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By Laxmikant Khanvilkar
“Making the world work better for all”, that’s the aim of the Caradano – a proof-of-stake (PoS) blockchain platform – the first of its kind to be founded on peer-reviewed research and developed through evidence-based methods.
Cardano the sixth largest form of crypto, launched in 2017, is named after Gerolamo Cardano, a 16th-century scientist and mathematician.
What is IOHK?
In 2015, Charles Hoskinson, the co-founder of Ethereum, in association with Jeremy Wood, began the development of Cardano. The duo founded IOHK (Input Output Hong Kong), a tech company which designed the Ouroboros algorithm.
Cardano has since established itself as an upgraded version of Ethereum.
Cardano combines pioneering technologies to provide unparalleled security and sustainability to decentralized applications, systems, and societies.
Being an open-source, decentralized, PoS blockchain platform, Cardano is designed to be a more efficient and environmentally sustainable alternative to proof-of-work (PoW) platforms like Ethereum and Bitcoin.
Ada is the native token on the Cardano blockchain, named after Ada Lovelace, a 19th-century mathematician.
The Objective
Cardano was created as a platform for the development of decentralized applications (or dApps), and to provide a multi-asset ledger and smart contract capabilities.
Cardano’s PoS protocol is called Ouroboros, a consensus mechanism that is designed to be highly secure and to use minimal amounts of energy by enabling those who own Ada crypto to validate transactions and participate in the platform’s governance.
Cardano is divided into two layers
- The Settlement Layer (which contains the ledger of accounts, and where transactions are validated);
- The Computing Layer (where smart contract operations enable the functioning of apps on the blockchain). This two-layer design was set up to increase efficiency and enable the network to process up to a million transactions per second.
Cardano is currently maintained by three separate organizations:
- The Cardano Foundation – a non-profit responsible for overseeing the development of the Cardano blockchain.
- IOHK – IOHK built Cardano and designed Ouroboros, the proof-of-stake algorithm Cardano uses to operate its network.
- Emurgo – The company charged with helping encourage enterprises and larger organizations to adopt Cardano’s technology
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