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Cardano (blockchain platform)

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Cardano
Cardano platform logo Ada cryptocurrency logo
Cardano platform logoAda cryptocurrency logo
Denominations
Symbol₳
CodeADA
Subunits
 1⁄1000000Lovelace[1]
Development
Original author(s)Charles Hoskinson
Development statusActive
Written inHaskell
Website
Websitecardano.org

Cardano is a cryptocurrency network and open source project that aims to run a public blockchain platform for smart contracts.[2] Cardano's internal cryptocurrency is called ADA with a planned total supply of 45 billion units.[3][4] The development of the project is overseen and supervised by the Cardano Foundation based in Zug, Switzerland.[5][6]

History

The platform began development in 2015 and was launched in 2017 by Charles Hoskinson, a co-founder of Ethereum and BitShares.[7][8][9] According to Hoskinson, he had left Ethereum after a "boardroom brawl" over keeping Ethereum nonprofit. After leaving he co-founded IOHK, a blockchain engineering company, whose main business is the development of Cardano, alongside the Cardano Foundation and Emurgo. IOHK's stake in Cardano is worth at least $1 billion.[9] The platform is named after Gerolamo Cardano and the cryptocurrency after Ada Lovelace.[10]

The currency was unusual for debuting with a large market cap of $600 million. By the end of 2017 it had a market cap of $10 billion, and reached a value of $33 billion briefly in 2018, before a general tightening of the crypto market dropped its value back to $10 billion. According to Mashable, Cardano claims that it overcomes existing problems in the crypto market: mainly that Bitcoin is too slow and inflexible, and that Ethereum is not safe or scalable. Cardano is considered a third generation cryptocurrency by its creators.[2]

Hoskinson claims that the technology behind Cardano is scientifically studied and peer-reviewed by experts, and believes that cryptocurrency platforms will reduce reliance on banks.[11]

A valuation of cryptoassets from August 2018, published by the independent equity research provider Satis Group and distributed by Bloomberg, rated Cardano (ADA) on top of speculative velocity, economic velocity and blended velocity.[12]

As first attempt to implement governance and voting into the Cardano ecosystem, the project Catalyst got started to bring collective innovation to Cardano.[13] It is running at the Ideascale platformPriyeshu Garg (September 22, 2020). "Charles Hoskinson lays down the path for Cardano governance". cryptoslate.com. Retrieved October 25, 2020.</ref> and a beta version of the Catalyst voting-app got released on Google Android Market in Oktober 2020 to enable voting on proposals at project Catalyst for owners of the Cardano cryptocurrency ADA.[14][15] IOHK, the firm behind the development of Cardano (ADA)[16] has announced that it has distributed $250,000 worth of ADA to Project Catalyst.[17]

Technical aspects

As an alternative to proof of work system, Cardano uses proof of stake technology. With Bitcoin, the genesis block (first blockchain entry) and the longest chain (chain with the most computing power) is used to determine the honest chain.[jargon] Cardano uses only the genesis block however, as the honest chain is calculated locally without the need of a trusted party.[18][19][20]

Development

Cardano's smart contract 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.[21][18][22]

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.[23][irrelevant citation][unreliable source?][24][non-primary source needed]

In 2017 IOHK helped the University of Edinburgh to launch Blockchain Technology Laboratory.[25][26][27] In 2019 The minister of Education of Georgia Mikheil Batiashvili and Charles Hoskinson signed a memorandum of understanding with the Free University of Tbilisi to use Cardano and Atala to build a next generation credential verification system for Georgia.[28] In 2018 Cardano teamed up with Ethiopian government so Cardano can deploy their technology in a variety of industries throughout the country.[29][30] IOHK the company behind Cardano donated $500,000 gift in Ada to University of Wyoming to supports the development of blockchain technology.[31][32] Footwear manufacturer New Balance Athletics will use distributed ledger blockchain to track the authenticity of its newest basketball shoe. The platform will be built atop Cardano blockchain.[33]

Important publications that represent milestones in the development are the presentation of a simple deterministic protocol for ledger consensus that tolerates Byzantinefaults from 2018[34][35] and the Presentation of “Ouroboros,” the first blockchain protocol based on proof of stake with rigorous security guarantees from 2019[36] [37][38]

References

  1. ^ "Cardano Glossary". Retrieved October 23, 2020.
  2. ^ a b "Cardano: a rising cryptocurrency". Mashable. February 24, 2018. Retrieved December 25, 2018. Cardano claims it will solve most of the issues that plague well-established cryptocurrencies such as Bitcoin and Ethereum
  3. ^ Arslanian, Henri; Fischer, Fabrice (July 15, 2019). The Future of Finance: The Impact of FinTech, AI, and Crypto on Financial Services. Springer. ISBN 978-3-030-14533-0.
  4. ^ "Die Grundlagen der Cardano-Kryptowährung". hamburg-magazin.de (in German). June 26, 2020. Retrieved July 2, 2020.
  5. ^ "Bitcoin's Smaller Cousins". Bloomberg L.P. December 20, 2017. Archived from the original on June 26, 2018. Retrieved December 25, 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
  6. ^ "ZUG: Ex-Tezos-Mann geht zu Cardano". luzernerzeitung.ch (in German). Luzerner Zeitung. February 20, 2018. Retrieved July 7, 2020.
  7. ^ "Ethereum Cofounder Says Blockchain Presents 'Governance Crisis'". Fortune. Retrieved April 1, 2020.
  8. ^ "ICOs explained". CNBC. October 6, 2017. Retrieved December 25, 2018. ethereum co-founder Charles Hoskinson says it has become increasingly more challenging to regulate this new asset class" and "ICO market could crash
  9. ^ a b Angel Au-Yeung (February 7, 2018). "A Fight Over Ethereum Led A Cofounder To Even Greater Crypto Wealth". Forbes Magazine. Retrieved July 12, 2020. IOHK's key project: Cardano, a public blockchain and smart-contract platform which hosts the Ada cryptocurrency.
  10. ^ "What is Ada?". Retrieved October 23, 2020.
  11. ^ "Blockchain believers hold fast to a utopian vision". Financial Times. January 27, 2018. Archived from the original on December 19, 2018. Retrieved December 25, 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.
  12. ^ Sherwin Dowlat (August 30, 2018). Cryptoasset Market Coverage Initiation: Valuation. Satis Group (Technical report). Retrieved March 25, 2020.{{cite tech report}}: CS1 maint: url-status (link)
  13. ^ Dor Garbash (2020). "Five lessons in blockchain governance". IOHK (Input Output Hong Kong). Retrieved October 25, 2020.
  14. ^ "Google Play Store: Catalyst Voting App". Retrieved October 25, 2020.{{cite web}}: CS1 maint: url-status (link)
  15. ^ "Cardano development update: Big progress and growing adoption". Retrieved October 25, 2020. Project Catalyst has also made significant progress. Launched as part of the last Cardano era, Voltaire, Catalyst has been created to decentralize, democratize and contribute to the sustainability of the platform.{{cite news}}: CS1 maint: url-status (link)
  16. ^ "Cardano IOHK supported project". Retrieved October 25, 2020. Cardano is a blockchain platform with more advanced features than any protocol yet developed, and the first to evolve out of a scientific philosophy. Our large team of expert engineers and researchers drawn from around the world started by deconstructing the concept of a cryptocurrency.{{cite web}}: CS1 maint: url-status (link)
  17. ^ by Solomon Odunayo (September 16, 2020). "Cardano's IOHK Distributes $250,000 Worth of ADA to Project Catalyst". Retrieved October 25, 2020. These funds will be allocated to several Cardano-based projects proposed by the community. Project Catalyst is one of the important paths to the Voltaire era of Cardano, which is expected to bring decentralized governance into the ecosystem.{{cite news}}: CS1 maint: url-status (link)
  18. ^ a b Lamela Seijas, Pablo; Nemish, Alexander; Smith, David; Thompson, Simon (August 7, 2020). Bernhard, Matthew; Bracciali, Andrea; Camp, L. Jean; Matsuo, Shin'ichiro; Maurushat, Alana; Rønne, Peter B.; Sala, Massimiliano (eds.). Marlowe: Implementing and Analysing Financial Contracts on Blockchain. Lecture Notes in Computer Science. Cham: Springer International Publishing. pp. 496–511. doi:10.1007/978-3-030-54455-3_35. ISBN 978-3-030-54454-6. Marlowe is a DSL for financial contracts. We describe the implementation of Marlowe on the Cardano blockchain, and the Marlowe Playground web-based development and simulation environment. Contracts in Marlowe can be exhaustively analysed prior to running them, thus providing strong guarantees to participants in the contract. The Marlowe system itself has been formally verified using the Isabelle theorem prover, establishing such properties as the conservation of money. {{cite book}}: |journal= ignored (help)
  19. ^ Badertscher, Christian; Gaži, Peter; Kiayias, Aggelos; Russell, Alexander; Zikas, Vassilis (January 15, 2018). "Ouroboros Genesis: Composable Proof-of-Stake Blockchains with Dynamic Availability". Proceedings of the 2018 ACM SIGSAC Conference on Computer and Communications Security. CCS '18. Toronto, Canada: Association for Computing Machinery: 913–930. doi:10.1145/3243734.3243848. ISBN 978-1-4503-5693-0.
  20. ^ Christian Badertscher, Peter Gaži, Aggelos Kiayias, Alexander Russell, and Vassilis Zikas; (2018). Ouroboros Genesis: Composable Proof-of-Stake Blockchains with Dynamic Availability (PDF) (Technical report). IACR. Retrieved October 25, 2020.{{cite tech report}}: CS1 maint: extra punctuation (link) CS1 maint: multiple names: authors list (link)
  21. ^ "Say Hello to IOHK's New Cardano Blockchain Tools, Plutus and Marlowe". Crowdfund Insider. December 11, 2018. Retrieved February 18, 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
  22. ^ "Marlowe: Implementing and Analysing Financial Contracts on Blockchain". blockchainreporter.net. December 12, 2018. Retrieved October 25, 2020. Blockchain R&D company IOHK has announced Plutus and Marlowe software tools for smart contract creation on Cardano blockchain
  23. ^ "Will that smart contract really do what you expect it to do?". Netherlands Organisation for Applied Scientific Research. January 2018. Retrieved December 25, 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.
  24. ^ "IOHK Addis Blockchain Developer Training: January 8th - March 24th 2019". Ministry of Innovation and Technology (Ethiopia). 2018. Archived from the original on December 8, 2018. Retrieved December 25, 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.
  25. ^ "Beyond Bitcoin - IOHK and University of Edinburgh establish Blockchain Technology Laboratory". The University of Edinburgh. Retrieved March 31, 2020.
  26. ^ "IOHK and University of Edinburgh establish Blockchain Technology Laboratory". finextra.com. Retrieved October 25, 2020.
  27. ^ "The University of Edinburgh is launching a blockchain research lab with one of the cofounders of Ethereum". www.insider.com. Retrieved October 25, 2020.
  28. ^ "Ministry of Education signs deal with Cardano Atala". Forbes Georgia. Retrieved March 27, 2020.
  29. ^ Editor, EABW (June 11, 2018). "Ethiopian government-Cardano Technology team up on blockchain". East African Business Week. Retrieved March 27, 2020. {{cite web}}: |last= has generic name (help)
  30. ^ "Cardano Founder Launches Enterprise Blockchain Framework In Collaboration With Ethiopian Government". Forbes.com. April 30, 2019. Retrieved March 25, 2020.{{cite news}}: CS1 maint: url-status (link)
  31. ^ "UW Receives $500,000 Gift in Ada Cryptocurrency from IOHK". www.uwyo.edu. Retrieved October 25, 2020.
  32. ^ "IOHK Opens Cardano Research Lab at University of Wyoming Following $500K Donation". www.coindesk.com. Retrieved October 25, 2020.
  33. ^ "Sneakers meet the blockchain in New Balance shoe authenticity pilot". SiliconANGLE. October 17, 2019. Retrieved March 28, 2020.
  34. ^ Anna Larsen (January 21, 2020). "Cardano starts 2020 with the Ouroboros BFT hardfork". thedailychain.com. Retrieved October 25, 2020.
  35. ^ Aggelos Kiayias, Alexander Russell; (2018). Ouroboros-BFT:A Simple Byzantine Fault Tolerant Consensus Protocol (PDF) (Technical report). IACR. Retrieved October 25, 2020.{{cite tech report}}: CS1 maint: extra punctuation (link) CS1 maint: multiple names: authors list (link)
  36. ^ Aggelos Kiayias, Alexander Russell, Bernardo David, Roman Oliynykov; (2019). Ouroboros: A Provably Secure Proof-of-Stake Blockchain Protocol (PDF) (Technical report). Springer. Retrieved October 25, 2020.{{cite tech report}}: CS1 maint: extra punctuation (link) CS1 maint: multiple names: authors list (link)
  37. ^ "An environmentally sustainable, verifiably secure proof-of-stake protocol with rigorous security guarantees". Retrieved October 25, 2020.
  38. ^ Priyeshu Garg (October 18, 2020). "Cardano's Ouroboros paper is the 2nd most cited academic paper about cryptocurrencies and blockchain". cryptoslate.com. Retrieved October 25, 2020.
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