What is Cardano?

Introduction to a new cryptocurrency from Ethereum co-founder
02 November 2017   2143

What is Cardano?

Cardano is a new blockchain version with inner token called ADA, developed by the IOHK team, with Charles Hoskins as SEO. Charles is known as a co-founder of Ethereum.

The project has already held several ICOs, which are positioned as a "sales voucher", having managed to attract 108,844.5 BTC. Significant investment came from Asian countries - Japan, China and South Korea.

ADA's tokens were added to the Bittrex exchange, and after just two days the daily trading volume already exceeded $ 130 million. 

It is noteworthy that there is no Cardano's whitepaper. The only document describing any technical details more describes the reasons why the IOHK team considers it necessary to develop it.

The highlight of Cardano, most likely, will be the separation of technological layers. So, it assumes a base layer for the turnover of ADA tokens, and another additional layer for smart contracts. At the first stage, the developers plan to provide throughput in the amount of 5-7 transactions per second and increase it in the future.

The network uses Proof-of-Stake algorithm. It is alleged that the protocol was audited, but its official results were never published.

A major innovation of Cardano is that it will balance the needs of users with those of regulators, and in doing so combine privacy with regulation. The vision for Cardano is that its new style of regulated computing will bring greater financial inclusion by providing open access for all to fair financial services.
 

Cardano team

It is noteworthy that the IOHK team does not consider Ethereum as a competitor and claims that Cardano is a third-generation block, within which there are interoperable blockhouses.

Cardano price chart 

At the moment of press, Cardano is at the 14th place in top 100 cryptocurrencies. It is a great result for a cryptocurrency, that is traded less than a month. 

Cardano Charts
Cardano Charts

So, at the moment of press, these are the average market parameters:

  • Price $0.023133
  • Market cap $599,776,108 
  • Volume 24H $6,757,490

IOHK to Unveil Hydra - Cardano Scalling Protocol

Hydra off-chain protocol allows to implement a number of new features, including micropayments and insurance contracts
25 March 2020   951

The developer of the Cardano blockchain project, IOHK, announced Wednesday the release of the Ouroboros Hydra off-chain protocol. It is expected to scale the blockchain while maintaining low latency and minimal data storage requirements for nodes.

Hydra allows to implement a number of new features, including micropayments and insurance contracts. Preparations for today's release have been ongoing for five years.

Hydra is one of the key elements of the IOHK plan for creating a highly scalable blockchain. It is described as a second-level scaling solution based on the existing Cardano blockchain. Hydra provides horizontal scalability, not vertical scalability, which is achieved by improving hardware. It is assumed that this approach is the maximum possible compromise between scaling, speed, geographical distribution of participants and their number.

With the connection of each new user, Hydra receives 10 additional “goals” or channels for transferring data and transactions. Each such "head" can process about 1,000 transactions per second. In the future, it is planned to further optimize the process. In theory, this will allow you to reach a bandwidth that exceeds the performance of existing global payment systems, such as Visa.

Our Ouroboros Hydra solution is the result of a colossal international research effort, spanning five years, that aimed to solve the security and scalability problems affecting blockchain. Once implemented, it will allow the Cardano blockchain platform to scale to process more transactions than any other blockchain or traditional payment system. IOHK’s Ouroboros whitepaper is a capstone of our team’s research and has been cited more than 1000 times. It forms an essential part of Cardano’s ultimate goal of creating a blockchain based global financial and social operating system.

 

Charles Hoskinson

CEO, IOHK