ADA is the cryptocurrency used on the Cardano platform. The Cardano blockchain is built on top of Ouroboros - a peer-reviewed algorithm that uses Proof of Stake and claims to reduce energy use and have faster performance than Proof of Work blockchains. Cardano describes itself as a "third-generation" cryptocurrency and smart contract platform.
The Cardano blockchain separates accounting and computation layers into two layers: the Cardano Settlement Layer (CSL) settles transactions with ADA. Cardano's other layer is a smart contract and decentralized application layer.
The current price of Cardano is $1.20 US dollars. This price is down -0.25% from yesterday