What is Cardano (ADA)?

Cardano is a third-generation blockchain and is purportedly a next step in terms of blockchain technology by offering revolutionary governance and an improved consensus mechanism.

Cardano was conceptualized as a blockchain technology way back in 2015 when Charles Hoskinson, its founder, decided behind the structure for it. Two years later (in 2017) it was launched. When it did launch, people could only trade the ADA coins because it did not have any programmable functionality. However, it recently announced that smart contracts can now be programmed on the blockchain, signaling an entirely new direction for the technology.

 

The Backstory

There is a fascinating story behind the creation of Cardano. Charles Hoskinson, who is the founder of the blockchain, was (back then) a part of the team behind Ethereum alongside Vitalik Buterin. However, there were many ideological differences between how Charles and Vitalik envisioned the blockchain, which eventually led to Vitalik (literally) firing Charles from the team. After being estranged from the initial team, Charles decided to work on his blockchain.

The idea behind Cardano was to create an alternative to Ethereum - which shouldn't come as a surprise at all given that there were some feelings of resentment that Charles must have had against Vitalik! However, that wasn't the sole purpose. He envisioned creating a decentralized ecosystem that could also provide traditional banking services to the world - all based on blockchain.

Cardano.png

What makes Cardano special

Cardano has been focused on creating solutions for identity management and traceability. In that direction, it has done a tremendous amount of work primarily in the African continent by creating identities for over 5M people. The traceability factor can easily be used for other purposes as well, including supply chain management.

While the blockchain is being built by a team of leading tech experts, the team itself does not have a traditional hierarchical structure like other organizations. In fact, the organizational structure itself is quite decentralized, with The Cardano Foundation handling major responsibilities behind building the tech; it is a not-for-profit organization.

Development Phases

Cardano has several development phases that are classified as follows:

  • Byron - Foundational

  • Shelley - Decentralisation

  • Goguen - Programmability

  • Basho - Scaling

  • Voltaire - Governance

All of these phases are responsible for introducing different aspects to the blockchain. The Goguen phase was launched recently, which enabled programmability. What this means is that developers can now easily create smart contracts and Defi applications on the blockchain. This brings the blockchain at par with Ethereum.

 

Interesting facts

  • Users have a love/hate following with Cardano - its fervent community loves it for its technology, while Ethereum maximalists consider it a not-so-significant technology.

  • The Cardano Foundation has given different grants for the proliferation of knowledge about blockchain technology.

  • Ethereum currently dominates the market share and has a much significant role to play in the movement of the market as compared to Cardano.

 

The Bottom Line

While the technology is still under development, The Cardano Foundation has been focused on improving blockchain tech and increase its applicability. Experts often say that Cardano's time is yet to come.

Cardano.png

CARDANO

Decentralised 

Peer to Peer 

Cardano.png

Ticker Symbol

ADA

Growth

Supply Limit 

45 Billion ADA

Avatar 85

Founder

Charles Hoskinson

Alarm Clock

Initial Release Date

2017

Stationery

White Paper 

ClickHere