Cardano is a proof-of-stake blockchain platform that claims its goal is to enable “changemakers, innovators and visionaries” to bring about positive global change.
The open source project also aims to “distribute responsibility from an unreliable structure to allowing everyone to work on it according to their abilities,” helping to create a more secure, transparent and equitable society.
Cardano was founded in 2017 and the ADA token is designed to ensure that owners can participate in the operation of the network. Because of this, those who hold the cryptocurrency have the right to vote on any proposed changes to the software.
The team behind the multi-tiered blockchain says there have already been some compelling uses for the technology, which aims to enable the development of decentralized apps and automated contracts featuring multiple distinct units.
Cardano is used by farms to track fresh produce from field to table, while other products built on the platform allow for tamper-proof storage of security credentials, and for retailers to block counterfeit goods.
Who are the Founders of Cardano?
Cardano was founded by Charles Hoskinson, who was also one of the co-founders of the Ethereum network. He is the CEO of IOHK, the company that created the Cardano blockchain.
In an interview Hoskinson said he got involved in cryptocurrencies in 2011 and approached mining and trading. He explained that his first professional involvement in the industry came in 2013, when he created a course on Bitcoin that was taken by 80,000 students.
In addition to being an entrepreneur in the Technology industry, Hoskinson is also a mathematician. In 2020, his Company donated ADA worth $500,000 to the University of Wyoming’s Blockchain Research and Development Lab.
What makes Cardano unique?
Cardano is one of the largest blockchains to successfully use a proof-of-stake consensus mechanism, which is less energy intensive than the proof-of-work algorithm on which Bitcoin is based. Although Ethereum will be upgraded to PoS and made much more extensive, this transition will only happen gradually.
The project has been able to ensure that all technology developed goes through an ongoing research process,so even the best ideas can be challenged before being approved. According to Cardano’s team, this rigorous academic method helps the blockchain to be long-lived and stable, increasing the possibility of blocking potential pitfalls in advance.
In 2020, Cardano launched the new Shelley protocol, which aimed to make its blockchain “50 to 100 times more decentralized” than other large blockchains. In those days, Hoskinson predicted this would pave the way for hundreds of resources to operate his network.
How many Cardano (ADA) coins are in circulation?
There is a maximum supply of 45 billion ADAs, but at the time of writing,there is an outstanding supply of approximately 31 billion. Five rounds of public sales of Cardano tokens took place between September 2015 and January 2017.
Approximately 2.5 billion ADAs were awarded to IOHK after the network was launched. Meanwhile, another 2.1 billion ADA was given to Emurgo, an international blockchain technology company as well as the main founder of the Cardano protocol. Last but not least, 648 million ADA was awarded to the non-profit Cardano Foundation, which aims to promote the platform and increase its acceptance.
Overall, about 16% of the total ADA supply went to the project founders, while the remaining 84% was divided among the investors.
How is the Cardano network protected?
Cardano is protected through an “environmentally sustainable and verifiable” PoS protocol known as Ouroboros.
The project claims that Ouroboros improves on the security guarantees provided by a PoW consensus mechanism by using substantially less energy – claiming it is four times more energy efficient than Bitcoin.
It is described as a blend of unique technology and mathematically verified mechanisms,using for good measure concepts from behavioral psychology and economic philosophy. Overall, the goal of Ouroboros is to achieve ethical and sustainable growth.
An incentive mechanism means that network participants are rewarded for their involvement.
Where can you buy Cardano (ADA)?
As one of the largest cryptocurrencies in the world in terms of market capitalization, you shouldn’t have much difficulty buying ADA on major marketplaces including Binance, Coinbase, eToro, and HitBTC.