Cardano

Cardano is an open-source proof-of-stake (PoS) blockchain in the cryptocurrency industry. The blockchain has a native coin that trades under the ticker ADA. Cardano is essentially a two-layered blockchain that developers can build upon, similar to Ethereum — although with a few key differences, such as its multilayer approach. The Cardano ADA coin has a maximum supply of 45 billion. When talking about either the ADA Cardano price, Cardano ADA price, Cardano price today or the price of Cardano, it more specifically refers to the price of the ADA asset, whereas Cardano is the blockchain on which ADA runs. 

History

Built by IOHK, a firm focused on blockchain research and development, Cardano launched in 2017. Charles Hoskinson, the founder of Cardano, is also the CEO and co-founder of IOHK. Cardano’s development began in 2015, but the project did not go live until 2017. 

Cardano has a common theme when it comes to the names of the project components, which are all taken from the names of historical figures. The blockchain was named after Girolamo Cardano, an Italian who lived in the 1500s and was an expert in a number of fields, including mathematics. ADA, the blockchain’s native coin, derives its name from Ada Lovelace, an English mathematician from the 1800s. The names of project developments also have historical significance — such as Byron, which is named after the poet Lord Byron, who was the father of Lovelace.

The Cardano Foundation, a nonprofit entity, watches over the project, pushing forward its adoption and development.

Cardano’s Alonzo upgrade

Cardano’s roadmap lists five broad stages of development: Byron, Shelley, Goguen, Basho and Voltaire. Each stage prioritizes a macro focus that includes various developments aimed toward that macro goal. Byron, Shelley, Goguen, Basho and Voltaire tout macro themes of foundation, decentralization, smart contracts, scaling and governance, respectively. 

Under the Goguen phase, Cardano completed the Alonzo upgrade in the latter half of 2021, enabling smart contract development and decentralized application development on the Cardano blockchain. Plans under Voltaire (the final stage) include turning the Cardano blockchain over to the community from IOHK’s guidance, completing the blockchain’s decentralization.  

Cardano’s blockchain technology

Cardano was written in the Haskell programming language. Cardano’s blockchain operates in two layers: the Cardano Settlement Layer (CSL) and the Cardano Computational Layer (CCL). ADA runs on the CSL, which is essentially a ledger of accounts on the blockchain, whereas building and smart contract work take place on the CCL. Rules can also be built for the smart contracts on the CCL.

The Cardano project takes a research-based approach and places importance on regulatory compliance.

The Cardano blockchain uses a specific type of PoS consensus mechanism called “Ouroboros” and aims to use less energy than its proof-of-work (PoW) competitors.

Cardano price: ADA in the markets

The Cardano crypto price — or, more accurately, the price of the ADA crypto asset — rises and falls in the cryptocurrency market as industry participants buy and sell it. To track the movements of the native asset of Cardano, price changes in ADA can be viewed live above on this page, complete with various market data and a chart showing ADA price history. ADA trades on numerous crypto exchanges. For Cardano (ADA) news, analysis and more, see Cointelegraph’s Cardano tag.