Blockchain Project Of The Week – Cardano (ADA)

Cardano is a blockchain platform for changemakers, innovators, and visionaries, with the tools and technologies required to create possibility for the many, as well as the few, and bring about positive global change. According to its founders, its the first to be founded on peer-reviewed research and developed through evidence-based methods. It combines pioneering technologies to provide unparalleled security and sustainability to decentralized applications, systems, and societies.

People – Every ada holder also holds a stake in the Cardano network. Ada stored in a wallet can be delegated to a stake pool to earn rewards – to participate in the successful running of the network – or pledged to a stake pool to increase the pool’s likelihood of receiving rewards. In time, ada will also be usable for a variety of applications and services on the Cardano platform.

Purpose – Cardano began with a vision of a world without intermediaries, in which power is not controlled by an accountable few, but by the empowered many. In this world, individuals have control over their data and how they interact and transact. Businesses have the opportunity to grow independent of monopolistic and bureaucratic power structures. Societies are able to pursue true democracy: self-governing, fair, and accountable. It is a world made possible by Cardano.

cardano ada

Technology – Cardano is a blockchain platform built on the groundbreaking Ouroboros proof-of-stake consensus protocol, and developed using the Haskell programming language: a functional programming language that enables Cardano to pursue evidence-based development, for unparalleled security and stability.

Research – Cardano began with and has grown through research. Before any technology we integrate is developed, it is specified. And before it is specified, it is researched. That research is peer-reviewed – a unique achievement for a blockchain platform – so that our ideas may be challenged before they are validated. Our research – led by leading academics – explores philosophy, sociology, behavior, and game theory. To achieve each outcome, we consider the minutiae of possibilities: the variables that often go unconsidered, but which may ultimately impact the integrity and sustainability of a global, decentralized platform. We take nothing for granted.

Opportunity – Blockchain technology holds the answer to a number of legacy challenges, whether financial, societal, or technological. It disintermediates essential relationships, and redistributes power to alleviate costly dependencies, restrictive paradigms, and inefficient systems of transaction and exchange. Cardano is a realization of this potential. It is a platform with the security, privacy sustainability, and performance standards required to accelerate the mass adoption of the technology, and support a lasting ecosystem. Cardano powers new, more secure, and globally scalable solutions. Its technology is continuously improved upon through evidence-based development methods, and guided by a democratic voting system, in which every member has a voice. The opportunity of Cardano is adaptable to your use case. It is an opportunity that creates other opportunities, continuously.

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 built Cardano’s blockchain. In an interview for CoinMarketCap’s Crypto Titans series, Hoskinson said that he got involved in cryptocurrencies back in 2011 — and dabbled in mining and trading. He explained that his first professional involvement in the industry came in 2013, when he created a course about Bitcoin that ended up being taken by 80,000 students. As well as being a technology entrepreneur, Hoskinson is also a mathematician. In 2020, his technology company donated ADA worth $500,000 to the University of Wyoming’s Blockchain Research and Development Lab.

What Is Ouroboros Protocol?

Highly scalable and sustainably secure, Ouroboros is the foundation of Cardano and of a blockchain-built future. Ouroboros is the first provably secure proof-of-stake protocol, and the first blockchain protocol to be based on peer-reviewed research. Ouroboros combines unique technology and mathematically-verified mechanisms – which, in turn, combine behavioral psychology and economic philosophy – to ensure the security and sustainability of the blockchains that depend upon it. The result is a protocol with proven security guarantees able to facilitate the propagation of global, permissionless networks with minimal energy requirements – of which Cardano is the first.

At the heart of Ouroboros is the concept of infinity. Global networks must be able to grow sustainably and ethically: to provide greater opportunities to the world while also preserving it. This becomes possible with Ouroboros. Ouroboros facilitates the creation and fruition of distributed, permissionless networks capable of sustainably supporting new markets.

ouroboros protocol

Ouroboros features mathematically verifiable security against attackers. The protocol is guaranteed to be secure so long as 51% of the stake – in the case of Cardano, ada – is held by honest participants, which, in addition to other novel concepts, is achieved through random leader selection. The protocol continues to evolve through new iterations and rigorous security analysis. To ensure the sustainability of the blockchain networks using Ouroboros, the protocol features an incentive mechanism that rewards network participants for their participation. This can either be operating a stake pool or delegating a stake in ada to a stake pool. Rewards (in the form of ada) can be earned by completing either of these activities.

Ouroboros is a proof-of-stake protocol. It distributes network control across stake pools: node operators with the infrastructure required to ensure a consistent and reliable connection to the network. For each slot, a stake pool is assigned as the slot leader, and is rewarded for adding a block to the chain. Ada holders may delegate their stake to a specific stake pool, increasing its chance of being selected as the slot leader, and share in the stake pool’s rewards. Ouroboros solves the greatest challenge faced by existing blockchains: the need for more and more energy to achieve consensus. Using Ouroboros, Cardano is able to securely, sustainably, and ethically scale, with up to four million times the energy efficiency of bitcoin.

How Does Ouroboros Protocol Work?

Ouroboros processes transaction blocks by dividing chains into epochs, which are further divided into time slots. A slot leader is elected for each time slot and is responsible for adding a block to the chain. To protect against adversarial attempts to subvert the protocol, each new slot leader is required to consider the last few blocks of the received chain as transient: only the chain that precedes a prespecified number of transient blocks is considered settled. This is also referred to as the settlement delay, and is the mechanism through which the ledger is securely passed between participants.

Ouroboros is a meld of innovative technology and philosophy. Its research explores how we behave as a society, to discover an ideal balance – defined through game theory – between individual and collective interests. Ouroboros’ incentive mechanism rewards participants for their honest participation, and disincentivizes dishonest actors. It is a stable and sustainable foundation for permission networks that are built to endure: the infrastructures of the future.

What Is Daedalus Wallet?

Daedalus is an open source wallet for ada, built to grow with the Cardano blockchain. Daedalus is a full node wallet. This means that unlike light wallets (e.g.Yoroi, Adalite etc.) Daedalus downloads a full copy of the Cardano blockchain and independently validates every transaction in its history. That way you get maximum security and completely trustless operation, without centrally hosted 3rd party servers. The wallet allows for unlimited accounting. You can manage any number of wallets with the hierarchical deterministic (HD) wallet implementation. It allows you to have more control over how your funds are organized. Also, can use the powerful back-up and restoration features to recover your funds if necessary.

daedalus wallet

All major desktop operating systems are supported. Daedalus runs on Windows, macOS, and Linux. Daedalus is built with web technologies on top of Electron, a battle-proven open-source platform for writing cross-platform desktop applications.

How Many Cardano (ADA) Coins Are In Circulation?

There is a maximum supply of 45 billion ADA. Currently, there is a circulating supply of about 31 billion. Five rounds of public sales of Cardano tokens were held between September 2015 and January 2017. Approximately 2.5 billion ADA was allotted to IOHK once the network launched. Meanwhile, an additional 2.1 billion ADA was given to Emurgo, a global blockchain technology company that served as a founding entity of the Cardano protocol. Last but not least, 648 million ADA was given to the not-for-profit Cardano Foundation, which aims to promote the platform and increase levels of adoption. Overall, about 16% of ADA’s total supply went to the project’s founders, with the remaining 84% being split among investors.

How To Buy Cardano?

At the time of writing, Cardano ADA is the world’s 5th biggest cryptocurrency in terms of market capitalisation. Almost all the top exchanges worldwide like Binance, Coinbase, Bittrex, Wazirx, eToro, HitBTC etc allows for trade in the crypto.

  • To have an indepth information on Cardano ADA, please take a look at its comprehensive knowledgebase on the Cardano website.
  • To check out the live pricing of the crypto, please go to the Coinmarketcap page here
  • To know more about the various projects, ideas, people etc, browse through their forums here

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