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What is Cardano (ADA)? Cardano is a blockchain platform that aims, they say, to build a secure, fair and transparent society. It is designed to be a more efficient and sustainable alternative to other proof-of-work networks, such as Bitcoin and Ethereum.

Cardano also has the potential to support smart contracts, decentralised applications, digital identity, and governance. The cryptocurrency or token of this blockchain is called ADA.

History of Cardano

Cardano was founded in 2017 by Charles Hoskinson, who was also one of the co-founders of Ethereum. Hoskinson wanted to create a more scalable and interoperable blockchain platform that could address some of the limitations and challenges of existing networks.

Hoskinson also envisioned a platform that would be based on scientific research and peer-reviewed methods, rather than trial and error.

To achieve this vision, Hoskinson established IOHK, a technology company that develops Cardano and other blockchain projects.

He also partnered with Cardano Foundation, a non-profit organisation that promotes and supports Cardano, and Emurgo, a venture capital firm that fosters the adoption of Cardano. Together, these three entities form the core of the Cardano ecosystem.

Charles Hoskinson

Charles Hoskinson, the founder of Cardano, has a diverse range of interests beyond his involvement with Cardano. One of his intriguing ventures is investing in Colossal, a startup with an ambitious mission: resurrecting the woolly mammoth, the Tasmanian Tiger and the dodo, among other extinct creatures.

In addition to his involvement with Cardano and Colossal, Hoskinson has other ventures, including raising bison and running a health clinic. His diverse portfolio reflects his eccentric and sometimes controversial personality.

Background of Cardano

Cardano is named after Gerolamo Cardano, a 16th century Italian polymath and mathematician. The ADA token is named after Ada Lovelace, a 19th century English mathematician and computer programmer, who is considered to be the first person to write an algorithm for a machine.

The Cardano phases

Cardano has been developed in five phases, each with a different focus and functionality.

Byron: The initial phase that launched the Cardano network and enabled users to transfer and store ADA.

Shelley: The phase that introduced the proof-of-stake consensus mechanism, called Ouroboros, and enabled the decentralisation of the network.

Goguen: The current phase is adding smart contract capabilities and enabling the creation of decentralised applications on Cardano.

Basho: The upcoming phase that will improve the scalability and performance of the network.

Voltaire: The final phase that will introduce governance and treasury systems, allowing users to propose and vote on changes to the protocol.

What is Cardano’s value proposition?

Cardano is useful because it offers several advantages over other blockchain platforms.

Security

Cardano uses a proof-of-stake consensus protocol, called Ouroboros, which reduces the energy consumption and environmental impact of the network, compared to proof-of-work protocols.

Scalability

Cardano is designed to handle millions of transactions per second.

Interoperability

Cardano aims to become the “Internet of Blockchains”, enabling seamless communication and exchange between different networks and systems.

Cardano also supports various programming languages and standards, such as Haskell, Plutus, Marlowe, and Glow, making it easier for developers to build applications on the platform.

Sustainability

Cardano has a built-in mechanism to fund its development and innovation, through a treasury system that collects a portion of the transaction fees and distributes them to the projects that are approved by the community.

Cardano also has a governance system that allows users to participate in the decision-making process of the network.