Who Created Cardano?

Charles Hoskinson is the creator behind Cardano. He created the platform in 2017, two years after he worked to help create the Ethereum blockchain technology. He is also the co-founder of Internet Online Hong Kong which is a company that built the Cardano blockchain.

Cardano uses a method called Proof of Stake which is a system where miners in the ecosystem validate and mine block transactions. A stake is simply the number of ADA coins that one holds which eventually determines one’s participation in the process of creating new blocks.

With the knowledge and experience Hoskinson had, he came up with the idea of combining smart contracts into the Cardano project. The main reason why now the project is different from the rest is that it was conceived through peer-reviewed research. The review ended up in choosing unique features like system sustainability, security, and robust development community.

According to the IOHK website, Cardano was created in order to bring back the trust to global systems with a new standard in technology that is inclusive and open source. All of the visionaries and changemakers can leverage the technology and create a society that will be more fair and transparent.

ADA is the native digital currency that facilitates transactions among parties in the environment with the token ranking among the top 10 by market cap. It enables peer-to-peer transactions in a trustless manner and it is also free from intermediaries. The transactions over the ADA blockchain are cheap and more importantly, fast.

ADA has legitimate advantages over fiat currency. The Cardano Foundation, for example, adopted a limit of the token supply to 45 billion tokens. This will avoid inflation and will make sure that the value of the token is still strong. Also, ADA defeats fiat currency in transaction speed by virtue of peer-to-peer transactions because fiat ones require banks or other intermediaries which often leads to bottlenecks alongside the transaction chain.

The goal of Cardano is to create a blockchain that can perform faster and better than older blockchains like Ethereum. It should be able to process more, faster, and cheaper transactions. Also, people often think that Cardano and ADA are the same but there’s a difference.

Cardano is the name of the blockchain that allows people to send and receive funds while ADA is the name of the cryptocurrency. Cardano is decentralized which means it is not controlled by any single authority but transactions are verified by the community by contributing their computing power.

Cardano does things differently from BTC and ETH as we will learn in the course later.