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Submitted by on Sep 3, 2021

Cardano is a blockchain platform that is open to the public. It’s decentralised and open source, with consensus established by proof of stake. With its own cryptocurrency Ada, it may allow peer-to-peer transactions.

Charles Hoskinson, a co-founder of Ethereum, created Cardano in 2015. The Cardano Foundation, located in Zug, Switzerland, oversees and supervises the project’s progress.

Charles Hoskinson, a co-founder of Ethereum and BitShares, began developing the platform in 2015 and released it in 2017. After a disagreement with Ethereum co-founder Vitalik Buterin, Hoskinson departed; Hoskinson intended to take venture funding and turn Ethereum into a for-profit business, while Buterin wanted to retain it as a charity. He co-founded IOHK, a blockchain engineering company, alongside the Cardano Foundation and Emurgo, whose core business is the development of Cardano. The coin is named after Ada Lovelace, while the platform is named after Gerolamo Cardano.

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Cardano does not have a white paper, which is unusual. Instead, it employs design principles aimed at addressing challenges like scalability, interoperability, and regulatory compliance that plague existing cryptocurrencies.

Cardano uses ouroboros proof-of-stake technology. On the other hand, Bitcoin employs a proof-of-work method, in which the first blockchain entry and the longest blockchain (the one with the greatest processing power) are utilised to identify the most trustworthy blockchain. Cardano only utilises the first blockchain entry, after which the integrity of the chain is verified locally without the need for a trusted third party. According to Hoskinson, proof-of-stake blockchains, such as Cardano, have substantially lower energy requirements than proof-of-work networks.

Ada is a cryptocurrency that exists on the Cardano platform’s settlement layer. This layer maintains track of transactions in the same way as Bitcoin does. The computation layer is the second layer. This layer, like Ethereum’s, allows smart contracts and apps to operate on the platform. Developers may conduct end-to-end tests on their programmes using Cardano’s smart contract language without leaving the integrated development environment or deploying their code.

An initial coin offering (ICO) was used to fund Cardano. The currency had a market worth of $600 million when it was launched. It had a market worth of $10 billion by the end of 2017, and briefly hit $33 billion in 2018 before reverting to $10 billion due to a general tightening of the crypto market. According to Mashable, Cardano promises to solve current issues in the crypto industry, such as Bitcoin’s slowness and inflexibility, and Ethereum’s lack of security and scalability.

For blockchain research, IOHK has cooperated with institutions. In 2017, IOHK aided in the establishment of the Blockchain Technology Laboratory at the University of Edinburgh. In 2020, IOHK gave the University of Wyoming $500,000 in Ada to encourage the development of blockchain technology.

Georgia’s Ministry of Education and the Free University of Tbilisi signed a memorandum of agreement in 2019 to employ Cardano and Atala to develop a credential verification system for Georgia.

New Balance, a footwear company, unveiled a trial initiative on the Cardano blockchain in 2019 to track the authenticity of their newest basketball sneaker.

In 2018, IOHK established a collaboration with the Ethiopian government to implement their technology across the country in a number of businesses. IOHK and the Ethiopia Ministry of Education announced plans to deploy a Cardano-based identity and record-keeping system for the country’s five million students in April 2021.

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