Cardano: A New Generation in Smart Contract Platform Design

Cardano (ADA) initially rose to fame in 2017 as one of many extra anticipated Initial Coin Offerings (ICO) of the yr. Over time, the undertaking persevered by way of a frightening crypto winter to earn its place among the many prime crypto belongings by market capitalization. 

In Kraken Intelligence’s newest deep dive, the workforce takes a better have a look at this distinctive undertaking and its research-driven method to protocol design.

What is Cardano?

Cardano was conceived in 2015 by Ethereum co-founders Charles Hoskinson and Jeremy Wood. Cardano is a permissionless, good contract platform which runs on its Proof-of-Stake Ouroboros blockchain protocol. 

Its foreign money, ADA (₳), was supposed to imitate Bitcoin’s most provide mannequin, such that not more than ₳45 billion will ever exist. Similar to Bitcoin, the speed at which new ADA is minted decreases over time.

Next-generation expertise

Cardano is taken into account to be a third-generation blockchain, designed to help a rising variety of customers and to work together with different blockchains all whereas remaining eco-friendly. Cardano and different third-generation blockchain tasks like Solana and Polkadot are sometimes branded as ‘Ethereum killers’, threatening Ethereum’s dominance over the good contract sector. 

In this report, the Kraken Intelligence workforce takes a deep dive into Cardano and its distinctive design, together with its PoS-based Ouroboros protocol and Extended Unspent Transaction Output (EUTXO) accounting mannequin. Further the workforce recaps current developments, takes a glance into on-chain exercise, and offers perception into what’s anticipated for the way forward for Cardano.