Cardano is a cryptocurrency network and open source project that aims to run a public blockchain platform for smart contracts. Cardano's internal cryptocurrency is called ADA with a planned total supply of 45 billion units. The development of the project is overseen and supervised by the Cardano Foundation based in Zug, Switzerland.History
The platform began development in 2015 and was launched in 2017 by Charles Hoskinson, a co-founder of Ethereum and BitShares. 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. The platform is named after Gerolamo Cardano and the cryptocurrency after Ada Lovelace.
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.
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.
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.
As first attempt to implement governance and voting into the Cardano ecosystem, th...