What Is Cardano Blockchain
Each week, the Jumpstart Blockchain senior analysts review and recommend one blockchain project that has a potential to disrupt the respective industry. In this analysis and research, we thoroughly review the product, the vision, the team, and various parameters of success of a product.
This week’s blockchain project of the week is Cardano blockchain.
Cardano is a blockchain technology platform that is capable of running financial applications currently used every day by individuals, organizations and governments all around the world. The platform is being constructed in layers, which gives the system the flexibility to be more easily maintained and allow for upgrades by way of soft forks. After the settlement layer that will run Ada is complete, a separate computing layer will be built to handle smart contracts, the digital legal agreements that will underpin future commerce and business.
Cardano will also run decentralised applications, or dapps, services not controlled by any single party but instead operate on a blockchain.
This is the first blockchain project to be developed from a scientific philosophy, and the only one to be designed and built by a global team of leading academics and engineers. It is essential that the technology is secure, flexible and scalable for use by many millions of users. Consequently, considerable thought and care from some of the leading experts in their fields has been devoted to the project and informed design decisions. The scientific rigour applied to mission-critical systems such as aerospace and banking has been brought to the field of cryptocurrencies, with a high assurance implementation. We believe this is the first time that this has been done.
A major innovation of Cardano is that it will balance the needs of users with those of regulators, and in doing so combine privacy with regulation. The vision for Cardano is that its new style of regulated computing will bring greater financial inclusion by providing open access for all to fair financial services.
Cardano was created in 2017 by blockchain development firm Input Output Hong Kong (IOHK), IOHK is run by its CEO Charles Hoskinson, who was also a co-founder of BitShares, Ethereum and Ethereum Classic.
Cardano blockchain is written in programming language Haskell. It is exected to run smart contracts with other blockchain features.
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