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The History of Cardano
The Cardano decentralized platform was first launched on September 29th, 2017. Even though it joined the list of cryptocurrencies long after Bitcoin and Ethereum were introduced, the Cardano platform and its digital token ADA quickly grew to match the market cap top cryptos.
Developed by IOHK
The project was founded and developed by the Input Output Hong Kong company, also known as IOHK. The platform was created by Charles Hoskinson and Jeremy Wood, the same developers who founded the IOHK back in 2015. Both co-founders of Cardano had experience working with Ethereum in the crypto space prior to focusing on this project. The IOHK is split in two sides, the scientific side that studies the foundations of cryptocurrencies, and the engineering side that builds usable systems based on the scientific theories. Thus, Cardano is one of the first blockchain platforms that evolved out of a scientific philosophy. Another body behind this blockchain project is the Cardano Foundation, a non-profit organization based in Switzerland. The mission of the organization is to “standardize, protect, and promote” the Cardano platform.
Growth and Development
While the Cardano platform is still being built, it has gone through significant stages of growth and development. In April 2018, the platform gained a massive boost thanks to being listed on Huobi, which is the largest cryptocurrency exchange in China. Later in 2018, Binance added ADA trading pairs and further boosted the visibility of the platform. Cardano’s recent partnership with Metaps Plus, the leading mobile payment platform in South Korea, introduced their digital token to over 33 000 offline franchise stores.
A Unique Approach
Cardano is a smart contract platform, similar to Ethereum. However, it features a unique approach to providing advanced cryptocurrency abilities through a layered structure that has never been utilized before. The layered structure of the platform is the major innovation behind this project. Such feature will allow for better and faster transactions that will be flexible and scalable on every single level.
The mission behind the Cardano project and the ADA digital token is to bring forth new advancements in blockchain technology. The project aims to create a balance between the needs of users and the needs of regulators, thus bringing the best of both worlds to the blockchain community. Moreover, the team behind the Cardano project is aiming to bring greater financial inclusion and allow open access for all financial services.
The technical specifications of Cardano
|Date of Release||Sep-17|
|Consensus mechanism||Ouroboros Proof of Stake|
|Hashing Algorithm||Proof of Stake|
|Average Slot Time||20 sec|
|Mining / Staking reward||3.70%|
|Next Block Halving||X|
The Price of Cardano
Unique aspects of Cardano
The Cardano blockchain platform was named after Girolamo Cardano, who was an Italian polymath and physician. Cardano formed the first systematic computations of probabilities, thus bringing significant contributions to information technology. The platform’s digital token was named after the daughter of poet Lord Byron, Ada Lovelace, who was a mathematician and the first ever computer programmer.
The Layered Structure
The Cardano platform is being built on a layered blockchain software stack. This structure will improve the scalability and the flexibility of all transaction procedures and make maintenance a lot easier. Since the layered structure will provide better access to different features of the platform, there will be more room for upgrades through soft forks. A soft fork is a change in the software protocols where the previously valid transactions are made invalid, thus allowing the participants to add new transaction types. The platform will use a settlement layer built to run the digital token ADA, which will be used for transactions. A separate computing layer will be used handle smart contracts using the Ouroboros Proof of Stake model.
A Clear Goal
The team behind ADA and Cardano has a clear goal to build a decentralized platform to allow complex programmable transfers in a more secure and scalable environment. The platform is going to use a unique democratic governance system, thus excluding any intermediaries and single bodies of authority. Such democratic approach will allow the project to fund itself as it evolves over time. After the completion of the development process, the Cardano platform will run decentralized apps independent from any party or government.
Why use Cardano?
The platform that uses the ADA cryptocurrency is the first blockchain-based platform built in Haskell programming language. This is also the first and only blockchain project built by a global team of leading engineers that have years of experience in the crypto space. With a strong team behind it and an innovative approach, Cardano is aiming to ensure security, flexibility, and scalability on a whole new level.
The Increasing Value of the Coin
The ADA digital coin is one of the fastest growing coins on the market considering that it was launched in Q4 of 2017. As the Cardano platform develops, it will be capable of running a variety of financial applications used by businesses, individuals, and governments worldwide, thus increasing the value of their digital coin.