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  • What do you guys think about making another subreddit for Cardano related projects August 4, 2021
    I’ve thought about it since I noticed talking about them wasn’t allowed in this sub (For obvious reasons like scams and people shilling their own projects). I imagine that a sub about that’s well moderated could be a nice place for talking about the Cardano ecosystem. I would like to know what do you think […]
    /u/Elias_Aires
  • EMURGO: Yoroi Extension v4.6 is out (Chrome and Firefox)! August 4, 2021
    submitted by /u/keishadepaz [link] [comments]
    /u/keishadepaz
  • How cardano will benefit from implementing contracts August 4, 2021
    I am curious how much it will benefit the network and what changes will it bring to the network. submitted by /u/Alarmed_Peach3360 [link] [comments]
    /u/Alarmed_Peach3360
  • Defining Decentralized Governance and the Multitude of Different Models August 4, 2021
    submitted by /u/Crypto_Simp [link] [comments]
    /u/Crypto_Simp
  • Really high staking rewards for single epoch? like over 100%!? August 4, 2021
    I was browsing adapools and noticed a couple of pools had epochs of very high percents even over 100%! Is this possible? or is adapools reporting the information incorrectly? ​ See epoch 263 See epoch 271 Scroll to the bottom and switch to the rewards tab. Edit: looks like it's reporting the APY at each […]
    /u/WorldsWorstWordsmith
  • Get ready for Fund 6 and join the community list August 4, 2021
    ​ projectcatalyst.org Community list Get ready for fund 6 by joining the community list and share how you want to get involved with Project Catalyst! Join here - https://projectcatalyst.org/community Highlight what skills and services you can offer and how people can contact you. During fund 6 we'll try and help you through sharing the community […]
    /u/lovegrovegeorge
  • Anonymous Voting August 4, 2021
    Hey guys, ​ I have a question about voting. As you know there are projects like ErgoMixer which facilitate private/anonymous transactions between users while the base layer transactions are not private giving the user a choice between the two. I was wondering if such technologies can be utilized in voting so we can have both […]
    /u/patrickstarispink
  • Ledgity on Cardano August 4, 2021
    submitted by /u/ADA180 [link] [comments]
    /u/ADA180
  • Yoroi wallet seed phrase recovery / reset August 4, 2021
    Hey, everyone 👋 I recently set up my Yoroi wallet and deposited some ADA. I've somehow lost access to my password manager which contains my seedphrase. However, I still have access to the wallet dashboard. But I need to deposit my ADA into a new wallet in case I require the seedphrase in the future. […]
    /u/feeblefruits
  • Staking explained August 4, 2021
    submitted by /u/Tamierox07 [link] [comments]
    /u/Tamierox07

What Is Cardano ?

What is Cardano SL?
Cardano SL is also known as Cardano Settlement Layer and this is a cryptographic currency created and advanced by IOHK in collaboration with three universities – those of Edinburgh, of Athens and of Connecticut. Cardano SL is based on the white paper written by Aggelos Kiayias, Bernardo David, Alexander Russell and Roman Oliynykov.

Cardano SL is similar to Bitcoin, however it offers the freedom of fixing the design flaws of the later.

What Makes Cardano SL Special?
As mentioned, Bitcoin and Cardano SL are very much alike, however there are things setting them apart as well. One major difference is that the former is a proof of work type of cryptocurrency while the later uses a proof of stake to reach the agreement. This approach strengthens users’ honesty and participation for the long term.

Purpose of a Consensus Algorithm
To have an updated state of the ledger, consensus algorithms are needed since they produce new transactions blocks. All new blocks of transaction must be published and they need a proof of merit attached. It is the node running the cryptocurrency protocol that publishes the block of transaction. Let’s talk about two types of proofs that are possible.

Proof of Work and Mining
The most common general agreement algorithm type for the cryptocoins is the proof of work. This type of proof was created for Bitcoin and this is how Bitcoin still functions. The computer has to solve a test to create proof of work. The test is a problem that is difficult to find an answer to, however once it is found, it is easy to check it. When the answer is found by the computer on the proof of work network, it publishes it along with any transactions it observed during the time it worked to solve the problem. Its owner will collect transaction fees and a recompense because a block was generated. This whole action is referred to as mining. Mining uses a lot of energy that in turn is ever increasing, which in turn also leads to a lot of competition.