Cardano is an open source decentralized blockchain platform on which smart contracts can run. Cardano has its own programming language called Haskell. Ada is the cryptocurrency of the network, named after Ada Lovelace, daughter of lord Byron and acknowledged as the first computer programmer. Lovelace is known for her description of the analytical machine, Charles Babbage's general-purpose mechanical computer. The Cardano network is primarily used for document and product verification purposes.
The platform is named after Gerolamo Cardano, an Italian physician and professor at the University of Pavia and Bologna. He was an avid mathematician and wrote on numerous subjects, including philosophy, astrology, physics and law.
Charles Hoskinson, one of the founders of Ethereum, began developing the platform in 2015. It was launched in 2017. IOHK (Input Output Hong Kong) is the company behind Cardano, among others, which Hoskinson co-founded with Jeremy Wood, who also worked for Ethereum. This company focuses on products such as Daedalus wallet, Atala, Marlowe language and Plutus smart contracts. All of these products were developed for the Cardano network.
The Cardano Foundation oversees the Cardano brand. This foundation promotes the visibility of the protocol around the world, promotes use cases and maintains relationships with key players such as academics, policymakers and regulators.
Emurgo is their technology partner, developing commercial adoption of the Cardano protocol and helping companies integrate into Cardano's blockchain. Together, these companies have been building Cardano's adaptation, development and acceptance on the global stage for years.
Cardano is being built in five phases according to their roadmap:
Stichting (Byron era)
Decentralisatie (Shelly era)
Smart Contracts (Goguen era)
Schalen (Basho era)
Bestuur (Voltaire era)
Byron was the era of Cardano's foundation. In 2015, three key components of all blockchain networks were scrutinized to form a vision, namely scalability, sustainability and being able to collaborate with other blockchains. After two years of slow progress, Byron was launched in 2017: Cardano was born. Keywords of this era include Ada, wallet support, Cardano testnet, support teams, Prometheus, Medusa, Ouroboros, Daedalus, IOHK, Emergo.
Shelley was an era of growth and development - 2019. Decentralization was the main theme, with the community increasingly taking over running nodes to support the network. Their proof of stake concept ensures that stakers are rewarded for their participation, giving permission and encouragement to delegate their stake at a node run by the community. Shelly is the natural growth towards maturity of the network. Keywords of this era are stake pools, delegation, Ouroboros upgrades, wallets, multisigs.
Goguen (IBM computer scientist 1941-2006) integrated smart contracts into Cardano - 2019. The Plutus smart contract was developed using the Haskell programming language. On and off chain components were supported to increase usability. Marlowe (Playground) was introduced so that even people who are not good at programming can create smart contracts for a financial app, for example. Through a multi-currency ledger, coins can collaborate with Cardano and new tokens and NFTs can be created on this network. Keywords of this era are Plutuus, Marlowe, dApps, multi-currency ledger, IELE virtual machine.
Basho (haiku master - poetry - 1644-1694) is the era of scaling up and collaborating with other blockchains. Side chains will be introduced, cooperating with Cardano's main chain. Sharding allows certain calculations to be performed on the side chain, giving the main chain more capacity. Side chains can be more experimental because they do not burden the security and speed of the main chain. Keywords of this era: UTXO, side chains, scaling, extensibility network, unburdening main network.
Voltaire is the era where governance will be the main focus. Governance means that network users such as stakers use their voting rights to determine the future of the protocol and network. This will make Cardano a self-sustaining system. With the introduction of a treasury, filled by putting a fraction of each transaction into it, there will be funds for developers to get paid for implementing the proposals of the voters. As a result, it will break away from IOHK and become an independent and decentralized network. Keywords of this era: Governance, decentralization, treasury.
"If we work together, we can achieve more for many."
Cardano is gebouwd door een gedecentraliseerde gemeenschap van wetenschappers, makers en denkers verenigd voor een gemeenschappelijk doel: een technologisch platform creëren dat een positieve verandering zal brengen die de wereld nodig heeft.
Cardano was built by a decentralized community of scientists, creators and thinkers united for a common goal: to create a technology platform that will bring positive change the world needs.
"We don't believe that the future should be determined by the past,"
Through technology, more should be possible.
"We measure the value of a task not by its difficulty, but by its results."
Every holder of ADA also has a stake in the Cardano network. Over time, ADA will be usable for all kinds of applications and services on the Cardano platform.
To build a platform for a sustainable future, help people work better together, trust each other and build global solutions to global problems.
The destination of global society is to build a safe, transparent and fair society that works for everyone. Cardano provides the technological blueprint for this.
Cardano began with the vision of a world without intermediaries, where power is not just subjected to a small group but for the masses. In that world, individuals are in control of their data and how they communicate and act. Companies then have the ability to grow independently of monopolistic and bureaucratic power structures. In it, communities are able to pursue true democracy through self-governance, fair and accountable. This world is what Cardano makes possible.
Cardano delivers a new technological standard that is open and inclusive to challenge the old ways and activates a new era of sustainable and globally distributed innovation. Cardano improves the way we interact, transact and create things and ultimately function as a global society.
With Ouroboros as its consensus protocol and Haskell as its programming language, Cardano is a blockchain platform that enables evidence-based developments, enabling very high security and stability.
By providing uncompromising evidence for all our goals, Cardano has succeeded in straightening a path less often trodden and enabling a better future for the masses.
Being a pioneer in technology starts with groundbreaking research.
Cardano started and grew through research. Before they develop anything, they specify where they want to go and research that, including through peer reviews. As a result, they know the pitfalls.
Their research team consists of academics who explore philosophy, sociology, behavior and game theory. Minutely they proceed to consider even the smallest possibilities, nothing is taken for granted to achieve their goal.
Cardano is providing the blueprint for a new era of innovation through their technology, models and methods for individuals and businesses to gain new opportunities and effect change.
Blockchain technology is the answer to a number of challenges inherited from finance, technology and society. Cardano provides more secure and scalable solutions on a global scale.
Their voting system gives everyone a chance to create new opportunities based on the desires of the masses, not the few. The best ideas will generally receive the most votes.
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The slogan they always use says a lot about their vision and reads as follows:
"Making the world work better for all".
Their mission statement:
"Cardano is a blockchain platform for innovators, visionaries and world changers with the tools and technologies necessary to create opportunities for both the many and the few. We want to create a positive global change."
Cardano is a proof of stake blockchain platform developed using evidence-based methods. A new technology that combines high security and tenability for decentralized applications, systems and communities.
It aims to replace structures that do not have to delegate responsibility with the individual having a say. Cardano brings trust back to global systems. Cardano is working with three companies to keep the goals in mind: Emurgo, IOHK and the Cardano Foundation.
Cardano is peer reviewed, meaning tested by employees of peer networks. Its goal is to be secure enough to protect the data of billions, scalable enough to manage global systems and robust enough to make a fundamental difference.
Academic degree issuance is heavily centralized. Problems like loss or damage leads to high costs when a new version is needed. Sometimes the institution does not even exist anymore. Sharing of documents is difficult because they are physical copies.
Atala PRISM is a solution for ID and certificates on the Cardano blockchain. It allows students to own a tamper-proof and immutable document that they can share instantaneously with companies and institutes that request it.
This is virtually cost-free and highly efficient. It allows students and applicants to seamlessly prove who they are and what they have accomplished.
When it comes to government documents, issuing them is often expensive and slow. The document remains the property of the issuer and authentication remains with third parties. This creates dependency and unnecessary costs.
Atala PRISM provides for this through a digital identity service, where the individual has control over their identity documents that they can show immediately upon request.
If you want to open a bank account it often takes weeks, government documents like passports take even longer to request. It is slow and all kinds of agencies charge money for their services.
Atala PRISM uses reusable verified identities that allow you to prove who you are with one click, free of charge and instant KYC (know your customer) and AML (anti money laundering).
In 2018, $300 billion in economic value was lost due to counterfeit goods. If this trend continues, markets will be flooded with fake products, which will not only result in large financial losses, but will also strain the reputation of brands and consumer confidence.
Atala SCAN uses blockchain technology to verify the authenticity of goods, whether online or in a store by using scanning technology.
Fake medications are a major public health hazard and cost legitimate manufacturers a lot of money. Online you can buy cheap medication whose origin is not certain because of the lack of strict verification.
The WHO estimates that 50% of medications sold online are either fake or substandard.
Atala SCAN can scan the origin and authenticity of a pharmaceutical product, allowing patients around the world to safely purchase medication.
Agriculture is a food source that must constantly deliver, as our lives depend on it.
With blockchain technology, food can be tracked from seed to food on your plate using Atala Trace and Emurgo Solution.
Farmers, transporters and sellers can thus certify the supply chain, ensuring, for example, that your champagne really is from Champagne.
Ouroboros is a proof of stake protocol that works with security guarantees similar to proof of work for a fraction of the energy cost. Ouroboros applies cryptography, geometry and mathematical game theory to guarantee that the protocol has integrity and will for an unlimited time. Distributed networks, which depend on Ouroboros, must also continue to work this way.
Ouroboros is the first provably secure proof of stake protocol. It combines unique technology and mathematically verified mechanisms that in turn combine behavioral psychology and economic philosophy to ensure the security and sustainability of the blockchains that depend on it. The result is a protocol with proven security guarantees that can ensure the expansion of global, permissive networks with minimal energy requirements.
Ouroboros is a concept of infinity. It enables new global networks that are tenable and ethical. Ouroboros is proven secure against attackers as long as 51% of the stakeholders are honest. They make this possible through their random leader selection, which has the right to create a new block.
The protocol uses a reward system to make it sustainable. You can run a stake pool yourself, but usually people will join a stake pool, like an exchange, where you get interest on your ADA. Each stake pool gets to set its own terms, so you can see where you get the highest rewards.
To reach consensus on the state of the blockchain, many networks need more and more energy as the blockchain gets bigger and bigger as each block is added. Ouroboros is about 4 million times more energy efficient than Bitcoin, while the state of the blockchain is just as secure.
Ouroboros processes transaction blocks by dividing chains into epochs, which are then further divided into even more epochs. A leader is chosen for each epoch and is responsible for adding a block to the chain. This leader only sees the last few blocks temporarily. The chain can see a predetermined number of blocks that came before the ‘leader blocks’, determining the correct chain of blocks. This causes a settlement delay, a measure that is necessary to safely transfer the ledger between participants.
Ouroboros is a blend of innovative technology and philosophy. This protocol explores how we behave as a community to find an ideal balance, defined by game theory, between individual and collective interests. Ouroboros is stable and suited for permission networks that focus on the future.
Fun fact, an Ouroboros is a symbol of a snake or dragon biting its own tail, thereby representing the circle of infinity. It appears in many mythologies and in alchemy. In Greek, "oura" means tail and "boros" means eating.
The Cardano Foundation is an independent council that oversees the continued development of Cardano and the Cardano ecosystem. As legal guardians and owners of the Cardano brand, they are engaged in its adoption and are responsible for forging partnerships.
The growth of the community is a high priority for them, as well as legislative and commercial standards. Stakeholders are held accountable by this foundation at every level.
The main task is to expand the adoption of the platform and support the diverse Cardano community in developing ideas for Cardano.
The Cardano Foundation has a board of directors, a professional executive team and community managers selected from the large-scale Cardano community to take on this nurturing task to the highest standards.
The focus is both outward and inward. Collaboration with other key industries in the blockchain world is as important as advancing the technology and achieving adoption with other compatible systems. They are a great promoter of blockchain technology so that everyone can use and understand it.
Input Output Hong Kong is a technology company that builds cryptocurrencies for academia, businesses and governments. It was founded by Charles Hoskinson and Jeremy Wood.
IOHK is contracted to design, build and maintain the Cardano platform. It is fully decentralized with dynamic teams around the world, dedicated to innovation through delivering the highest standards in software design and are based on rigorously peer to peer inspected science.
IOHK is an industry leader in decentralized technology solutions and building distributed computing systems. They are engaged in cryptographic research and the architecture of cryptocurrencies.
IOHK is committed to open source principles and purposeful ethical business practices. They create technology for as many people as possible, so not for a select few. Blockchain education is important in their philosophical outlook. Research is focused on academic study of blockchain, supported by a team of experts and specially developed courses.
Charles Hoskinson is an American entrepreneur who is a co-founder of Ethereum. He is also the co-founder of Input Output Hong Kong (IOHK) and of Cardano.
At the University of Colorado and Denver, he studied analytical number theory, a highly mathematical study of numbers and objects, after which he was introduced to the cryptographic industry.
As one of Ethereum's five founders, he held the position of chief executive officer in 2013, but after a disagreement with Buterin over whether Ethereum should become commercial (Buterin didn't think so) he and his team threw Hoskinson out.
In 2014, he and his former colleague at Ethereum, Jeremy Wood, founded IOHK. This company sponsored universities in Edinburgh and Tokyo to conduct research on blockchain technology, the result of this research was Ouroboros, Cardano's consensus protocol. In 2015, Cardano was founded by Hoskinson, along with Jeremy Wood.
By now, according to Forbes, Hoskinson had saved up about half a billion, so $20 million could be used to build the Hoskinson Center for Formal Mathematics for the Carnegie Mellon University in 2021. He also bought himself a ranch and restaurant around Wheatland in 2022.
Ticker symbol: ADA
Founder(s): Charles Hoskinson
Date of Release: Sep-17, 2010
Consensus mechanism: Ouroboros Proof-of-Stake
Hashing Algorithm: Proof of Stake
Maximum supply: 45,000,000,000
Average Slot Time: 20 sec
Mining / Staking reward: 3.70%
Smart Contracts: Yes