Cardano Explained — What Is Cardano and Why Does It Matter?

Breaking down Cardano.

Cardano is a cryptocurrency network.

The network utilizes a cryptocurrency called Ada.

As of writing, Cardano is among the top five cryptocurrencies in terms of total market capitalization. Cardano’s ticker symbol is ADA.

The price of ADA has surged since late 2020, along with Bitcoin and the overall crypto market.

What Is Cardano?

We already know that Cardano is a cryptocurrency network.

Cardano is also an open source project.

From Cardano.org:

Cardano is a blockchain platform for changemakers, innovators, and visionaries, with the tools and technologies required to create possibility for the many, as well as the few, and bring about positive global change.

Cardano has a global focus.

The developers behind the network place an emphasis on providing financial services to its users through trust.

Similar to competitors such as Ethereum, Cardano achieves trust through the use of smart contracts.