What is Cardano used for?

Cardano is a cryptocurrency that is used to send and receive funds. It is also used to store value, which means it can be traded for other cryptocurrencies or fiat currencies.

Cardano is not only a cryptocurrency but also an entire computing platform. The platform includes a wallet, a Daedalus wallet, which can be used to store, send and receive ADA tokens. Cardano was designed by leading experts in academia and industry to be both secure and scalable with remarkable features such as formal verification of code, on-chain voting on protocol changes, and Ouroboros PoS algorithm.

It was developed to address many of the issues that are common in blockchain-based cryptocurrencies, such as scalability and sustainability. Cardano uses a proof-of-stake consensus mechanism, which means that instead of using mining power to verify transactions, users are rewarded for owning coins.

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