What is Cardano?

What​ ​is​ ​Cardano?

The hope of the developers of the Cardano token is to provide to its users a self-evolving financial stack for places with jurisdictions that lack financial services and regulations.

The developers of Cardano have the belief that, ultimately, cryptocurrencies will not disrupt the legacy financial systems that already exist. They believe that legacy financial systems are inherently capable of absorbing change from outside sources and are even able to maintain their function and form. They instead believe that to see the benefits of the blockchain and cryptocurrency, a person should look towards locations where it is simply too expensive to create and implement financial and banking system. This includes locations where people live on less than several dollars a day, where people have no consistent identity, and where it is impossible to find credit to create businesses and expand their entrepreneurial practices. In these locations, the ability to bundle a a combination of a payment system, property rights, identity, credit and risk protection into one app that can run on a cheap cell phone would not only be useful for its users, but would be completely life-changing. That is the aim that the developers of Cardano have for third world locations that lack access to credit.

The​ ​Cryptocurrency

Cardano uses the proof of stake protocol called Ouroboros. Ouroboros was designed and created by a team of cryptographers from five academic institutions, led by Professor Aggelos Kiayias from the University of Edinburgh. The main innovation that Cardano brings for its users is being a completely secure cryptocurrency using a rigorous cryptographic model. Cardano also provides its users with a modular and flexible design which allows for the development of a wide-range of protocols to enhance the functionality blockchain apps.

The modularity of Cardano allows for features including delegation, side chains, better data structures for light clients, several types of random number generation and even different synchronization assumptions

Timeline

  • September 29, 2017: Cardano launches
  • October 1, 2017: Cardano is added to Bittrex