Cardano is developed by the team headed by Charles Hoskinson, the former cofounder of BitShares and Ethereum, and is aimed at the launch of smart contracts, decentralized apps, sidechains, multipart calculations and metadata.
The platform works on the Proof-of-Stake algorithm called Ouroboros that determines how separate nodes achieve consensus in relation to the entire network. The algorithm is an important part of the infrastructure that supports the cryptocurrency ADA. According to the developers, the security level of Ouroboros is comparable with the level of Bitcoin blockchain. This is the first algorithm that passed the reviewing on the status cryptographic conference Crypto 2017.