What is Cardano?
According to the official website, Cardano (ADA) is a decentralized public blockchain and cryptocurrency project that is fully open source. Cardano is developing an innovative contract platform that seeks to deliver more advanced features than any protocol previously developed. It is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach. The development team consists of a large global collective of expert engineers and researchers. The protocol was launched on 29th September 2017 to deliver more advanced features than its competitors, such as Ethereum or NEO, in terms of scalability, security, efficiency, and interoperability. It also aims at resolving some flaws found in older blockchains like Bitcoin or Ethereum.
What are the features of Cardano?
Cardano has introduced several new features compared with other platforms such as Bitcoin or Ethereum, some of which are briefly described below: – A Proof-of-Stake algorithm called Ouroboros. This allows for quick transaction times and low electricity usage. The system makes it possible to implement sidechains and elaborate smart contracts. It also offers security against quantum computations. – A Computing language similar to Haskell was chosen because it had remained unchanged by introducing modern programming languages.
It allows for the quick creation of smart contracts and sidechains without compromising security. – An improvement on existing cryptocurrencies Cardano Exchange also offers a wallet for ADA users, similar to Ethereum’s Mist Wallet, accessible from the web, desktop, or mobile devices. The user can check transactions history in a block explorer that serves as a dashboard for their funds.
Without going into further details, it should be mentioned that all features listed above are pretty much standard features seen in other platforms such as Ethereum or NEO; but what makes Cardano stand out from its competitors is the fact that it has employed advanced technology and secure infrastructure while still offering an upgrade to these already existing technologies (such as PoS, Ouroboros algorithm, etc.).
When was it founded, and how is the company structured?
In 2015, Ethereum co-founder Charles Hoskinson initiated the Cardano project, who has teamed up with IOHK (a technology company specializing in cryptocurrencies) to develop the platform. The network’s development is led by Chief Scientist Charles Hoskinson and CEO Ken Kodama, who oversees business operations. The nonprofit Cardano Foundation was set up to act as an objective auditor of the technology they are developing. It aims at propelling the use of blockchain worldwide.