![]() ![]() Proof-of-stake blockchains use far less energy than proof-of-work chains. Ĭardano uses a proof-of-stake (PoS) protocol named Ouroboros this is in contrast to Bitcoin and Ethereum, which use proof-of-work protocols (though the latter switched over in 2022). Like Bitcoin, Cardano uses a UTXO ledger model, though it is an extended version (EUTXO) to facilitate smart contracts and scripting languages. Cardano claims that it overcomes problems found in other cryptocurrencies: mainly that Bitcoin is too slow and inflexible, and that Ethereum is not safe or scalable. Instead, it uses design principles intended to overcome issues faced by earlier cryptocurrencies such as scalability, interoperability, and regulatory compliance. Technical designĪtypically, Cardano does not have a white paper. Cardano differentiates itself from many other cryptocurrencies by focusing on scientific research and working together with universities. The Ada sub-unit is the Lovelace one Ada = 1,000,000 Lovelaces. The platform is named after Italian mathematician Gerolamo Cardano, while the cryptocurrency itself is named after the English mathematician Ada Lovelace. Īs of 2021, Frederik Gregaard is known to be the CEO of the Cardano Foundation. Emurgo: responsible for commercial applications.IOHK: an engineering company responsible for building the Cardano blockchain.Cardano foundation aims to standardize and promote the ecosystem (based in Switzerland).DesignĬardano price volatility over time. Citing an MBLM partner, advertising industry magazine Ad Age said Cardano's high ranking "can likely be chalked up to the gambling element of crypto". Īdvertising agency MBLM ranked Cardano 26th for brand intimacy out of 600 brands in August 2022, in between Ford and Nestlé and the highest rank for a cryptocurrency. Ĭardano reached a market cap of $77 billion in May 2021, which was the fourth highest for a cryptocurrency at that time. The lab had six post-doctoral and professorial positions with up to 35 jobs created in total, and was led by Aggelos Kiayias, developer of the Ouroboros protocol. That year, IOHK partnered with the University of Edinburgh to launch the Blockchain Technology Laboratory. Ĭardano was initially released to the public in 2017. Woods and Hoskinson co-founded the business IOHK to develop blockchains for use by corporations, governments, and education institutions. Hoskinson wanted to accept venture capital and create a company, while Buterin wanted to keep it as a nonprofit organization. Hoskinson had left Ethereum after a dispute with another co-founder, Vitalik Buterin. (2022, Web Summit) HistoryĪfter leaving Ethereum in 2014 Charles Hoskinson and Jeremy Wood set out their plans for Cardano in 2015. ![]()
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