Cryptocurrency or crypto : Cardano (ADA) Definition,Founder,Owner,ADA Market Rank,Security,Market cap,Benefit ,Why Cardano (ADA) ,Cardano for Enterprises

 What Is Cardano (ADA)?

Logo Image of Cardano (ADA) | Image Source: cardano.org

Cardano is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators and visionaries” to bring about positive global change.

The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals” — helping to create a society that is more secure, transparent and fair.

Cardano was founded back in 2017, and the ADA token is designed to ensure that owners can participate in the operation of the network. Because of this, those who hold the cryptocurrency have the right to vote on any proposed changes to the software.

The team behind the layered blockchain say that there have already been some compelling use cases for its technology, which aims to allow decentralized apps and smart contracts to be developed with modularity.

Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

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Who Are the Founders of Cardano?

Image of Cardano was founded by Charles Hoskinson | Image source :Twitter

Cardano was founded by Charles Hoskinson, who was also one of the co-founders of the Ethereum network. He is the CEO of IOHK, the company that built Cardano’s blockchain.

In an interview for Coin Market Cap’s Crypto Titans series, Hoskinson said that he got involved in cryptocurrencies back in 2011 — and dabbled in mining and trading. He explained that his first professional involvement in the industry came in 2013, when he created a course about Bitcoin that ended up being taken by 80,000 students.

As well as being a technology entrepreneur, Hoskinson is also a mathematician. In 2020, his technology company donated ADA worth $500,000 to the University of Wyoming’s Blockchain Research and Development Lab.

Benefits of Cardano(ADA)

Cardano restores trust to global systems – creating, through science, a more secure, transparent, and sustainable foundation for individuals to transact and exchange, systems to govern, and enterprises to grow.

Cardano brings a new standard in technology – open and inclusive – to challenge the old and activate a new age of sustainable, globally-distributed innovation.

Market Rank of Cardano (ADA)

Cardano(ADA) crypto coin is Top 3

Market Cap of Cardano (ADA)

            Cardano(ADA) crypto coin is 90.94 Billion USD

What Cardano(ADA) coin is Unique?

Cardano is one of the biggest blockchains to successfully use a proof-of-stake consensus mechanism, which is less energy intensive than the proof-of-work algorithm relied upon by Bitcoin. Although the much larger Ethereum is going to be upgrading to PoS, this transition is only going to take place gradually.

The project has taken pride in ensuring that all of the technology developed goes through a process of peer-reviewed research, meaning that bold ideas can be challenged before they are validated. According to the Cardano team, this academic rigor helps the blockchain to be durable and stable — increasing the chance that potential pitfalls can be anticipated in advance.

In 2020, Cardano held a Shelley upgrade that aimed to make its blockchain “50 to 100 times more decentralized” than other large blockchains. At the time, Hoskinson predicted that this would pave the way for hundreds of assets to run on its network.

How much Cardano Network Secured?

Cardano is secured through an “environmentally sustainable, verifiably secure” PoS protocol that’s known as Ouroboros.

The project says that Ouroboros improves upon the security guarantees that are delivered by a PoW consensus mechanism while using substantially less power — claiming that it is four times more energy efficient than Bitcoin.

It is described as a blend of unique technology and mathematically verified mechanisms, with behavioral psychology and economic philosophy thrown in for good measure. Overall, the objective of Ouroboros is to achieve sustainable and ethical growth.

An incentive mechanism means that participants in the network are rewarded for their involvement.

How Many Cardano (ADA) Coins Are Circulation in crypto Market?

There is a maximum supply of 45 billion ADA — but at the time of writing, there was a circulating supply of about 31 billion. Five rounds of public sales of Cardano tokens were held between September 2015 and January 2017.

Approximately 2.5 billion ADA was allotted to IOHK once the network launched. Meanwhile, an additional 2.1 billion ADA was given to Emurgo, a global blockchain technology company that served as a founding entity of the Cardano protocol. Last but not least, 648 million ADA was given to the not-for-profit Cardano Foundation, which aims to promote the platform and increase levels of adoption.

Overall, about 16% of ADA’s total supply went to the project’s founders, with the remaining 84% being split among investors.

Cardano for Enterprise

A developing platform, Cardano is being built to accommodate a broad range of use cases, solving problems across multiple industry verticals.Education,Retail,Agriculture,Government,Finance,Healthcare 

Cardano for Education 

Cardano(ADA) product Atala PRISM(IOHK) for education Image 

The issuance of academic certifications is heavily centralized. If diplomas, degrees, or other credentials are damaged or lost, the re-issue process is often costly, and the issuing institution might no longer exist. Sharing these credentials is also difficult, as academic achievements are traditionally issued in physical form, which makes it almost impossible to share when and where needed.

Atala PRISM is an ID & credentials solution built on the Cardano blockchain. Atala PRISM secures academic certifications within an immutable and tamper-proof ecosystem, empowering students to own and share their achievements, and institutions to instantly verify those credentials. Atala PRISM simplifies this process by enabling individuals to instantly share verifiable credentials.

Atala PRISM gives students ownership and control of their academic achievements, with no third-party intermediaries, while removing friction and costly inefficiencies from the process. The result? A seamless way for students and job seekers to prove who they are and what they have achieved.

Cardano for Retail

Cardano(ADA) product Atala Scan (IOHK) for Retail Image 

In 2018, counterfeit goods inflicted a (US$)300bn blow to the global economy and the problem is getting worse. If the trend is not reversed, markets will become flooded with fake products, leading to substantial financial losses, damage to brand reputation, and marked reduction in customer confidence.

Anti-counterfeiting initiatives often involve lengthy and costly processes with little discernible effect on the ongoing trade of counterfeit goods. Most fakes are sold online, which means that these rogue traders operate in relative impunity.

Atala SCAN leverages blockchain technology to offer the solution to this problem: A tamper-proof system to establish product provenance and auditability to ensure every product sold is certified original. 

Cardano for Agriculture 

Cardano product Atala Trace (IOHK) for Agriculture Image

The pandemic has starkly shown that maintaining a solid and constant supply chain is a key pillar for the success and sustainability of any industry sector, and indeed for the safety and well-being of the population.

Agriculture is a source of food and sustenance whose supply chain must be kept going at all times, as livelihoods depend on it. Blockchain technology has emerged as a viable method to support all the stakeholders along the supply chain:

 Farmers, hauliers, and retailers can use blockchain for product certification and traceability, from farm to table, using systems like Atala Trace and EMURGO's proprietary traceability solution for transparency in the supply chain.

Cardano for Government 

Cardano product Atala prism (IOHK) for Government  Image

Current credentials issuance and verification systems are inherently flawed. Document and control remains with the issuer, rather than the individual, 

for example, which creates a strong dependency on third-party agencies to verify the document’s authenticity.

 This usually involves a manual, costly, and time-consuming process, depending on the location and response time of the issuing authority.

Atala PRISM addresses this flaw through the provision of a digital identity service. 

Leveraging blockchain technology, Atala PRISM enables users to have full control of their credentials, which they can share and instantly verify anytime, anywhere.

Cardano for Finance 

Cardano product Atala prism (IOHK) for Finance  Image

Identity verification is a key step before accepting new clients into financial institutions or other agencies. Simply opening a new bank account in certain countries takes weeks, for example.

 Other administrative processes -passport applications, for instance-, even longer. The onboarding process is slow and resource-heavy, often involving multiple third-parties with their own fees, etc.

Atala PRISM can streamline and accelerate onboarding through the utilization of reusable verified credentials. Atala PRISM leverages blockchain technology to deliver a one-click user experience.

Cardano for Health Care 

Cardano product Atala Scan (IOHK) for Healthcare  Image

Counterfeit and substandard medications pose a significant risk to public health and inflict severe financial loss to legitimate manufacturers. 

Cost, peer pressure, and other reasons push many people to acquire medications in online pharmacies, which in many cases lack strict controls and regulations surrounding the manufacture and supply of therapeutic drugs.

 The World Health Organization (WHO) estimates that more than 50% of medications sold online can be categorized as fake or substandard.

This problem can be addressed through a blockchain solution. Atala SCAN can authenticate and verify the origin and supply chain of pharmaceutical products, guaranteeing the safety and well-being of patients worldwide.

About Cardano Foundation

The Cardano Foundation is an independent standards body that oversees and supervises the advancement of Cardano and the Cardano ecosystem. As the legal custodian of the protocol and the owner of the Cardano brand, the Foundation works to drive adoption and partnerships, grow the Cardano community globally, shape legislation and commercial standards, and ensure stakeholder accountability at every level.

The Foundation’s most crucial responsibility is driving platform adoption and supporting the diverse Cardano community – people like you – engaging with and implementing ideas on the Cardano platform. To fulfil this caretaking role to the highest standards, the Cardano Foundation has a governing Council, a professional executive team and community managers, recruited in many cases directly from the wider Cardano community.

However, their focus is as outward-looking as it is inward. The Foundation is equally committed to working with other key industries within the blockchain realm, contributing to the advancement of the technology and driving adoption with other compatible systems. The Foundation contributes to the conversation and perception of blockchain globally, focusing on legal frameworks, integration with legacy systems and third-parties, awareness, and education – to ensure that blockchain technology can be accessed and understood by all.

WHAT IS THE CARDANO ROADMAP?

The Cardano roadmap is a summary of Cardano development, which has been organized into five eras: Byron, Shelley, Goguen, Basho, and Voltaire. Each era is centered around a set of functionalities that will be delivered across multiple code releases.

While the eras of Cardano will be delivered sequentially, the work for each era happens in parallel, with research, prototyping, and development often in progress all at once across the different development streams.

The work of each era is gathered and presented on its dedicated page, representing years of effort. Here you will find an overview of the goals of the era, as well as descriptions of the core functional components, links to associated academic research, status updates, and even real-time code commits.