Cardano(ADA), How does work!

By Currency NEWS | Coins & Tokens | 8 May 2021


The cardano platform consists of two layers. These two layers are the Settlement layer the control layer. In the Settlement layer, transaction are done using ADA Digital Currency(the currency code for the Cardano platform). This layer allows users to send and receive their coins, which works just like Ethereum.                         

But in the control layer, which is still developing, smart contracts will be used for this purpose. The categorized structure of the Cardano platform makes it a reliable tool for currency exchanges and smart contracts. In addition, the Cardano platform has plans in the future to link its ecosystem to the financial system.             

It should also be noted that instead of using the Proof of Work algorithm, Cardano using the Ouroboros Proof of Stake algorithm.                                   

Slot leaders selected by network shareholders, create new blocks in the blockchain in this protocol and carry out the transaction verification process.       

 

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Coins & Tokens
Coins & Tokens

Digital currencies are encrypted and designed with a protocol in mind and are designed to reduce fraud and prevent counterfeiting. These currencies are decentralized and do not belong to any country or institution and are in the context of a network called blockchain. Digital currencies, other than bitcoins, are divided into two categories:coins and tokens Coins each have their own blockchain, some of which are made from basic bitcoin code and in a simple phrase are forks or branches of bitcoin.

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