Guides to Cryptocurrencies
6. Cardano (ADA)
Chinese name: 卡尔达诺
Co-founder: Charles Hoskinson (Co-founder of Ethereum and Bitshares as well)
Cardano (or ADA) is a fully open source decentralized public blockchain and distributed computing platform, led by co-founder of BitShares decentralized cryptocurrency exchange and ex-CEO of Ethereum blockchain, Charles Hoskinson. Decisions will be made and cryptocurrency coins mined via a Ouroboros Proof-of-Stake (POS) algorithm instead of a Proof-of-Work (POW) blockchain system with consensus generated by the votes of ADA cryptocurrency coin-holders.
Cardano blockchain was developed and released on 29 September 2017 by development firm Input Output Hong Kong (IOHK). It uses Haskell, a programming language and allows users to run decentralized applications, or dapps services on the Cardano blockchain. Its development team informed that the blockchain services will not be controlled by any single party upon completion. ADA cryptocurrency operates on Cardano Settlement Layer (CSL), a layer housed on the blockchain of Cardano as well.
The development team is at present developing a smart contract platform to compete with Ethereum along with the goal to run decentralized applications, multi-party computation, and metadata etc. Cardano reached cryptocurrency market cap of more than $2.1 billion USD and a total coin circulating supply of around 25.9 billion as of 24th May 2019.