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Welcome to our Crypto Passive Income Video!

ADA is the utility token of the Cardano blockchain and it is used as a medium of exchange. The Cardano blockchain was created as a twin of Ethereum by Charles Hoskinson, a co-founder of Ethereum, integrating distributed ledger technology and smart contract infrastructure.

There are thousands of different blockchain projects in the market, and it may be difficult for an inexperienced investor to select worthy options. Cardano (ADA) has become one of the fastest-growing blockchain assets in the cryptocurrency industry, attracting investors’ attention.

What Is Cardano (ADA)?
Created as an alternative to Ethereum, Cardano is the first peer-reviewed decentralized blockchain protocol to utilize a scientific approach.

Cardano’s developers have aimed to create a blockchain platform that can process more transactions at a lower cost. At the same time, they’ve endeavored to protect users’ data by combining distributed ledger technology and smart contract infrastructure.

The Cardano blockchain allows people to build smart contracts, create decentralized applications and protocols, and instantly send and receive funds with minimal fees. The Cardano utility token, ADA, is used as a transfer of value like many other crypto tokens. Yet it differs from other cryptocurrencies in its functionalities. Stake pool operators use it in the staking system to maintain the security of the protocol. Users who stake their ADA tokens on the blockchain utilize them to verify transactions.

Apart from that, active users are also rewarded with ADA coins for participation in safety provisions. For instance, ADA holders use their coins to vote on changes or improvements to the protocol, thus taking part in its development. In contrast, the developers use it to power their smart contracts, which run on the Cardano blockchain.

Security
As a smart contract platform, Cardano provides safety and scalability through its unique two-layered architecture. The Cardano Settlement Layer (CSL) handles all transactions using Cardano cryptocurrency, with minimal transaction fees. Simultaneously, the Cardano Computation Layer (CCL) is a set of protocols that help run smart contracts. It enables developers to create decentralized apps, ensures security, and makes small changes for end-users.

Proof of Stake Consensus Algorithm
Bitcoin and Ethereum networks follow the proof of work (PoW) protocol. It requires a massive amount of electricity in order to verify transactions. On the other hand, Cardano relies on the proof of stake (PoS) process, which is far less energy-consuming and helps to reduce transaction fees. While the success of the Ethereum London hard fork serves as a concrete stepping stone for Ethereum 2.0 to move from PoW to PoS.

Scalability
Bitcoin, Ethereum, and other previous generations’ blockchains can manage only a limited quantity of transactions per second (TPS). Cardano saw this problem in scalability and solved it by implementing the Ouroboros protocol, built on the proof of stake model, to ensure high transaction speed and an equitable chance of earning a reward. It offers such advanced features as separation of layers, mathematical security in choosing blockchain validators, a secure voting mechanism for token holders, and an infinitely scalable consensus mechanism.

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The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses a considerable risk of loss. The speaker does not guarantee any particular outcome.

I hope you found value in our Crypto Passive Income video. Make sure to leave a like on the video if you gained value from it!

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⏰Timestamps⏰

00:00 – Introduction.
00:20 – Cardano project summary.
03:38- Summary

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