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What is Cardano?

On Conio it is possible to buy and sell Ada (Cardano's native blockchain currency) at the market price, however, it is not yet possible to withdraw and deposit Ada.

Cardano is the name of a project based on a proof-of-stake Blockchain that aims to become a more efficient alternative to proof-of-work networks. The experimental project aims to outperform proof-of-work Blockchains in terms of scalability, interoperability, sustainability, cost, energy consumption and transaction time. Cardano is an open source project, which means anyone can view and contribute to the platform code.

ADA is The native token of the Cardano Blockchain and is used in the proof-of-stake consensus mechanism of its Blockchain. ADAs are used as a reward for work done by users who participate in a staking pool-that is, they make their ADAs available-to build the Blockchain. ADAs are also used in the payment of network transaction fees.

The Cardano blockchain leverages the Ouroboros consensus protocol, created by the project team in its founding phase and based on the concept of proof-of-stake. The protocol was developed to attempt to achieve the benefits of proof-of-work while eliminating the massive use of computing power (which is nevertheless a key security factor in Blockchains).

At the time of its launch, about 31 billion ADAs were created, of which nearly 26 billion were sold to investors by a Japan-based company hired to handle the sale. The remaining 5 billion ADAs were distributed to IOHK, Emurgo, and the Cardano Foundation.

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