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Frequently Asked Questions

What is Cardano (ADA) and why is it unique?

Cardano (ADA) is a blockchain platform and cryptocurrency known for its scientific approach to development and peer-reviewed research foundations. Unlike many other blockchains, Cardano was built in layers, with separate layers for ADA transactions and smart contracts, which enhances both security and scalability. This structure, combined with its innovative proof-of-stake consensus mechanism called Ouroboros, makes Cardano a pioneer in creating a sustainable, flexible, and energy-efficient blockchain ecosystem.

What are ADA’s main use cases?

ADA, the native cryptocurrency of the Cardano blockchain, serves multiple purposes within its ecosystem. It is used for transaction fees, staking, and participating in Cardano’s governance model. Beyond its role within the blockchain, ADA also serves as a medium of exchange and can be used in various decentralized finance (DeFi) applications, enabling users to lend, borrow, or earn rewards through staking. ADA’s use cases are expanding rapidly with the growth of NFTs, DeFi projects, and dApps built on Cardano’s platform.

What wallets support Cardano (ADA)?

Cardano is supported by several wallets, each offering various features for ADA holders. The two primary wallets developed by Cardano’s team are Daedalus and Yoroi. Daedalus is a full-node wallet, giving users complete control over their ADA and allowing them to run a full Cardano node. Yoroi, in contrast, is a lightweight wallet designed for ease of use, available as a browser extension and mobile app. Other popular wallets supporting ADA include Exodus, Trezor, and Ledger, giving ADA holders a range of options based on their security and convenience preferences.

How does the Cardano ecosystem differ from other blockchain ecosystems?

Cardano’s ecosystem stands out due to its structured and research-oriented development, emphasizing scalability, interoperability, and security. Developed with multiple layers—specifically, the Cardano Settlement Layer (CSL) and Cardano Computation Layer (CCL)—it allows transactions and computations to operate independently. This unique two-layer design enhances scalability, making it possible to handle an increasing number of transactions without affecting performance, positioning Cardano as a robust platform for decentralized applications (dApps) and enterprise solutions.

How does staking work on the Cardano blockchain?

Staking on Cardano allows users to participate in network security while earning rewards. Through Cardano’s proof-of-stake consensus mechanism, ADA holders can delegate their ADA to a stake pool or run their own stake pool, contributing to transaction validation and block creation. Rewards are distributed proportionally based on the amount of ADA staked, providing an incentive for ADA holders to engage actively in securing the network and helping to ensure a decentralized infrastructure.