of ADA is 31 billion.
Validating Cardano Transactions: Cardano miners perform functions much like Bitcoin miners do through a consensus algorithm called Ouroboros Proof-of-Stake.
How to stake Cardano: Anyone holding ADA can become a Cardano Stakeholder and can become a Slot Leader to mint new blocks on the Cardano Blockchain. The more ADA you hold, the greater the opportunity is at becoming a Slot Leader. You can stake Cardano, on desktop or mobile, in one tap with your Exodus Cardano Wallet.
Diving into the Cardano Blockchain: Cardano blockchain is made up of 2 layers enabling greater flexibility for Cardano Smart Contracts.
The Internet of Blockchains: Through side chains, Cardano hopes to build an interoperable blockchain or an “internet of blockchains.”