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"Introduction to ADA: Understanding the Basics"
Introduction:
Welcome to the first segment of our "ADA 101, the New ADA Holders Guide" series. This blog is specifically curated for beginners interested in cryptocurrency, providing an essential insight into one of the most prominent digital currencies - Cardano's ADA.
What is ADA?
ADA is the native digital currency of the Cardano platform. The name 'ADA' stems from Ada Lovelace, a 19th-century mathematician recognized as the first computer programmer. Just like other cryptocurrencies, ADA is decentralized and relies on blockchain, but what truly stands it apart is its underlining technology and philosophy.
Underlying Technology:
Cardano distinguishes itself with its commitment to academic research and a scientific philosophy. It is programmed in the Haskell language, which is known for its high degree of accuracy and less prone to human error. Furthermore, Cardano's blockchain operates on the unique "Proof of Stake" consensus algorithm called Ouroboros, unlike the widely used "Proof of Work" applied by Bitcoin.
Origins of ADA:
Cardano and ADA are the brainchildren of Ethereum co-founder Charles Hoskinson. He envisioned Cardano after noticing the scalability and security issues with Ethereum. Since its launch in 2015 by blockchain development firm IOHK, Cardano has aimed to solve problems related to scalability, interoperability, and sustainability that afflict several cryptocurrencies.
In conclusion:
ADA offers more than just a digital asset; it provides an entire technological platform capable of running financial applications used every day by individuals, organizations, and governments globally. As you delve deeper into the world of cryptocurrency with our subsequent blog posts, you'll discover ADA is more than just an investment; it's a futuristic approach to decentralized applications and contracts.
Stay tuned for our next segment, which will guide you on the steps to buy ADA, making your journey into cryptocurrency a smooth one!
Mike Gilhooly / $websize / mikegilhooly.com
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