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Executive Summary
Cardano (ADA) is an open-source blockchain founded in 2015 that leverages a Proof-of-Stake (PoS) consensus mechanism through a protocol known as Ouroboros. It supports the development of decentralized applications (dApps) through a multi-asset ledger and smart contract functionality. ADA is the native token on Cardano and is used to transact, pay network fees, and provide security via staking.Peer-Reviewed Research – IO Global (IOG) is a technology consulting company and the primary developer of Cardano. In contrast to other blockchains, Cardano developers have favored a measured approach in bringing smart contract functionality to market, relying on peer-reviewed research and formal methods to build the platform. IOG believes that this strategy will result in a robust and scalable network with more sustainable incentive structures compared to other smart contract platforms. Smart contracts were enabled in September 2021 with the completion of the Alonzo upgrade.Unique Architecture – Cardano employs an Extended Unspent Transaction Output (EUTXO) accounting model (as opposed to an account-based model like Ethereum) for its ledger, which combines the structural simplicity of the UTXO model with the...
