Cardano (ADA) is a Proof-of-Stake (PoS) blockchain network open-source, based on a wide range of design components that include a dApp development platform, multi-asset support, and smart certified contracts. Cardano is a third-generation blockchain platform that aims to provide the public with more advanced features than any built-in protocol.
The Cardano platform operates with the Ouroboros protocol. Ouroboros, initially created by Cardano, is not only seen as secure but is also the first PoS protocol to receive academic research information. Each development phase, or period, on the Cardano roadmap, is based on a research-based framework, which includes peer-reviewed data and evidence-based approaches to make progress and achieve a milestone related to future directions for the use of both applications, blockchain network, and fee token.
Cardano does not have a single white printed paper but is developed in a collection of educational papers. Cardano sees itself as a "third generation" protocol, developing Bitcoin and Ethereum as first and second generations, respectively.
Cardano stage development began in 2015, although it was not until 2017 that it was finally launched. Charles Hoskinson is the founder of Cardano. After working as the founder of Ethereum, Hoskinson left Ethereum and founded a blockchain engineering company called IOHK. Today, the main goal of the IOHK is Cardano development.
Cardano has a limit on providing 45 billion ADAs, although it is unclear if that number could change in the future. It is also unclear how that number will be related to the arm of the platform that will eventually support smart contracts.
The ADA aims to address the scaling and infrastructure issues that first emerged in bitcoin, first-generation cryptocurrency introducing the concept of digital currencies, and Ethereum, a second-generation cryptocurrency that extends currency use cases to smart contracts. In particular, Cardano aims to solve problems related to the scalability, collaboration, and sustainability of cryptocurrency platforms.
The first problem means lower networks and higher costs due to increasing volume. Cardano's algorithm Ouroboros has been prioritized as a possible solution to its measuring problems.
The other problem is related to the cryptocurrency's involvement both within its natural ecosystem and in its interaction with the existing global financial ecosystem. Cardano aims to enable cross-chain transmission through side chains, conducting transactions between the two sides outside the chain.
The full launch of Cardano will have five stages: Byron, Shelley, Goguen, Basho, and Voltaire. The Byron season came in September 2017 with the launch of the Cardano blockchain main net. During this phase, the series operated as an integrated network that only supports ADA activities. The next phase, Shelley, was launched in July 2020, making Cardano's proposed Ouroboros Proas Proof-of-Stake (PoS) process live. It is now in the process of launching its third phase, Goguen, which will increase support for smart contracts and the issuance of native tokens.
1. Byron - This is the first phase after the launch of the network where the intended development of the main components and the SL layer is prepared for expansion.
2. Shelley - This section is focused on decentralization and will feature staking pools.
3. Goguen - This section will have smart contracts.
4. Basho - This section will emphasize on performance and scalability.
5. Voltaire - This section will include the treasury system and governance.
The use cases of Cardano are:
· Cardano can be transferred, send, and received in exchange for goods and services through a cryptocurrency wallet.
· Cardano enables people to bypass a middle-aged person, such as banks and other financial institutions, to do things directly and without the consent of other people or businesses.
· As part of the fixed budget, Cardano can enable lending, trading, asset management, insurance, and other general financial services.
· Cardano enables smart contracts, which are contracts that automatically apply when contract conditions are met.
Currently, there are more than 140 projects running on Cardano. Some of them are:
1. SundaeSwap
2. Meld
3. ErgoDEX
4. Ardana
5. Empowa
DATE NEWS/EVENTS IMPACT 17/01/2022 SundaeSwap announced the release of its "fully-functional beta decentralized exchange (DEX) on Cardano" +21% Increase 07/05/2022 TerraUSD and LUNA both collapsed, and as a result, a number of crypto platforms folded in the aftermath -39% Decrease 17/08/2021 Cardano nears All-Time-High as Investors await Alonzo upgrade for the Blockchain. +48% Increase 13/05/2021 Cardano Rises During 300 Billion Crypto Crash As Musk Eyes Continuous Bitcoin Ways +48% Increase 15/02/2021 Input Output Hong Kong (IOHK) has announced the launch of "Mary", bringing the blockchain closer to its Goguen era +30% Increase
Cardano is a highly speculative cryptocurrency, powered by financial benefits, and an impressive growth strategy. Cardano is built not only on solid philosophy but also on solid science. That alone gives it a significant limitation on its rivals. Also, the fact that someone like Charles Hoskinson leads the way adds more credibility.
Cardano