Cardano is an open source smart contract platform that offers a variety of features through a layered design. Its modularity will eventually allow network delegation, side chains, and light client data structures. Cardano uses a proof-of-stake (PoS) called Ouroboros to secure the network and manage the block production process. Cardano network native tokens, known as ADA's native tokens, give pledgers a proportional share of newly issued tokens based on their holdings and allow users to pay transaction fees.
Cardano was launched in 2017 and is known as the third generation of blockchains (the first and second generation after Bitcoin and Ethereum respectively), competing directly with Ethereum and other smart contract platforms as a more scalable, secure and efficient alternative. The platform has gained international media attention as the first blockchain to incorporate a peer-reviewed research strategy into its core principles. Today, ADA is one of the top cryptocurrencies in the world.
One of Cardano's design philosophies is safety. It is written in the functional programming language Haskell. In functional languages like Haskell, systems are encouraged to be built using pure functions, leading to a design in which components can be easily tested in isolation. In addition, Haskell's advanced features enable us to use a range of powerful methods to ensure code correctness, such as implementation based on formal and executable specifications, extensive attribute-based testing, and running tests in simulations.
On September 13, 2021, Cardano officially launched its smart Contract platform, which aims to provide more advanced features than any protocol previously developed and will serve as a stable and secure platform for enterprise-level DAPP development. In the near future, Cardano will use a democratic governance system that allows projects to grow over time and fund themselves in a sustainable manner through a visionary financial system.