Creation Year: 2017
Creator: Input Output Hong Kong (IOHK) primarily led by Charles Hoskinson
Key People: Charles Hoskinson
Supply Limit: 45 Billion
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Websites: https://www.cardano.org/en/home/ https://iohk.io/
What is Cardano?
Cardano is a project that began in 2015 as an effort to change the way cryptocurrencies are designed and developed. The overall focus beyond a particular set of innovations is to provide a more balanced and sustainable ecosystem that better accounts for the needs of its users as well as other systems seeking integration. Cardano has a well defined roadmap to achieve what they dreamt about.
In the spirit of many open source projects, Cardano did not begin with a comprehensive roadmap or even an authoritative white paper. Rather it embraced a collection of design principles, engineering best practices and avenues for exploration. These include the following. (source: https://www.cardano.org/en/home/)
– Separation of accounting and computation into different layers.
– Implementation of core components in highly modular functional code.
– Small groups of academics and developers competing with peer reviewed research.
– Heavy use of interdisciplinary teams including early use of InfoSec experts.
– Fast iteration between white papers, implementation and new research required to correct issues discovered during review.
– Building in the ability to upgrade post-deployed systems without destroying the network.
– Development of a decentralized funding mechanism for future work.
– A long-term view on improving the design of cryptocurrencies so they can work on mobile devices with a reasonable and secure user
– Bringing stakeholders closer to the operations and maintenance of their cryptocurrency.
– Acknowledging the need to account for multiple assets in the same ledger.
– Abstracting transactions to include optional metadata in order to better conform to the needs of legacy systems.
– Learning from the nearly 1,000 altcoins by embracing features that make sense.
– Adopt a standards-driven process inspired by the Internet Engineering Task Force using a dedicated foundation to lock down the final protocol design.
– Explore the social elements of commerce.
– Find a healthy middle ground for regulators to interact with commerce without compromising some core principles inherited from Bitcoin.
From this unstructured set of ideas, the principals working on Cardano began both to explore cryptocurrency literature and to build a toolset of abstractions. The output of this research is IOHK’s extensive library of papers, numerous survey results, Ontology of Smart Contracts, and the Scorex project.
Interesting Facts About Cardano
1. Cardano is a distributed open source computing platform that runs the blockchain used by ADA cryptocurrency. Cardano is a smart contract based blockchain platform similar to Ethereum and can be used to run smart contracts, decentralized applications (dApps), side chains, multi-party computations and metadata.
2. Cardano’s development started in 2015 with the philosophy to change the way cryptocurrencies are designed and developed. Cardano successfully concluded their ICO in 2016, the project was quietly developing for a year and officially launched in 2017.
3. Cardano was created by blockchain development company named Input Output Hong Kong (IOHK) primarily led by Charles Hoskinson, who also co-founded BitShares, Ethereum and Ethereum Classic.
4. Cardano is the first peer reviewed blockchain, where new ideas/articles are peer reviewed before implementation. It is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach. The development team consists of a large global collection of expert engineers and researchers.
5. Cardano blockchain has a layered architecture similar to TCP/IP which will allow for easier updates via soft forks in the future. The two different layers names are: Cardano Settlement Layer (CSL) and Cardano Computational Layer (CCL).
6. Cardano security has been designed with quantum computers in mind. According to IOHK, ADA signatures will be quantum computer resistant, so future quantum computers will not be able to break user’s private keys.
7. Cardano blockchain platform is implemented in Haskell programming language which has a high degree of fault tolerance and many other great features. You can find Cardano source code at Github.
8. Currently, Daedalus is the only wallet where you can send, receive and store ADA. Daedalus is a secure, multi-platform, hierarchical deterministic wallet, built by the Cardano Enterprise.
9. Cardano supply is limited to 45 Billion coins. ADA cryptocurrency is mineable and block allocation employs a proof-of-stake algorithm called Ouroboros, instead of proof-of-work system used by Bitcoin. Therefore, it is much more efficient and less power hungry. Ouroboros is the first proof of stake protocol that has mathematically been shown to be provably secure.
10. Bitcoin and crypto mania during last few months pushed ADA prices to all time highs. ADA price reached an all time high of $22.89 with a total market cap of $15.53 billion. Currently, ADA price is hovering around $0.25 and it ranks #7 on cryptocurrencies total marketcap chart.
If you are further interested to know about Cardano, then watch Cardano explained by none other than Charles Hoskinson himself.
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