Cardano (platform)

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Cardano
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Cardano logo Ada coin symbol
Denominations
Symbol
Ticker symbol ADA
Precision 10−6
Subunits
11000000 Lovelace
Development
Initial release September 29, 2017; 14 months ago (2017-09-29)
Latest release Cardano SL 1.3.1 / 16 October 2018 (61 days ago) (2018-10-16)
Code repository https://github.com/input-output-hk/cardano-sl
Written in Haskell
License MIT [1]
Website www.cardano.org
Ledger
Block explorer cardanoexplorer.com
Circulating supply c. 25.9 Billion (as of 20 June 2018)
Supply limit 45 billion
Valuation
Exchange rate $0.076 (as of 16 October 2018)[2]
Market cap $1.96 billion (as of 16 October 2018)[2]

Cardano is a distributed computing platform that runs the blockchain for the Ada cryptocurrency.[3] Bittrex was the first exchange and Daedalus was the first cryptocurrency wallet that holds Ada and allowes transfers to other wallet addresses, but there are more to choose from now.[4]

Cardano blockchain was created by blockchain development firm Input Output Hong Kong (IOHK) and led by Charles Hoskinson, former co-founder of BitShares, Ethereum and Ethereum Classic, and aims to run smart contracts, decentralized applications, side chains, multi-party computation, and metadata.

Platform

Coins are minted and decisions are made via a proof-of-stake algorithm called Ouroboros[5] instead of a proof-of-work system; consensus is generated by coin-holder vote. In this protocol, slot leaders generate new blocks in the blockchain and verify the transactions. Anyone holding an Ada coin can become a slot leader.

This staking mechanism makes it unnecessary to brute force the hash code. This saves a significant part of the energy required by work-based systems, and allows a resource-efficient and cost-saving blockchain creation.

Layers

The Ada cryptocurrency operates on its own blockchain called the Cardano Settlement Layer (CSL). The CSL is an accounting layer and supports ledger transactions. A second layer, called the Cardano Computation Layer (CCL), will support smart contracts and decentralized applications.

This multi-layer architecture allows for easier updates via soft forks compared to e.g., Ethereum which is implemented with these two layers intertwined.

Development

Cardano was released on September 29, 2017 under the 'Byron' bootstrap phase with the official launch in Japan.

Cardano develops their currency around a Recursive InterNetwork Architecture (RINA).[6] Cardano uses Haskell, a programming language with a high degree of fault tolerance.

References

  1. ""Cardano LICENSE". github.com. September 17, 2018. Retrieved September 17, 2018.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  2. 2.0 2.1 "Cardano (ADA) price, charts, market cap, and other metrics | CoinMarketCap". coinmarketcap.com. October 16, 2018. Retrieved September 17, 2018.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  3. Downs, Claire. "The cryptocurrency disrupted by science". The Daily Dot. Retrieved October 10, 2018.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  4. "Comparison of Ada wallets and exchanges". Retrieved October 10, 2018.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  5. "Ouroboros: A Provably Secure Proof-of-Stake Blockchain Protocol" (PDF). August 21, 2017. Retrieved October 9, 2018.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  6. "Bitcoin's Smaller Cousins Are Leading the Crypto Rally". Bloomberg.com. December 20, 2017. Retrieved January 16, 2018.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>

External links