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CARDANO: BLOCKCHAIN AS A SCIENCE

Cardano Blockchain Overview and Ecosystem


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zephyr Olympus

4 months ago | 3 min read
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Cardano is a project I follow quite closely. Particularly, I love the team’s approach to developing a decentralized, secure and scalable project.

In this publication, I will be going over the following…

TABLE OF CONTENTS

  • Cardano Overview
  • Cardano Blockchain Architecture
  • The Cardano $ADA native Asset
  • The Cardano Roadmap
  • The Cardano Ecosystem
  • Cardano Stake Pool Operators (SPO)
  • Conclusion

LEVELBEGINNER

PREREQUISITES → NONE

Cardano is an open-source, public, Proof of Stake blockchain founded by Ethereum co-founder Charles Hoskinson in 2015 and named after the Italian polymath Gerolamo CardanoCardano aims to solve the problems faced by the users of the first generation (Bitcoin and Digital currencies) and second-generation(smart contracts)blockchains by fostering interoperability, scalability, and decentralization for top-tier effectiveness which is why it is referred to as a third-generation blockchain.

The Cardano Foundation, a Swiss non-profit company alongside Input Output Hong Kong(IOHK) and Emurgo is responsible for the development of the Cardano blockchain infrastructure. While IOHK is a company that aids the research and development of Cardano, Emurgo is on the product and marketing side of the tech triangle.

Cardano’s development, unlike other blockchains, is research-oriented as the organization believes in putting out cutting-edge technology that is close to perfection and this is the reason why smart contracts took more than 3 years to arrive. IOHK publishes Cardano research papers on their website, link here

CARDANO BLOCKCHAIN ARCHITECTURE

Cardano uses a Proof of stake consensus algorithm called Ouroboros. The Cardano blockchain has two layers, the Cardano computational layer(CCL) and the Cardano settlement layer(CSL). The computational layer supports smart contract features while the settlement layer settles transactions. Unlike Ethereum and Algorand, Cardano doesn’t use a virtual machine and is very cross-platform.Cardano smart contracts are written in the Haskell programming language.

CARDANO $ADA COIN

$ADA is the Cardano blockchain native asset named after the first computer programmer Ada Lovelace. The ADA coin has a range of use-cases from staking, peer to peer transfers and can also be used to pay fees alongside other native assets on the blockchain.

1 ADA = 1,000,000 Lovelaces

THE CARDANO ROADMAP

The current Cardano roadmap is divided into 5 phases known as an “Era”. Each Era signifies a phase of development and is named after an English poet.

  • THE BYRON ERA is the foundation era that saw the development of the blockchain for peer-to-peer transactions.
  • SHELLEY ERA is the period of growth and development which saw the project take steps towards decentralization.
  • GOGUEN ERA saw smart contract functionalities get added to the network to enable NFTs and dApp development.
  • BASHO ERA will focus on improving the scalability and interoperability of the network.
  • VOLTAIRE ERA introduces governance and treasury to make Cardano a self-sustaining system and increase the decentralization of the network

THE CARDANO ECOSYSTEM

Surprisingly, the Cardano ecosystem has been populated for years even without smart contract compatibility, and migration of these projects to the blockchain has started. Cardano projects include….

You can always check out Cardanocubes.io. It is a great resource to navigate the Cardano ecosystem.

CARDANO STAKE POOL OPERATORS

One of the backbones of Cardanos’ decentralization and scalability is the stake pool operators. Stake pools are Cardano network nodes that mint blocks and ensure that the Cardano network is secure and online.

There are many Cardano stake pools where one can stake Ada to earn rewards with the most popular being the Berry stake pool by the same company that built Spacebudz and Nami walletBerry aims to make it easy for people to run stake pools using a raspberry pi and this means more decentralization for the Cardano network.

Adapools.org contains data on stake pools and there are docs on Cardano.org where you can learn more about stake pools and how profitable you can be from running one.

The future of Cardano is very bright and Cardano DEFInitely stands out as one of the best Blockchain projects. From the Ethiopian Government partnership to the Grayscale Cardano Fund, more people and institutions are realizing what Cardano brings to the table.

Here’s Charles Hoskinson's explanation of the mission of Cardano

Disclaimer: This is educational content for Fundamental Analysis purposes and NOTHING in this publication should be considered Financial Advise.

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zephyr Olympus

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Crypto Content Writer

Writing on the forces of decentralization as they battle to the land of mainstream adoption.


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