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Cardano (platform)

Cardano
Cardano logo Ada coin crypto
Cardano logoAda coin symbol
Denominations
Symbol
Ticker symbol ADA
Precision 10−6
Subunits
 ​11000000 Lovelace
Development
Initial release September 29, 2017; 12 months ago (2017-09-29)
Latest release Cardano SL 1.3.1 / 16 October 2018 (7 days ago) (2018-10-16)
Code repository [github.com]
Written in Haskell
License MIT [1]
Website www.cardano.org
Ledger
Block explorer cardanoexplorer.com
Circulating supply c. 25.9 Billion (as of 20 June 2018)
Supply limit 45 billion
Valuation
Exchange rate $0.076 (as of 16 October 2018)[2]
Market cap $1.96 billion (as of 16 October 2018)[2]

Cardano is a distributed computing platform that runs the blockchain for the Ada cryptocurrency.[3] Bittrex was the first exchange and Daedalus was the first cryptocurrency wallet that holds Ada and allowes transfers to other wallet addresses, but there are more to choose from now.[4]

Cardano blockchain was created by blockchain development firm Input Output Hong Kong (IOHK) and led by Charles Hoskinson, former co-founder of BitShares, Ethereum and Ethereum Classic, and aims to run smart contracts, decentralized applications, side chains, multi-party computation, and metadata.

Platform

Coins are minted and decisions are made via a proof-of-stake algorithm called Ouroboros[5] instead of a proof-of-work system; consensus is generated by coin-holder vote. In this protocol, slot leaders generate new blocks in the blockchain and verify the transactions. Anyone holding an Ada coin can become a slot leader.

This staking mechanism makes it unnecessary to brute force the hash code. Thus saves a significant part of the energy required by work-based systems, and allows a resource-efficient and cost-saving blockchain creation.

Layers

The Ada cryptocurrency operates on its own blockchain called the Cardano Settlement Layer (CSL). The CSL is an accounting layer and supports ledger transactions. A second layer called the Cardano Computation Layer (CCL) will support smart contracts and decentralised applications.

This multi-layer architecture allows for easier updates via soft forks than Ethereum does; in Ethereum these two layers are intertwined.

Development

Cardano was released on September 29, 2017 under the 'Byron' bootstrap phase with the official launch in Japan.

Cardano develops their currency around a Recursive InterNetwork Architecture (RINA).[6] Cardano uses Haskell, a programming language with a high degree of fault tolerance.

References

  1. ^ ""Cardano LICENSE". github.com. September 17, 2018. Retrieved September 17, 2018.
  2. ^ a b "Cardano (ADA) price, charts, market cap, and other metrics | CoinMarketCap". coinmarketcap.com. October 16, 2018. Retrieved September 17, 2018.
  3. ^ Downs, Claire. "The cryptocurrency disrupted by science". The Daily Dot. Retrieved October 10, 2018.
  4. ^ "Comparison of Ada wallets and exchanges". Retrieved October 10, 2018.
  5. ^ "Ouroboros: A Provably Secure Proof-of-Stake Blockchain Protocol" (PDF). August 21, 2017. Retrieved October 9, 2018.
  6. ^ "Bitcoin's Smaller Cousins Are Leading the Crypto Rally". Bloomberg.com. December 20, 2017. Retrieved January 16, 2018.

External links