Cadano's overview and history: how it works

Cardano’s development team consists of a worldwide collective of professional engineers and researchers

 There are three major organizations overseeing the project: Input Output Hong Kong (IOHK) is in charge of engineering, Emurgo is in charge of business, and the Cardano Foundation which monitors community leadership.

Cardano has its own cryptocurrency called ADA, which can be used to send and receive digital cash. This digital cash shows the future of money, making quick, direct transfers that are trusted to be secure through the use of cryptography. Cardano’s blockchain uses the proof of stake (POS) consensus method. The platform is being developed in stages, which gives the system the flexibility to be more easily nurtured and allows for upgrades by way of forks. After the settlement layer of ADA is complete, a separate computing layer will be built to handle smart contracts like digital legal documentation and agreement that will underpin future commerce and business. Cardano will also run decentralized applications, services not monitored and controlled by any single party but that instead operate autonomously on a blockchain.

History of Cardano

Cardano was invented by Charles Hoskinson. Hoskinson was one of the co-founders of Ethereum.

Hoskinson felt that while Bitcoin and Ethereum were fine projects, they were just the first two Genesis, Bitcoin being the first to enable the transference of currency without a middleman, and Ethereum building upon that and introducing smart contracts to help govern not only the transference of currency, but services, property or anything else of value.

 

Cardano is then a third-generation project, building upon both of those generations accomplishments but road mapping a solution to the issues of scalability, interoperability, and sustainability.