What is Cardano?

Introduction to a new cryptocurrency from Ethereum co-founder
02 November 2017   2139

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

Coronavirus Won't Effect Cardano Plans, - Hoskinson

According to the latest stream of Cardano CEO, Cardano commercial infrastructure should be expected in the coming months
16 March 2020   288

The development of Cardano's commercial infrastructure is on schedule and updates will take place in the coming months, project founder Charles Hoskinson assured.

Cardano commercially critical infrastructure are things that Cardano needs for it — in our view — to be competitive against other cryptocurrencies.

 

Charles Hoskinson

CEO of IOHK

The IOHK CEO noted that the infrastructure is necessary to support decentralized applications and DeFi protocols, and to be sure that they work correctly on the blockchain.

Hoskinson also said that the development team has made significant progress in creating the next network update called Shelley. If earlier in the test network there were a lot of errors and bugs, then in recent months their number has significantly decreased, and software stability has increased.