Cardano is a Cryptocurrency Project and Smart Contract Platform.
- What is Cardano?
Cardano is a cryptocurrency, to be precise it’s a more than that, it’s a platform and the currency of it is ADA. Cardano is based on a proof of stake technology, with a number of innovative ideas built on top. For example, having this notion of side chains (layers) that allow separating the system. So, for example, if one part does the work no longer good enough, it can be changed without affecting other parts of the system.
Unlike most other currencies, Cardano is built from scratch. The project launched in 2015 and it took two years of research, to get to a point, where they were able to start with programming. This research-first driven approach was unique in the cryptocurrency space. For the first time, they applied the same scientific rigor, known from mission-critical systems, as in space travel, to the field of cryptocurrencies.
- Who is the team behind Cardano?
Cardano has been founded by Charles Hoskinson. When he set up the team, he already took care to achieve a distribution of power. Now there are 3 independent entities:
– IOHK, the research and development company. IOHK does the research, develops and maintains the protocol.
– Emurgo, drives adoption, incubates and supports commercial ventures on Cardano.
– Cardano Foundation, a non-profit foundation, based in Switzerland, acts as a supervisory and strengthens the community.
- How was Cardano launched? (initial ADA token distribution)
Cardano held a token sale between September 2015 and January 2017. 25,927,070,538 ADA (83.3% of the total) were sold for $63 million USD to over 10,000 people (94.45% Japanese citizens).
The other 16.7% were distributed over IOHK, Emurgo, and the Cardano Foundation.
Another remaining 13,887,515,354 ADA will be minted as block rewards for stakers.
Data provided by CMORQ.