Cardano (cryptocurrency platform)
| Cardano | |||||
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| Symbol | ₳ | ||||
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| 1⁄1000000 | Lovelace | ||||
| Website | cardano.org | ||||
Search Cardano (cryptocurrency platform) on Amazon.
Cardano is a cryptocurrency network[1] and open source project that aims to run a public blockchain platform for smart contracts.[2] It can be seen as a competitor to Ethereum.[3] Cardano's internal cryptocurrency is called ADA[4] with a planned total supply of 45 billion units.[3][5] The development of the project is overseen and supervised by the Cardano Foundation based in Zug, Switzerland.[6][7][8]
Background[edit]
The platform started in 2015 and was launched in 2017 by Charles Hoskinson, a co-founder of Ethereum and BitShares.[2][9][10] According to Hoskinson, he had left Ethereum after a "boardroom brawl" over keeping Ethereum nonprofit. Soon after, he co-founded IOHK, a blockchain engeneering company, whose key project is now the development of Cardano working alongside the Cardano Foundation[10] and Emurgo.[11]
Other than most existing cryptocurrency networks, all developments of Cardano are claimed to be scientifically studied and peer-reviewed by scientists and experts.[2][12]
The Cardano Foundation is one of the founding members of the International Association of Trusted Blockchain Applications (INATBA). INATBA aims to develop a framework that promotes public and private sector collaboration, regulatory convergence, legal predictability and ensures the system’s integrity and transparency and was founded in April 2019 by the European Commission.[13][14]
Etymology[edit]
The platform is named after Gerolamo Cardano and the cryptocurrency after Ada Lovelace.
Layers[edit]
Within the Cardano platform Ada lives on the settlement layer. This layer is similar to Bitcoin and essentially only keeps track the Ada transactions. The second layer is the computation layer. This layer is similar to Ethereum and enables smart contracts and applications to run on the platform.[2]
Non-functionals[edit]
Besides the first and second layer functionalities Cardano focuses on the non-functional requirements scalability, sustainability and interoperability. The fundament of their scalability is the seperation of the settlement and computation layer and their proof of stake technology.[15] Sustainability is achieved by using a decentralised treasury system which is funded by newly minted coins and transaction cost on the network. Currently it is being funded by the initial coin offering. Development proposals and the implementation can be voted on and thus are decentrialized controlled by the stakeholders (Ada coinholders). After the decentrialized phase not even the current developpers can make changes without being voted on. The support of interoperability between existing cryptocurrencies is important in a mixed technology landscape. Sidechains is a technology used where tokens can move around (other) blockchains and enables interoperability with the financial systems of banks.[7]
Proof of stake[edit]
As an alternative to proof of work system, Cardano uses their own proof of stake technology to protect its blockchain against abuse. With Bitcoin the genesis block (first blockchain entry) and the longest chain (chain with the most compute power) is used to determine the honest chain. With Cardano also only the genesis block is needed whereafter the honest chain is mathematically proven locally without the need of a trusted party.
Development[edit]
Several development environments are created by functional programming. Also non-programmers can create smart contracts, because one of the domain-specific languages is a low-code development platform. Their main language provides an integrated development environment for writing both on and off-chain code in a single code base. This allows developers to run end-to-end tests on their program without leaving the integrated development environment or deploying their code.[16] Smart contracts made in Solidity for the Ethereum Virtual Machine can be translated with a compiler and thus also run on the Cardano Virtual Machine.[17][18][19] In 2017 IHOK helped the University of Edinburgh to launch Blockchain Technology Laboratory. [20] In 2019 The minister of Education of Georgia Mikheil Batiashvili and Charles Hoskinson signed a memorandum of understanding with and the Free University of Tbilisi to use Cardano and Atala to build a next generation credential verification system for Georgia. [21] In 2018 Cardano teamed up with Ethiopian government so Cardano can deploy their technology in a variety of industries throughout the country. [22] IHOK the company behind Cardano donated $500,000 gift in Ada to University of Wyoming to supports the development of blockchain technology. [23] Footwear manufacturer New Balance Athletics Inc. will use distributed ledger blockchain to track the authenticity of its newest basketball shoe, The platform will be built atop Cardano blockchain. [24]
References[edit]
- ↑ "Ethereum Cofounder Says Blockchain Presents 'Governance Crisis'". Fortune. Retrieved 2020-04-01.
- ↑ 2.0 2.1 2.2 2.3 "Cardano: a rising cryptocurrency". Mashable. 24 February 2018. Retrieved 25 December 2018.
Cardano claims it will solve most of the issues that plague well-established cryptocurrencies such as Bitcoin and Ethereum
- ↑ 3.0 3.1 Arslanian, Henri; Fischer, Fabrice (2019-07-15). The Future of Finance: The Impact of FinTech, AI, and Crypto on Financial Services. Springer. ISBN 978-3-030-14533-0. Search this book on
- ↑ "Die Grundlagen der Cardano-Kryptowährung". hamburg-magazin.de (in Deutsch). 26 June 2020. Retrieved 2 July 2020.
- ↑ "Cardano entry on coinmarketcap". coinmarketcap.com. Retrieved 2 July 2020.
- ↑ "Supporting and growing the Cardano ecosystem". Website of the Cardano Foundation. Cardano Foundation. Retrieved 7 July 2020.
- ↑ 7.0 7.1 "Bitcoin's Smaller Cousins". Bloomberg L.P. 20 December 2017. Archived from the original on 26 June 2018. Retrieved 25 December 2018.
Cardano, backed by the Zug, Switzerland-based Cardano Foundation, is a decentralized public blockchain that aims to protect user privacy, while also allowing for regulation
- ↑ "ZUG: Ex-Tezos-Mann geht zu Cardano". luzernerzeitung.ch (in Deutsch). Luzerner Zeitung. 20 February 2018. Retrieved 7 July 2020.
- ↑ "ICOs explained". CNBC. 6 October 2017. Retrieved 25 December 2018.
ethereum co-founder Charles Hoskinson says it has become increasingly more challenging to regulate this new asset class" and "ICO market could crash
- ↑ 10.0 10.1 Angel Au-Yeung (7 February 2018). "A Fight Over Ethereum Led A Cofounder To Even Greater Crypto Wealth". Forbes Magazine. Retrieved 12 July 2020.
IOHK's key project: Cardano, a public blockchain and smart-contract platform which hosts the Ada cryptocurrency.
- ↑ "Cardano's ADA token". Reuters. 26 April 2018. Retrieved 23 October 2020.
EMURGO is a company established in 2017 for the purpose of providing and investing in blockchain technology specialized in Cardano.
- ↑ "Blockchain believers hold fast to a utopian vision". Financial Times. 27 January 2018. Archived from the original on 19 December 2018. Retrieved 25 December 2018.
A mathematician, Mr Hoskinson believes blockchain has the potential to reduce society’s need for banks" and "working with a global group of academics" and "freely available online for other developers to use.
- ↑ "Launch of the International Association of Trusted Blockchain Applications - INATBA". European Commission. 3 April 2019. Retrieved 11 April 2019.
INATBA aims to develop a framework that promotes public and private sector collaboration, regulatory convergence, legal predictability and ensures the system’s integrity and transparency.
- ↑ "INATBA Founding Members" (PDF). European Commission. 3 April 2019. Retrieved 11 April 2019.
Corporate Name" and "27 CARDANO Stiftung Switzerland
- ↑ "Ouroboros Genesis: Composable Proof-of-Stake Blockchains with Dynamic Availability (the paper)". Association for Computing Machinery Special Interest Group Security Audit and Control (ACM SIGSAC). 15 October 2018. Retrieved 25 December 2018.
which is implemented as part of the Cardano blockchain
- ↑ "Say Hello to IOHK's New Cardano Blockchain Tools, Plutus and Marlowe". Crowdfund Insider. 11 December 2018. Retrieved 18 February 2019.
Where programming Ethereum requires coding in two languages, Solidity for the on-chain code and Javascript for the off-chain parts, and other systems suffer a similar split, Plutus is the only system that provides an integrated language for both, based on Haskell
- ↑ "Will that smart contract really do what you expect it to do?". Netherlands Organisation for Applied Scientific Research. January 2018. Retrieved 25 December 2018.
the KEVM project also started from the semi-formal yellow paper to create an executable and human readable model of reference semantics for EVM programs. It uses the K framework, which is a rewrite-based executable semantic framework.
- ↑ "IOHK Addis Blockchain Developer Training: January 8th - March 24th 2019". Ministry of Innovation and Technology (Ethiopia). 2018. Archived from the original on 8 December 2018. Retrieved 25 December 2018.
In recognition of the government's efforts to promote gender diversity in technology, the intake for this first course will be all women. Subsequent training courses and job opportunities will be open to all.
- ↑ Script error: The function "in_lang" does not exist."IOHK launched a secure smart contract technology". Sankei Shimbun. 11 December 2018. Retrieved 28 December 2018.
Scholars, business experts and developers participated and released the test format of Plutus and Marlowe at the first public event "PlutusFest Conference" held in Edinburgh, Scotland
- ↑ "Beyond Bitcoin - IOHK and University of Edinburgh establish Blockchain Technology Laboratory". The University of Edinburgh. Retrieved 2020-03-31.
- ↑ "Ministry of Education signs deal with Cardano Atala". Forbes Georgia. Retrieved 2020-03-27.
- ↑ Editor, EABW (2018-06-11). "Ethiopian government-Cardano Technology team up on blockchain". East African Business Week. Retrieved 2020-03-27.
- ↑ "UW Receives $500,000 Gift in Ada Cryptocurrency from IOHK | News | University of Wyoming". www.uwyo.edu. Retrieved 2020-03-28.
- ↑ "Sneakers meet the blockchain in New Balance shoe authenticity pilot". SiliconANGLE. 2019-10-17. Retrieved 2020-03-28.
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