Cardano has become one of the fastest-growing assets, emerging as one of the top ten cryptocurrencies by market capitalization since its inception in 2015. The Cardano network stands out among its peers due to its emphasis on its research-driven approach to design, aiming to use its resources in academia to drive the adoption of its blockchain. Its technology continues to evolve at a rapid speed and aims to surpass many large blockchains in building an inclusive blockchain ecosystem.
What is Cardano?
Cardano is a proof-of-stake blockchain, which enables its native cryptocurrency ADA users to operate its network and vote on the changes to its platform. The public and open-source blockchain allow users to build smart contracts and decentralized protocols.
Cardano has positioned itself as an alternative to Ethereum but distinguishes itself from other similar networks through a commitment to using peer-reviewed scientific research to update its platform. The project claims to be “the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach.”
Built from the ground up by a team led by Charles Hoskinson, Cardano brands itself as a third-generation platform, aiming to significantly improve the shortcomings of the first generation, Bitcoin, and the second generation, Ethereum.
Who created Cardano?
One of the co-founders of Ethereum, Charles Hoskinson started the development of Cardano in 2015 and eventually launched the platform in 2017. Following a difference of opinion with the Ethereum Foundation team over governance, Hoskinson started Cardano with his former colleague Jerry Wood.
Cardano is supported by the company Input Output Hong Kong (IOHK), also led by Hoskinson. With a team of developers dispersed around the globe IOHK aims to shorten the time between academic research and its application in the blockchain industry.
Hoskinson aims for Cardano to “provide a more balanced and sustainable ecosystem” for cryptocurrencies. ADA is the only digital currency with a “scientific philosophy and research-driven approach” and undergoes rigorous peer-review processes by scientists and programmers in academia.
Similar to Ethereum, Cardano can be used for comparable applications, including smart contracts, and has the goal to become a decentralized system. Cardano has also funded a non-profit organization, the Cardano Foundation, which supports research and development of the protocol, as well as community expansion.
Who is behind Cardano?
Aside from IOHK, the for-profit company that supports Cardano, the company also signed a five-year contract with blockchain firm Emurgo, which aims to promote better financial inclusion.
The Cardano Foundation aims to standardize, protect and promote blockchain technology through building partnerships with other companies. The non-profit also hopes to shape legislation around the cryptocurrency and blockchain industry.
Where can you buy ADA?
Cardano’s native cryptocurrency ADA was named after Ada Lovelace, a nineteenth-century mathematician recognized as the first computer programmer and daughter of poet Lord Byron. The network named its first major release Byron, which went live in September 2017.
Cardano is available on many of the major crypto exchanges in the world, including Binance, Coinbase, FTX, Kraken, Gemini, Binance US, Huobi, Kucoin and many more. Similar to other cryptocurrencies, ADA can be used as a store of value or to send and receive funds.
How does Cardano work and what are its use cases?
The Cardano blockchain focuses on enabling the operation of transactions for its native cryptocurrency ADA. Developers are also able to build decentralized applications on the blockchain.
The blockchain has two layers, including the Cardano Settlement Layer and the Cardano Computation Layer. The former is used for transferring ADA between accounts and to record transactions. The Cardano…
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