As is commonly believed in the world of blockchain technologies, Cardano is a cryptocurrency and decentralized platform of the third generation. Historically, Bitcoin (BTC) is the representative of the first, NEM (XEM), NEO (NEO), Ethereum (ETH) — the second generation. Cardano is an even more advanced young platform developed from the ground up in the highly secure Haskell programming language, taking into account all the growth zones of its predecessors. The product code is fully open, created and maintained by an experienced team of in-house developers. The project solves the problem of fast and cheap creation of decentralized applications and smart contracts in a secure and scalable way. Entered the market in 2015, supported by three large companies: Cardano Foundation, IOHK and Emurgo, United by the goal of creating Cardano. Is a direct competitor for Ethereum, NEM.
The Cardano coin is called ADA, which since January 2018 has taken its PLACE in the top 10 cryptocurrencies by capitalization. The value of the coin ADA is characterized by a systematic growth, without strong jumps and deep corrections, is a good investment tool for the long term.
History of Creation
The platform is named after Girolamo Cardano, an Italian mathematician, engineer, doctor, philosopher, and astrologer with an extremely interesting life story.
Cardano, as the platform was founded in late 2014 by Charles Hoskinson — one of the co-founders of the company that developed The bitshares (BTS) cryptocurrency, as well as one of the co-founders of Ethereum. After the completion of the key milestones of formation of Ethereum, Charles gathered around him like-minded people who became interested in the idea of creating the perfect blockchain platform, from the point of view of scalability, security and the capability to create any kind of decentralized application for their introduction into the real segment of the economy. The team of investors, entrepreneurs and enthusiasts began to explore the Asian market, working in Japan during 2015, 2016.
As the developers position themselves, the project is based on the ideas of new technologies, as well as a new philosophy of the blockchain as a global information exchange system in the future world. Meticulous and thorough approach to the development of the platform, large-scale plans for the future resulted in the creation of three large companies, which are United by a common goal: to create, develop and promote the Cardano project to the market. Despite the fact that work on the project has been carried out since 2014, the ICO to raise funds from investors was held only in 2017, and the first Ada tokens appeared in the free sale only on September 29, 2017.
Cardano group of companies
Each of the three companies is strictly responsible for its own direction of activity, contributing to the development of the project, forming a very stable Foundation for the development of its platform. This is one of the key competitive advantages of Cardano over other cryptocurrencies for large investors, as for the infusion of significant amounts, it is necessary to understand the project infrastructure, and Cardano has it more than large. So:
Cardano Foundation is a company whose task is to promote Cardano technology to the market, including the sector of state regulation. In other words, the task of the employees of this company is to achieve the maximum number of partners for the project (exchanges, government, lawyers, marketing agencies, business, etc.). Also, the company takes care of all the issues of standardization of work (system documentation) and copyright protection.
IOHK (“input / Output Honk Kong”) is the engineering company of Charles Hoskinson and Jeremy wood, which deals with the technical side of the Cardano blockchain. The contract for Cardano network maintenance is signed until 2020.
Emurgo — this organization works with projects created on the basis of Cardano. Team Emurgo included in the work in the case that any business or public institution will choose Cardano as a platform for solutions to their problems. Has the authority to Finance new projects, including from the Cardano Foundation.
Thus, of all the crypto-currencies and platforms that exist in 201 8 year, Cardano can only compare with Ethereum in terms of the level of development of the business model, the division of powers within the team and support from real business in the Asian region. Perhaps more than any of the projects so fundamental no support.
ADA is the currency of Cardano cryptocurrency. Named after Ada Lovelace, daughter of Lord Byron and world’s first female programmer.
In total, 25.9 billion coins were issued. The coin can be safely stored in the Daedalus wallet (Daedalus). At the beginning of 2018, the market price fluctuates around$ 1, included in the top ten leaders in capitalization. According to Hoskinson, before the coin ADA is the task to become the most perfect cryptocurrency in the world, used for the transfer of tangible assets through secure cryptography channels. At the end of 2017, 3 full months after the launch, ADA became very popular in Asia, especially in Japan: it can be bought and exchanged for other cryptocurrencies, but the wide practical application of Cardano can be talked about only by the end of 2018, the beginning of 2019, when the system will be able to create and execute smart contracts.
Key features of the platform
The main technical feature of Cardano is a clear division of the blockchain into two layers. The first is needed for cryptocurrency turnover and coin distribution, the second is a platform that works with smart contracts. In all existing projects of platforms (even Ethereum), there is no such distinction. This creates an advantage for Cardano in the speed of the transaction and the level of security of the entire system.
The developers abandoned the heavy-weight ” algorithm of confirmation of work “(Proof of Work) in favor of a unique” algorithm of confirmation of the share ” (Proof of Stake). Simply put, the reward of “miner” depends on the balance on his account and the number of transactions. This algorithm is confirmed mathematically and is considered to be the safest for users.
The goal of being fully open to States is perhaps the strongest competitive advantage of this project over the rest. The Cardano team decided to initiate contacts with the authorities of the States from the very beginning, it set a goal to give its currency the status of an official means of payment in the blockchain industry. Cardano will never go into the shadows and will not become a cryptocurrency for questionable transactions.
When you buy ADA, you can say that you kill two birds with one stone: first, you buy a liquid and technological cryptocurrency, and secondly, you invest in the development of the entire Cardano holding, because the market price of this coin will always be proportional to the power of the company behind it and the capitalization of projects launched on this platform. Summing up, we note that the cryptocurrency Cardano, today looks like an attractive investment tool, which is subject to fewer risks, as from the very beginning of his life is created by large teams and companies, due to significant financial injections. We believe that in the future 1-2 years the probability that the rate will grow much higher than its decline. Everyone should make a decision about investing in cryptocurrency on their own, please remember that.
Cardan development is carried out in extremely transparent conditions.
Road map-work plan for the project. The whole plan is divided into 5 stages:
- Byron. Named after the Baron, Ada’s father. This is the first-a centralized stage,where the project is now. Within its framework, basic functionality is released.
- Shelley. Named after the poet Percy Shelley. This is a stage that is being actively developed at the moment (may 2018). The release of this stage will make the platform “free” — with it the system will be transferred to a fully decentralized mode. The system will have “staking pools”, allowing anyone to safely” delegate ” their Ada coins to them and receive dividends from them. Power to the people!
- Gauguin. Named after Joseph Gauguin, Professor of computer science. The release of this stage will make the platform “smart” — everything related to smart contracts is implemented within its framework.
- Bass. Named after the Japanese poet of haiku master Matsuo Basho. The release of this stage will make the platform “fast” — everything related to speed and performance and scaling is developed within its framework. Blockchain sharding, torrent storage system, and voting system are scheduled for this period.
- Voltaire. Named after the French poet and philosopher Voltaire. With the release of this stage, the platform will become “independent” — at this stage, it is planned to develop everything related to the Treasury and the self-support system of the platform.
Once a month the road map is updated steadily, changing the percentage of the developed tasks, or adding new ones. At the bottom of the road map page there is a time counter that counts down the days and minutes until the next update.
IOHK is initially positioned as R&d, which means “Research & Development” — i.e. “Research and development”. And they mention research very deservedly.
The company specializes in the development of blockchain projects. At the position of “chief scientist” (Chief Scientist) it employs Aggelos Kaias — Professor of cryptography from the University of Edinburgh (Greek origin). He is one of the co-authors of all scientific papers on the family of consensus algorithms “Ouroboros” used in Cardano.
In the “senior development team”, Philip Vadler Professor for theoretical Informatics at the same University in Edinburgh. Among other things, one of the creators of the legendary and cult programming language Haskell, which is created and Cardano. In the company, he is developing a special new secure language for smart contracts.
A part of the same team, Elias Cotsumes Professor of computer science at the University of Oxford. Author of several books and publications on game theory, Economics, and computer networks. In the company he is engaged in development of system of awards and punishments for all participants of the Protocol. Game theory is a very important component in the correct implementation of the betting system and betting pools.
Well, General team of researchers, in short: Mario Larangeira(PhD, computer science and cryptography, Tokyo), Bernardo David(PhD, Informatics, assistant Professor at the Tokyo Polytechnic Institute), Peter Gazi (PhD, computer science and cryptography, Austria), Raphael Dously (PhD, cryptography, Denmark), Roman Oleynikov (Professor, cryptography and cybersecurity, Ukraine), Markulf Colvis (doctor of science, cybersecurity, UK), Dmitri Stukenberg (Informatics, ITMO University, Russia), Vasilis Sicas (cyber security and distributed computing, assistant Professor at the University of Edinburgh, UK), Dionysus, Zindros (cryptography and blockchain technology, University of Athens, Greece), Parliament of America (formal verification of smart contracts, Jassy University, Romania), Mirjam Wester (Ph. D., 20 years experience in the research of speech recognition in the company for the posts of Manager research, UK), Dimitris Karakostas (blockchain technology, the University of Edinburgh, UK), Thomas Kerber(cryptography and blockchain technology, the University of Edinburgh, UK), Aikaterini-panagiota from Stoke’s (mathematics, formal logic, algorithms and calculations, University of Athens, Greece).
Please note that all of the listed people are not the team that “saws” Cardano. These are several teams of people engaged exclusively in research for Cardano. That is, they conduct full-fledged research, publish scientific articles, send them to conferences, pass a full review by other independent scientists from around the world — and only then, on the basis of their work, individual teams of excellent engineers directly implement the Cardano software product.
And on the site in an open convenient access you can always find a whole library of scientific articles written by the company within the framework of the project.
In terms of transparency and responsibility, no more excellent project than Cardano has been found. From a technical point of view:
- IOHK issues weekly technical reports. They describe in detail and relatively technologically what each division of the company did last week.
- To guarantee quality and transparency, the Cardano Foundation hired an independent company, FP Complete, to perform an iohk technical audit. This means that their task is to regularly check all the code written by IOHK and make sure that:
a) the Company does what it says
b) good quality Code
C) the Code does not contain critical errors and problems
According to the results of its activities, “FP Complete” produces regular public reports, viewing which, anyone can verify the quality of the product.
- IOHK has its own YouTube channel, where new videos of reports, speeches, reports, interviews and presentations are constantly appearing. Charles Hoskinson recently shot an “Amateur” mini-report on the work done, in which he said that they plan to release monthly video reports from all product managers of the project. The first such report on the Gauguin project is already available.
- The company IOHK as is your blog https://iohk.io/blog/