What is Cardano?

Cardano is a blockchain platform that aims to provide a more secure and scalable infrastructure for the development of decentralized applications (DApps) and smart contracts. It was founded by Charles Hoskinson, one of the co-founders of Ethereum, and its development is managed by Input Output Hong Kong (IOHK), a blockchain research and development company.
Cardano is designed to address some of the limitations and challenges faced by existing blockchain platforms, such as scalability, sustainability, and interoperability. It employs a layered architecture with two main layers: the settlement layer and the computation layer. This separation is intended to enhance flexibility and allow for more frequent software updates without affecting the core blockchain protocol.
Key features of Cardano include:

1. Proof-of-Stake (PoS) Consensus: Cardano uses a PoS consensus mechanism called Ouroboros, which aims to be more energy-efficient than traditional Proof-of-Work (PoW) systems like Bitcoin. This is expected to make Cardano more sustainable and scalable.
2. Layered Architecture: Cardano's architecture is divided into two layers, as mentioned earlier. The settlement layer handles basic cryptocurrency transactions, while the computation layer is designed for smart contracts and decentralized applications.
3. Formal Verification: Cardano places a strong emphasis on formal methods and aims to use mathematical proofs to ensure the correctness of its software. This is intended to enhance security and reduce the risk of bugs or vulnerabilities.
4. Interoperability: Cardano is designed to be interoperable with other blockchain platforms, allowing for cross-chain communication and collaboration.
5. Sustainability and Governance: Cardano incorporates a treasury system and a decentralized governance model to fund ongoing development and maintenance of the platform. This is intended to ensure the long-term sustainability of the project.

The native cryptocurrency of the Cardano platform is ADA, which is used for transactions, staking, and participating in the network's governance.
As with any blockchain project, it's essential to note that the landscape is dynamic, and developments may have occurred since my last training data in January 2022.