Cardano (ADA)

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Cardano logo.png

Cardano (ADA) is a distributed computing platform that runs the blockchain for the Ada cryptocurrency.

Overview[edit]

Firmware (device) support Trezor Model T v2.0.8
Available in Trezor Wallet? No
Third-party wallets AdaLite

How to use AdaLite with Trezor Model T[edit]

AdaLite is a third-party Cardano Wallet compatible with Trezor Model T.


NotePlease make sure that your Trezor Model T is running the latest firmware version. If you have not yet updated the firmware, go to Trezor Beta Wallet and follow the guide.


1. Go to AdaLite Wallet and click on Hardware wallet and use TREZOR.

Cardano.png

2. Allow https://adalite.io permissions to read public keys from the Trezor device.

Cardano1.png

3. Export Cardano public key.

Cardano2.png

4. Enter your passphrase (if enabled) and confirm the public key on your device.

5. Now you can see the history of your transactions, receive and send transactions.

Cardano3.png

Technology[edit]

Academic process and formal verification[edit]

Cardano builds a system based on scientific research and wants to implement it gradually. They use the academic process and formal methods, in which the researchers prove that their theory works.

Ouroboros[edit]

Ouroboros is a Proof-of-Stake (PoS) consensus mechanism where the consensus is created by:

  • staking coins in the user's own node by keeping his or her computer online
  • or by delegating their staking rights to a stakepool. The user does not need to be online.

It uses a game theory-based incentive scheme that incentivizes both nodes and users to keep the system decentralized. The biggest underlying assumption is that there is an honest majority of participants. Time will tell if this assumption holds.

IELE[edit]

IELE is a virtual machine developed by the Cardano community to run smart contracts. Because of a method called Semantics Based Compilation, developers should be able to write smart contracts on Cardano in any programming language.

Cardano governance[edit]

Cardano wants to use a governance system where a certain percentage of the consensus rewards are set aside in a treasury, and periodical on-chain voting determines what it is spent on. Stakeholders are asked to vote which funding proposal(s) should receive funding - stakeholder can choose to either directly participate by voting, or to delegate their rights to someone else (e.g., someone trustworthy or more knowledgeable). Voting takes place privately, obscured by zero-knowledge proofs.

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