Date Launched: September 29, 2017
Amount Raised from ICO: $63M
Founder: Charles Hoskinson
Cardano is an open-sourced blockchain project established by Charles Hoskinson, a co-founder of Ethereum. Cardano calls itself a third generation blockchain, the first two generations being Bitcoin and Ethereum. Cardano has been given many names including “Ethereum of Japan” or “Ethereum Killer”. Cardano aims to solve three main problems: scalability, interoperability and sustainability.
Cardano’s whitepaper is built around peer reviews, meaning that experts from around the world first read their paper and approved of the information. This is unlike many project whitepapers that go straight into production after releasing the roadmap without much feedback.
The cryptocurrency used on the Cardano network is called ADA, which is mainly used to operate smart contracts. ADA holders can become Slot leaders and earn coins through Proof-of-Stake.
Cardano is developing a Proof-of-Stake system called Ouroboros. This is a system that does not use miners but instead let’s the network elect what are called “Slot leaders”. The ledger of Cardano is divided up in “Epochs” (slots), where each elected slot leader is allowed to write transactions for their specific Epoch. Epochs run in parallel as long as the network is properly divided, meaning that transaction speed will not be a problem. Epochs can be thought of as roads, where if one road is congested, another one can open up. This gives Epochs massive scaling potential.
Cardano is building for a future where the network can support billions of users. To do this, Cardano created RINA (Recursive InterNetwork Architecture), which is a way to divide the entire network into sub-networks. Each user is part of a single sub-network and can communicate with other sub-networks if needed.
Cardano uses a programming language called Haskell. Haskell is considered by many programmers as a high level programming language that’s great for application programming.
One main goal of Cardano is to become a blockchain that can also communicate with other blockchains/cryptocurrencies.
Cardano also plans to tackle the problem of storage on the blockchain. As the blockchain becomes more widely used, the amount of information processed will greatly increase. The team does not see this as a major concern for the time being, but plans to revisit this problem in late 2018 or 2019.
Cardano is being developed by three major organizations.
- Cardano Foundation, an independent Switzerland organization with the responsibilities of supporting the Cardano community and working with authorities on regulatory and commercial matters.
- IOHK (Input Output Hong Kong), a leading cryptocurrency research and development company, which holds the contract to develop the platform until 2020. IOHK was founded by Charles Hoskinson and Jeremy Wood.
- Emurgo, which invests in start-ups and assists commercial ventures to build on the Cardano blockchain.