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Cardano Weekly Technical Report (2018-06-07)
Cardano Foundation Newsletter (2018-03-16)
Traxia (TMT) and SP8DE’s launch will push Cardano ADA to over $10 in the near future (2018-03-16)
Roadmap Update (2018-03-05)
Here Are the First 2 ICOs Launching on Cardano (ADA) (2018-02-26)
Cardano has ambitious plans for the future and intends to move beyond the settlement layer into a control layer, which will serve as a “trusted computation framework” for sophisticated systems, such as gambling and gaming systems.
Other applications outlined on its website are identity management, a credit system, and Daedalus -a universal cryptocurrency wallet with an automated crypto trading facility and crypto-to-fiat conversion capabilities.
Ethereum (ETH), EOS (EOS)
“Let’s do things like we’re proper academics. Let’s actually write proper whitepapers with domain experts, let’s go through peer review, let’s implement them, let’s iterate, let’s listen to people. And that’s really the first component of the Cardano project. How do we be good engineers dealing with high-assurance code, and at the same time, how do we be good researchers, and do things the way that academics have been doing things for a very long time.” Charles Hoskinson- Source.
The project emerged in 2014, not with a whitepaper, but rather with collective research and collaboration, focused on identifying the limitations of present blockchains. They then proceeded to code from the ground up, attempting to address each of those limitations. Each building block was submitted to conferences and experts for review before being added to the larger building.
The goal of Cardano is to roll out the best of Bitcoin (store of value), Litecoin (cheap, fast p2p transactions), and Ethereum (smart contracts) into one coin. It is a coin that has been engineered by a global team of scientists and academics who have meticulously studied the blockchain space and what makes a coin successful.
The first problem Cardano is attempting to fix refers to the slowing down of networks and high fees due to increase in transaction volumes. Cardano’s algorithm Ouroboros has been put forward as a possible solution to its scaling problems.
Ouroboros utilises a Proof of Stake (PoS) approach to save on energy costs and enable faster transaction processing. Instead of having a copy of individual blockchains on each node (as is common in Bitcoin), Cardano’s blockchain streamlines the number of nodes in a network by appointing leaders responsible for verifying and validating transactions from a collection of nodes. Subsequently, the leader node pushes transactions to the main network.
Cardano has also adopted RINA (Recursive Inter-networked Architecture) to scale its network. This network topology enables customised increments to heterogeneous networks. Hoskinson, Cardano’s founder, has said that he wants Cardano’s protocols to reach the standards of TCP/IP, the dominant protocol used on the Internet for exchange of data.
The second problem is interoperability. This relates to the portability of a cryptocurrency both within its natural ecosystem and in its interface with the existing global finance ecosystem. Currently, there is no way to perform cross-chain transactions between cryptocurrencies or to conduct a seamless transaction involving cryptocurrencies and the global finance ecosystem. Exchanges, which charge exorbitant fees, are the only intermediaries. An assortment of regulations pertaining to customer and transaction identities has further distanced the cryptocurrency ecosystem from its global counterpart.
Cardano aims to enable cross chain transfers through side chains, which conduct transactions between two parties off chain. It is also exploring ways for institutions and individuals to selectively divulge metadata related to transactions and identities to enable use of cryptocurrencies for trading and daily transactions.
Finally, sustainability is about governance structures that provide incentives to miners and other stakeholders and about evolving a self-sustaining economic model for the cryptocurrency. Cardano aims to build what its creators describe as a “constitution” of protocols to avoid messy hard forks.
Cardano is a technological platform that will be capable of running financial applications currently used every day by individuals, organisations and governments all around the world.
The platform is being constructed in layers, which gives the system the flexibility to be more easily maintained and allow for upgrades by way of soft forks.
After the settlement layer that will run ADA is complete, a separate computing layer will be built to handle smart contracts, the digital legal agreements that will underpin future commerce and business.
Cardano will also run decentralised applications, or dapps, services not controlled by any single party but instead operate on a blockchain.
Developers appear to be working on several correlated enhancement projects at the same time. Their roadmap site states the progress that they are making on each.
The site also has a countdown counter which lets visitors know when the next update to their roadmap will occur.
INITIAL COIN OFFERING (ICO)
Tokens in Crowd sale – 31,100,000,000
IOHK, Emurgo, Cardano Foundation – 5,100,000,000
Held to be given as rewards for minting as a result of the Cardano Protocol operation – 13,800,000,000
$63 million USD
Creators / Founders
The project was established by Charles Hoskinson and Jeremy Wood, former CEO and Executive Assistant of Ethereum respectively. IOHK supports Cardano and boasts an extensive research team — 17 accredited individuals.
Core Development Team
The first is the Cardano Foundation, an independent standards body based in Switzerland with core responsibilities to support the community of Cardano users and to work with authorities on regulatory and commercial matters.
The second entity working on Cardano is IOHK, a leading cryptocurrency research and development company, which holds the contract to develop the platform until 2020.
The final business partner is Emurgo, which invests in start-ups and assists commercial ventures to build on the Cardano blockchain.
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Maybe, someone needs to teach these PHD’s some marketing!
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