Cardano overview

History of Cardano

Cardano was established in 2015 by Input Output Hong Kong (IOHK), a blockchain research and development company founded by Charles Hoskinson and Jeremy Wood. The Cardano project officially launched its mainnet in September 2017. It is developed in multiple phases, each focusing on a specific aspect of the network's functionality and development.

The Cardano roadmap

Cardano's development is structured into five distinct phases, each named after a famous historical figure: Byron, Shelley, Goguen, Basho, and Voltaire.

1. Byron Stage: This initial phase, named after the poet Lord Byron, focused on establishing the foundational architecture of the Cardano platform. It saw the release of the Cardano mainnet and the launch of the Daedalus wallet.

2. Shelley Stage: Named after the poet Percy Bysshe Shelley, this phase focused on decentralization. It introduced a proof-of-stake consensus mechanism known as Ouroboros, which allows ADA holders to participate in network operations by staking their ADA tokens.

3. Goguen Stage: In this phase, named after computer scientist Joseph Goguen, Cardano introduced smart contract capabilities. This allows developers to build and deploy decentralized applications on the Cardano blockchain.

4. Basho Stage: This phase is focused on optimizing the scalability and interoperability of the Cardano network. It aims to improve the performance of the network while maintaining security and decentralization.

5. Voltaire Stage: Named after the philosopher Voltaire, this final phase will introduce a treasury system and governance model, enabling the Cardano community to vote on and fund development projects.

Technology behind Cardano

Cardano is built using a unique, layered architecture that separates the ledger of account values from the reason why values are moved from one account to another. This separation is designed to improve the flexibility, scalability, and security of the network.

Ouroboros protocol

At the core of Cardano's technology is the Ouroboros protocol, a proof-of-stake consensus mechanism. It is the first protocol of its kind to be based on peer-reviewed research and is designed to be energy-efficient and secure. Ouroboros divides time into epochs and slots, with each slot being a short period of time during which a slot leader is elected to add a block to the blockchain.

Plutus and Marlowe

Cardano supports smart contracts through its Plutus platform, which allows developers to write complex dApps. Plutus is based on the Haskell programming language and provides a secure and robust environment for smart contract development. Additionally, Cardano offers Marlowe, a domain-specific language designed for financial contracts, enabling simpler and safer contract creation.

Cardano Foundation

The Cardano Foundation is a non-profit organization dedicated to advancing the Cardano ecosystem. It works to drive adoption, shape legislation and commercial standards, and ensure stakeholder accountability.

Input Output Hong Kong (IOHK)

IOHK is responsible for the development and engineering of Cardano. Founded by Charles Hoskinson and Jeremy Wood, IOHK is committed to using peer-reviewed academic research to build secure and scalable blockchain solutions.

EMURGO

EMURGO is a global blockchain technology company providing solutions to developers, startups, enterprises, and governments. It drives the adoption of the Cardano platform by supporting and investing in projects that enhance the ecosystem.

Use cases for Cardano

Cardano aims to provide a robust platform for a wide range of applications, from financial services to supply chain management.

Decentralized finance (DeFi)

Cardano's smart contract capabilities enable the creation of decentralized finance applications, which can offer services such as lending, borrowing, and trading without intermediaries.

Supply chain tracking

Cardano's blockchain technology can be used to improve transparency and traceability in supply chains, allowing companies to track the movement of goods and ensure product authenticity.

Identity management

Cardano provides solutions for secure and decentralized identity management, enabling individuals to control and manage their personal information across various platforms and services.