LEGA Systems Cardano Stake Pool

What is Cardano?

This project was launched in 2015 by Charles Hoskinson, a Colorado-based technology entrepreneur, mathematician, and co-founder of one of the world’s most popular cryptocurrencies, Ethereum

Cardano is a fully open-source and decentralized blockchain platform and cryptocurrency project designed to support financial and social applications on a global scale. It has a structure that has a definite focus on sustainability, scalability, and transparency. Verified by the best engineers and cryptography experts, Cardano brings reliable, well-grounded, and secure financial transactions as it uses smart contract technology.

Furthermore, the said platform was been named after Italian mathematician and doctorGerolamoCardano.He was able to complete innovative work in the field of cryptography, in which he introduced the Cardan grille, a cryptographic writing tool applied for hiding messages in ordinary letters for the protection and security of the said information and people involved.

What is ADA?

ADA is considered to be Cardano's native currency and was officially launched in 2017.It is a digital asset to create peer-to-peer transactions and to engage in the Cardano’s staking service.

In addition, it was named after English writer and mathematician Augusta Ada King, Countess of Lovelace or famously known as Ada Lovelace.She is recognized to be the first to apprehend the absolute potential of computers and considered to be one of the first computer programmers in 1843.

In the Cardano network, the smallest unit of 1 ADA (0.000001 ADA) is termed a “Lovelace,” same as Bitcoin’s smallest unit which is 1 Satoshi (0.00000001 BTC) to honorSatoshi Nakamoto, its founder.

What is Staking?

Staking is a way of locking & securing your cryptocurrency assets in a wallet or pool to earn rewards for a certain time. It can be compared to mining, but only less resource-intensive. This requires keeping your ADA funds in a staking pool which allows essentially everyone to do different network functions and operations.

In simple terms, it can ensure a passive income as you’ll be earning more while you’re delegating ADA coins in this staking pool.

How does Proof of Stake differ from Proof of Work