What Is Cardano?

Gerolamo Cardano was one of the most influential mathematicians of the Renaissance. So it's quite appropriate that the first blockchain platform that evolved from scientific philosophy and the first research-based approach was named after him.

Cardano is fully open source, public blockchain project and public cryptocurrency. This is the first blockchain project built based on peer-reviewed academic research.

These are not just a few hyped up blockchain projects that make big promises without giving. The pioneer behind Cardano consists of a large group of global expert engineers and researchers, working to develop smart contract platforms that strive to bring more advanced features than anything that was developed before.

What does Cardano do?
Cardano is home to cryptocurrency, which can be used to send and receive digital funds in a very safe way. But Cardano is far more than just a digital currency.

"Scientific accuracy applied to mission-critical systems such as aerospace and banking has been brought to the field of cryptocurrency, with high assurance implementation. We believe this is the first time this has been done, "said the Cardano website.

The Cardano team has partnered with several of the world's top universities, such as the University of Edinburgh and the Tokyo Institute of Technology, to ensure their platforms are built on the basis of peer-reviewed research.

Charles Hoskinson, former CEO of Ethereum and now leader Cardano, is fed up and tired of seeing rushing platforms to release poorly written whitepapers with bold claims that are found not to be sent only after they make a lot of money from enthusiastic investors.

Let's do things like we are the right academics. Let's write the right whitepaper with domain experts, let's examine it through peer reviews, let's apply, let's repeat, let's listen to people. And that is really the first component of the Cardano project. How do we become good engineers who deal with high assurance codes, and at the same time, how we become good researchers, and do things the way academics have done for a long time.

- Charles Hoskinson (Source)

Cardano's vision is to create a platform for decentralized applications and smart contracts that can be processed with a technique called formal verification. Most codes are written informally and are mainly evaluated whether they work or not. On the other hand, formally verified software can be tested with the same certainty that mathematicians prove the theorem - and the code really reads like mathematical evidence.

The benefits are logical proof of the correctness of smart codes and contracts, making it safer and more reliable than any other platform. Cardano managed to achieve this because the underlying technology was written in the Haskell coding language, one of the safest languages ​​ever made.

Cardano used the consensus algorithm of proof of ownership that they made themselves, called the Ouroboros. The proof of ownership system is far more energy efficient and has a transaction rate that is much faster than proof of work. Although proof of ownership has many benefits, unfortunately they are very difficult to develop in a safe manner. Most blockchain platforms, including Bitcoin and Ethereum, use proof-of-work algorithms.

But Cardano managed to solve this security problem ... and they can prove it. Ouroboros comes with mathematical security evidence that has been carefully reviewed, resulting in acceptance and presentation at Crypto 2017, a leading cryptographic conference.

Cardano will gradually grow to offer more features, including smart contracts, side chains, multi-party calculations and metadata. We can hope to see some of these features will be aired during the first half of 2018.

If you want to learn more and look in more detail at how and why Cardano works, see their Academic Papers page.

How Cardano Starts and Where's the Post
Cardano has an interesting background.

Charles Hoskinson was the founder and initial CEO of Ethereum before it was launched. He worked with a colleague named Jeremy Wood who ran the operation. The two of them finally left Ethereum and went to work once again, this time to create a technical company called IOHK that built cryptocurrency and blockchains for academic institutions, government entities and corporations.

A group of Japanese businessmen approached the IOHK in 2015. They are interested in creating a blockchain that will function as a cryptocurrency and smart contract platform, but not just any ordinary blockchain. They want to build one that is safer and more reliable than the other blockchain available. IOHK is ready to face the challenge.

This group decided to focus their ICO on the Asian market, because the Western world was so saturated with cryptocurrency. Crowdsale ran from September 2015 to January 2017 and collected $ 62 million. About 30 billion vouchers were sold, with 45 billion being the maximum inventory.

After nearly 2 years of research and more than a year of development with teams around the world, Cardano was officially launched on September 29, 2017. This is still in the bootstrap era, which they call the Byron phase. IOHK currently works on stabilization and refinement, and makes substantial improvements to core components.

The next phase, Shelley, will focus on ensuring that the main elements already exist so that technology grows into a fully decentralized and autonomous system. This is expected to take place in mid 2018.

After that, the Goguen phase will see the integration of smart contracts. Then to the Basho phase, which will focus around improving performance. And finally, in the Voltaire phase, IOHK will add a financial system and governance.

For complete details on developing Cardano, see their roadmap to stay up to date.

Cardano team
Cardano consists of three companies, each of which has a different role in the project.

The first is IOHK, a technology and engineering company, led by former Ethereum CEO Charles Hoskinson. IOHK is contracted to design, build and maintain the Cardano platform until 2020.

Then there is the Cardano Foundation, which is a Swiss non-profit organization and guardian of the ecosystem and the Cardano community. They focus on working with the government and regulatory bodies, and forming strategic partnerships with companies and other open source projects for further adoption of global technology.

The third company is Emurgo, which was formed to integrate, develop, and support businesses that want to utilize the decentralized Cardano blockchain.

Competitors and Challenges
Obviously Cardano must compete with highly successful blockchain technologies such as Ethereum and Bitcoin, which are basically household names now. Cardano is still relatively unknown to the public because they are very new.

The big challenge is that building the kind of flawless technology they are trying to create requires a very long time and a lot of effort from experts. It takes several years before all the features that will be implemented by the team plan are ready to be launched.

How to Buy and Store There
At this time, you can only get Ada through Bittrex; more partnerships will be announced over the coming weeks and months. Bittrex only offers Bitcoin-to-Existing trading pairs, but others must be added immediately.

IOHK made Daedalus wallet to save Ada. Daedalus will be developed from time to time to support more cryptocurrency, with the aim of becoming a universal wallet.

Final thoughts
Over the coming months and years, we can expect to see all types of new cryptocurrency and shiny blockchain rising and rushing to open their ICO sales, get millions of dollars from eager investors, and finally fail to produce the products they promised. Some will succeed, but developing new complex technologies that function well is a very difficult task. People who are in a hurry and don't do the right research will have difficulty getting their noble goals.

Meanwhile, the experts behind Cardano will slowly and steadily build the most sophisticated blockchain out there. If their passion for scientific research and accuracy is proven to win, Cardano can end up being a turtle that defeats rabbits in a race for the success of the blockchain.

Comments

Popular posts from this blog

List of Cryptocurrencies

Who Created Ethereum?

Why Use Bitcoin?