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Cardano operates as a proof-of-stake blockchain network that empowers decentralized applications (dApps) through a multi-asset ledger and smart contracts. Diverging from many other blockchains, Cardano doesn’t rely on technical underpinnings from Bitcoin or other predecessors. Instead, it collaborates with prominent academics, conducting rigorous research for novel solutions. These solutions undergo thorough academic peer reviews and are showcased at major global conferences. Subsequently, the team constructs prototypes to address real-world technical and functional challenges, culminating in the creation of technical specifications before formal development commences.
On September 22, 2022, Cardano executed the Vasil hard fork, designed to elevate smart contract capabilities, augment the chain's throughput, curtail expenses, and refine transaction validation processes.