Cardano (blockchain platform): Difference between revisions
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{{SEO | |||
|title=Cardano – Proof-of-Stake Blockchain Platform | |||
|description=Cardano is a blockchain platform based on proof-of-stake, designed for scalability, sustainability, and smart contracts. | |||
|keywords=cardano, ada, blockchain platform, proof of stake | |||
}} | |||
{| class="infobox" style="width:260px; font-size:90%; line-height:1.35; background:#f9f9f9; border:1px solid #aaa; float:right; margin:0 0 1em 1em;" | {| class="infobox" style="width:260px; font-size:90%; line-height:1.35; background:#f9f9f9; border:1px solid #aaa; float:right; margin:0 0 1em 1em;" | ||
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|- | |- | ||
! Code | ! Code | ||
| cardano-node | | [https://github.com/input-output-hk/cardano-node cardano-node] | ||
|- | |- | ||
! Subunits | ! Subunits | ||
| Line 20: | Line 25: | ||
|- | |- | ||
! Original author(s) | ! Original author(s) | ||
| Charles Hoskinson<br>Jeremy Wood | | [[wikipedia:Charles_Hoskinson|Charles Hoskinson]]<br>Jeremy Wood | ||
|- | |- | ||
! White paper | ! [[wikipedia:White_paper|White paper]] | ||
| ''Cardano whitepaper'' | | ''[https://whitepaper.io/document/581/cardano-whitepaper Cardano whitepaper]'' | ||
|- | |- | ||
! Initial release | ! Initial release | ||
| 27 September 2017<sup>[1]</sup> | | 27 September 2017<sup>[</sup>[[wikipedia:Cardano_(blockchain_platform)#cite_note-1|1]]<sup>]</sup> | ||
|- | |- | ||
! Latest release | ! [[wikipedia:Software_release_life_cycle|Latest release]] | ||
| 9.1.0 / 24 July 2024<sup>[2]</sup> | | 9.1.0 / 24 July 2024<sup>[<nowiki/>[[wikipedia:Cardano_(blockchain_platform)#cite_note-2|2]]]</sup> | ||
|- | |- | ||
! Code repository | ! [[wikipedia:Repository_(version_control)|Code repository]] | ||
| [https://cardanoupdates.com/ cardanoupdates.com] | | [https://cardanoupdates.com/ cardanoupdates.com] | ||
|- | |- | ||
| Line 37: | Line 42: | ||
| Active | | Active | ||
|- | |- | ||
! Written in | ! [[wikipedia:Programming_language|Written in]] | ||
| Haskell | | [[wikipedia:Haskell|Haskell]] | ||
|- | |- | ||
! Operating system | ! [[wikipedia:Operating_system|Operating system]] | ||
| Cross-platform | | [[wikipedia:Cross-platform_software|Cross-platform]] | ||
|- | |- | ||
! Developer(s) | ! [[wikipedia:Software_developer|Developer(s)]] | ||
| Cardano Foundation<br>IOHK<br>EMURGO | | Cardano Foundation<br>IOHK<br>EMURGO | ||
|- | |- | ||
! Source model | ! Source model | ||
| Free and open-source software | | [[wikipedia:Free_and_open-source_software|Free and open-source software]] | ||
|- | |- | ||
! License | ! [[wikipedia:Software_license|License]] | ||
| Apache License | | [[wikipedia:Apache_License|Apache License]] | ||
|- | |- | ||
! colspan="2" style="background:#eeeeee; text-align:center; font-weight:bold;" | Ledger | ! colspan="2" style="background:#eeeeee; text-align:center; font-weight:bold;" | Ledger | ||
|- | |- | ||
! Timestamping scheme | ! [[wikipedia:Trusted_timestamping|Timestamping scheme]] | ||
| Proof of stake | | [[wikipedia:Proof_of_stake|Proof of stake]] | ||
|- | |- | ||
! Block time | ! Block time | ||
| Line 69: | Line 74: | ||
|- | |- | ||
! Supply limit | ! Supply limit | ||
| 45 billion ₳<sup>[3]</sup> | | 45 billion ₳<sup>[<nowiki/>[[wikipedia:Cardano_(blockchain_platform)#cite_note-CardanoEU-3|3]]]</sup> | ||
|- | |- | ||
! colspan="2" style="background:#eeeeee; text-align:center; font-weight:bold;" | Valuation | ! colspan="2" style="background:#eeeeee; text-align:center; font-weight:bold;" | Valuation | ||
|- | |- | ||
! Exchange rate | ! [[wikipedia:Exchange_rate|Exchange rate]] | ||
| Floating | | Floating | ||
|- | |- | ||
| Line 79: | Line 84: | ||
|- | |- | ||
! Official users | ! Official users | ||
| ~3,264 stake pools globally <small>(as of Nov. 2023)</small><sup>[4]</sup> | | ~3,264 stake pools globally <small>(as of Nov. 2023)</small><sup>[</sup>[[wikipedia:Cardano_(blockchain_platform)#cite_note-4|4]]<sup>]</sup> | ||
|- | |- | ||
! Website | ! Website | ||
| Line 85: | Line 90: | ||
|- | |- | ||
! Uses | ! Uses | ||
| Distributed computing | | [[wikipedia:Distributed_computing|Distributed computing]] | ||
|} | |} | ||
Cardano is a decentralized [https://www.analyticsinsight.net/tech-news/the-convergence-of-ai-and-blockchain-technology-exploring-synergies-and-future-applications-in-decentralized-finance blockchain platform] founded in 2015 and launched in 2017. Using [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/top-proof-of-stake-pos-coins-by-market-cap-in-2025 proof-of-stake], it offers energy efficiency, scalability, and a development environment for decentralized applications. | Cardano is a decentralized [https://www.analyticsinsight.net/tech-news/the-convergence-of-ai-and-blockchain-technology-exploring-synergies-and-future-applications-in-decentralized-finance blockchain platform] founded in 2015 and launched in 2017. Using [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/top-proof-of-stake-pos-coins-by-market-cap-in-2025 proof-of-stake], it offers energy efficiency, scalability, and a development environment for decentralized applications.<sup>[https://www.investopedia.com/cardano-definition-4683961 1]</sup> | ||
It is a [https://www.britannica.com/place/Switzerland Swiss]-based independent non-profit organization promoting [https://coinmarketcap.com/currencies/cardano/ Cardano] adoption, focusing on operational resilience, education, and industry engagement, and is led by CEO [https://cardanofoundation.org/about Frederik Gregaard]. | It is a [https://www.britannica.com/place/Switzerland Swiss]-based independent non-profit organization promoting [https://coinmarketcap.com/currencies/cardano/ Cardano] adoption, focusing on operational resilience, education, and industry engagement, and is led by CEO [https://cardanofoundation.org/about Frederik Gregaard].<sup>[https://cardanofoundation.org/about 2]</sup> | ||
== History == | == History == | ||
Cardano was developed by [https://www.analyticsinsight.net/ethereum/how-ethereum-finally-slashed-50-gas-fees-in-2026 Ethereum] co-founder [https://www.iog.io/leadership/charles-hoskinson Charles Hoskinson] in 2015 and officially launched in 2017. Marketed as a third-generation blockchain, it is supported by the technology company [https://iohk.io/ Input Output Hong Kong (IOHK)] and promoted by the [https://cardanofoundation.org/ Cardano Foundation]. The platform aims to provide a more secure and scalable infrastructure for [https://www.analyticsinsight.net/blockchain/best-blockchain-networks-for-building-decentralized-applications decentralized applications] and [https://www.analyticsinsight.net/blockchain/why-smart-contract-audits-are-the-investor-confidence-multiplier smart contracts], distinguishing itself from earlier blockchains through a research-driven approach and a layered architecture. | Cardano was developed by [https://www.analyticsinsight.net/ethereum/how-ethereum-finally-slashed-50-gas-fees-in-2026 Ethereum] co-founder [https://www.iog.io/leadership/charles-hoskinson Charles Hoskinson] in 2015 and officially launched in 2017. Marketed as a third-generation blockchain, it is supported by the technology company [https://iohk.io/ Input Output Hong Kong (IOHK)] and promoted by the [https://cardanofoundation.org/ Cardano Foundation]. The platform aims to provide a more secure and scalable infrastructure for [https://www.analyticsinsight.net/blockchain/best-blockchain-networks-for-building-decentralized-applications decentralized applications] and [https://www.analyticsinsight.net/blockchain/why-smart-contract-audits-are-the-investor-confidence-multiplier smart contracts], distinguishing itself from earlier blockchains through a research-driven approach and a layered architecture. | ||
After leaving Ethereum in 2014, Hoskinson, along with [https://dailycoin.com/jeremy-wood-cardano-mysterious-co-founder/ Jeremy Wood], began outlining plans for Cardano. Hoskinson had departed Ethereum following a disagreement with co-founder [https://www.binance.com/en/academy/articles/who-is-vitalik-buterin Vitalik Buterin] over the project’s direction, with [https://www.iog.io/leadership/charles-hoskinson Hoskinson] advocating for venture capital funding and a commercial model, while Buterin preferred a nonprofit approach. Subsequently, Hoskinson and Wood co-founded IOHK, which became the primary organization responsible for developing and maintaining the [https://cardanofoundation.org/ Cardano blockchain], focusing on solutions for corporations, governments, and educational institutions. | After leaving Ethereum in 2014, Hoskinson, along with [https://dailycoin.com/jeremy-wood-cardano-mysterious-co-founder/ Jeremy Wood], began outlining plans for Cardano. Hoskinson had departed Ethereum following a disagreement with co-founder [https://www.binance.com/en/academy/articles/who-is-vitalik-buterin Vitalik Buterin] over the project’s direction, with [https://www.iog.io/leadership/charles-hoskinson Hoskinson] advocating for venture capital funding and a commercial model, while Buterin preferred a nonprofit approach. Subsequently, Hoskinson and Wood co-founded IOHK, which became the primary organization responsible for developing and maintaining the [https://cardanofoundation.org/ Cardano blockchain], focusing on solutions for corporations, governments, and educational institutions.<sup>[https://www.binance.com/en-NG/square/post/3854927700545 3]</sup> | ||
In 2021, the [https://www.ed.ac.uk/ University of Edinburgh] partnered with IOHK to create a [https://www.blockchainresearchlab.org/ blockchain research lab] led by [https://forum.cardano.org/t/a-masterclass-on-cardano-from-our-chief-scientist-professor-aggelos-kiayias/3117 Aggelos Kiayias], advancing distributed ledger research and fostering collaboration | In 2021, the [https://www.ed.ac.uk/ University of Edinburgh] partnered with IOHK to create a [https://www.blockchainresearchlab.org/ blockchain research lab] led by [https://forum.cardano.org/t/a-masterclass-on-cardano-from-our-chief-scientist-professor-aggelos-kiayias/3117 Aggelos Kiayias], advancing distributed ledger research and fostering collaboration | ||
between academia and industry.<sup>[https://www.coindesk.com/markets/2017/02/24/edinburgh-university-partners-with-iohk-on-blockchain-research-hub 4]</sup> The lab included six postdoctoral and professorial positions and created up to 35 jobs overall. It was led by Aggelos Kiayias, the developer of the [https://cardano.org/ouroboros/ Ouroboros protocol].<sup>[https://xyo.fandom.com/wiki/Cardano_(cryptocurrency_platform) 5]</sup> | |||
According to “[https://coinmarketcap.com/currencies/cardano/ Cardano (ADA)] and Bitcoin Ranked Among Top 30 in MBLM’s Brand Intimacy 2022 Study” (MBLM, February 24, 2022), Cardano and [https://bitcoin.org/bitcoin.pdf Bitcoin] ranked 26th and 30th, respectively, among over 600 global brands, reflecting strong emotional connections with consumers and increasing mainstream recognition of [https://coinmarketcap.com/ cryptocurrency]. [https://mblm.com/news/cardano-ada-and-bitcoin-ranked-among-top-30-in-mblms-brand-intimacy-2022-study/] | Cardano achieved a record [https://www.investopedia.com/terms/m/marketcapitalization.asp market capitalization] of US$77 billion in 2021, ranking fourth among blockchain platforms at the time. As of December 2023, its market value stands at US$10.7 billion.<sup>[https://fintechmagazine.com/articles/top-10-cryptocurrencies-in-2023-by-market-capitalisation 6]</sup> | ||
According to “[https://coinmarketcap.com/currencies/cardano/ Cardano (ADA)] and Bitcoin Ranked Among Top 30 in MBLM’s Brand Intimacy 2022 Study” (MBLM, February 24, 2022), Cardano and [https://bitcoin.org/bitcoin.pdf Bitcoin] ranked 26th and 30th, respectively, among over 600 global brands, reflecting strong emotional connections with consumers and increasing mainstream recognition of [https://coinmarketcap.com/ cryptocurrency].<sup>[https://mblm.com/news/cardano-ada-and-bitcoin-ranked-among-top-30-in-mblms-brand-intimacy-2022-study/ 7]</sup> | |||
Cardano describes itself as a “third-generation” blockchain, building on Bitcoin and [https://coinmarketcap.com/currencies/ethereum/ Ethereum]. It is named after Renaissance mathematician Gerolamo Cardano, while its native cryptocurrency, ADA, honors 19th-century mathematician Ada Lovelace.<sup>[https://wazirx.com/blog/projects-bk/cardano-ada/ 8]</sup> | |||
<small><sup>1</sup> Investopedia, “Cardano (ADA): What It Is and How It Differs From Bitcoin ”, [https://www.investopedia.com/cardano-definition-4683961 Achieved], Retrieved June 2025</small> | |||
<small><sup>2</sup> Cardano Foundation, “Bridging Cardano and the World”, [https://cardanofoundation.org/about Achieved]</small> | |||
<small><sup>3</sup> Binance Square, “The Blog”, [https://www.binance.com/en-NG/square/post/3854927700545 Achieved], Retrieved February 2024</small> | |||
== Design == | == Design == | ||
| Line 113: | Line 126: | ||
* [https://www.analyticsinsight.net/news/cardano-foundation-to-apply-for-ada-and-cardano-generic-domains-in-2026 Cardano Foundation] (Switzerland): A non-profit promoting adoption and ecosystem growth. | * [https://www.analyticsinsight.net/news/cardano-foundation-to-apply-for-ada-and-cardano-generic-domains-in-2026 Cardano Foundation] (Switzerland): A non-profit promoting adoption and ecosystem growth. | ||
* IOHK (Input Output Hong Kong): Conducts global research and development for Cardano’s technology. | * IOHK (Input Output Hong Kong): Conducts global research and development for Cardano’s technology. | ||
* [https://www.emurgo.io/ Emurgo]: Develops and supports commercial solutions based on the Cardano platform. | * [https://www.emurgo.io/ Emurgo]: Develops and supports commercial solutions based on the Cardano platform.<sup>[https://brightnode.io/blog-articles-blockchain-web3-insights/the-history-of-cardano 9]</sup> | ||
=== Technical design === | === Technical design === | ||
Cardano (ADA) is a proof-of-stake blockchain with a research-first approach. Unlike typical [https://www.analyticsinsight.net/blockchain/career-guide-2026-blockchain-vs-fintech-what-to-study blockchains], it replaces a whitepaper with peer-reviewed design principles. Written in Haskell, it uses the Ouroboros protocol for secure, high-speed transactions, combining innovation with scientific rigor. [https://coindcx.com/blog/cryptocurrency/what-is-cardano-ada-whitepaper-summary/] | Cardano (ADA) is a proof-of-stake blockchain with a research-first approach. Unlike typical [https://www.analyticsinsight.net/blockchain/career-guide-2026-blockchain-vs-fintech-what-to-study blockchains], it replaces a whitepaper with peer-reviewed design principles. Written in Haskell, it uses the Ouroboros protocol for secure, high-speed transactions, combining innovation with scientific rigor. <sup>[https://coindcx.com/blog/cryptocurrency/what-is-cardano-ada-whitepaper-summary/ 10]</sup> | ||
It is an [https://www.analyticsinsight.net/artificial-intelligence/best-open-source-projects-that-will-lead-in-2026 open-source] blockchain platform allowing developers to deploy smart contracts, bridging real-world data with blockchain applications and expanding the potential for decentralized solutions. | It is an [https://www.analyticsinsight.net/artificial-intelligence/best-open-source-projects-that-will-lead-in-2026 open-source] blockchain platform allowing developers to deploy smart contracts, bridging real-world data with blockchain applications and expanding the potential for decentralized solutions. | ||
It aims to address limitations in the cryptocurrency space, claiming to overcome Bitcoin’s speed and flexibility issues and Ethereum’s safety and scalability challenges. The platform relies on rigorous academic research and testing and operates on an eco-friendly [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/top-proof-of-stake-pos-coins-by-market-cap-in-2025 Proof-of-Stake network] to identify and resolve potential issues before implementation. | It aims to address limitations in the cryptocurrency space, claiming to overcome Bitcoin’s speed and flexibility issues and Ethereum’s safety and scalability challenges. The platform relies on rigorous academic research and testing and operates on an eco-friendly [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/top-proof-of-stake-pos-coins-by-market-cap-in-2025 Proof-of-Stake network] to identify and resolve potential issues before implementation.<sup>[https://newsroom.oobit.com/cardano-vs-ethereum/ 11]</sup> | ||
Cardano uses an Extended [https://docs.cardano.org/about-cardano/learn/eutxo-explainer UTXO (EUTXO)] accounting model, combining Bitcoin’s UTXO structure with [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/what-are-ethereum-smart-contracts-and-dapps Ethereum’s smart contract] functionality. This approach supports multi-assets, improves scalability, enables precise transaction tracking, and allows developers to integrate real-world data into the blockchain. | Cardano uses an Extended [https://docs.cardano.org/about-cardano/learn/eutxo-explainer UTXO (EUTXO)] accounting model, combining Bitcoin’s UTXO structure with [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/what-are-ethereum-smart-contracts-and-dapps Ethereum’s smart contract] functionality. This approach supports multi-assets, improves scalability, enables precise transaction tracking, and allows developers to integrate real-world data into the blockchain.<sup>[https://www.iog.io/news/cardanos-extended-utxo-accounting-model 12]</sup> | ||
Cardano employs the Ouroboros family of protocols as its proof-of-stake consensus mechanism. The protocols use a [https://chain.link/education-hub/verifiable-random-function-vrf verifiable random function (VRF)] to select validators, | Cardano employs the Ouroboros family of protocols as its proof-of-stake consensus mechanism. The protocols use a [https://chain.link/education-hub/verifiable-random-function-vrf verifiable random function (VRF)] to select validators, | ||
ensuring randomness while allowing straightforward verification of participants.<sup>[https://cardanofoundation.org/blog/introduction-proof-of-stake-blockchains 13]</sup> This contrasts with [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/best-bitcoin-etfs-for-longterm-investment-in-2026 Bitcoin] and Ethereum, which traditionally used [https://www.geeksforgeeks.org/ethical-hacking/blockchain-proof-of-work-pow/ proof-of-work protocols], although Ethereum transitioned to proof-of-stake in 2022. Proof-of-stake blockchains consume significantly less energy compared to proof-of-work blockchains.<sup>[https://www.bitwave.io/blog/is-proof-of-stake-really-more-energy-efficient-than-proof-of-work 14]</sup> | |||
Within the Cardano platform, Ada operates on the [https://coinmarketcap.com/academy/glossary/settlement-layer settlement layer], which is responsible for recording and maintaining [https://www.merriam-webster.com/dictionary/transaction transactions]. The computation layer, on the other hand, is designed to support smart contracts and decentralized applications, functioning in a manner similar to Ethereum. Another notable feature is that, as of the present, the native cryptocurrency, Ada (ADA), can only be stored in Cardano’s official [https://www.analyticsinsight.net/fintech/digital-wallets-and-contactless-payments-the-fast-rundown digital wallet], [https://daedaluswallet.io/ Daedalus]. It is an open-source, [https://bitcoin.org/en/full-node full-node cryptocurrency wallet] for Cardano’s Ada (ADA), providing maximum security, independent transaction validation, hierarchical deterministic wallet management, cross-platform support, and customizable user interface themes. | In February 2021, Charles Hoskinson estimated that the Cardano network consumed approximately 6 GWh annually, representing less than 0.01% of the 110.53 TWh consumed by the Bitcoin network, according to calculations by the [https://www.cam.ac.uk/ University of Cambridge].<sup>[https://www.cnbc.com/2021/02/05/bitcoin-btc-surge-renews-worries-about-its-massive-carbon-footprint.html 15]</sup> | ||
Within the Cardano platform, Ada operates on the [https://coinmarketcap.com/academy/glossary/settlement-layer settlement layer], which is responsible for recording and maintaining [https://www.merriam-webster.com/dictionary/transaction transactions]. The computation layer, on the other hand, is designed to support smart contracts and decentralized applications, functioning in a manner similar to Ethereum.<sup>[https://mashable.com/article/cardano-hoskinson-interview 16]</sup>Another notable feature is that, as of the present, the native cryptocurrency, Ada (ADA), can only be stored in Cardano’s official [https://www.analyticsinsight.net/fintech/digital-wallets-and-contactless-payments-the-fast-rundown digital wallet], [https://daedaluswallet.io/ Daedalus].<sup>[https://www.europarl.europa.eu/cmsdata/150761/TAX3%20Study%20on%20cryptocurrencies%20and%20blockchain.pdf 17]</sup> It is an open-source, [https://bitcoin.org/en/full-node full-node cryptocurrency wallet] for Cardano’s Ada (ADA), providing maximum security, independent transaction validation, hierarchical deterministic wallet management, cross-platform support, and customizable user interface themes.<sup>[https://daedaluswallet.io/ 18]</sup> | |||
Cardano has been developed in phases named after notable figures in poetry and [https://www.analyticsinsight.net/computer-science/top-10-computer-science-universities-in-the-world-in-2026 computer science]: [https://docs.cardano.org/about-cardano/evolution/eras-and-phases Byron, Shelley, Goguen, Basho, and Voltaire]. Each phase represents a major step in the platform’s evolution, focusing on foundational infrastructure, decentralization, smart contracts, scalability, and governance. | Cardano has been developed in phases named after notable figures in poetry and [https://www.analyticsinsight.net/computer-science/top-10-computer-science-universities-in-the-world-in-2026 computer science]: [https://docs.cardano.org/about-cardano/evolution/eras-and-phases Byron, Shelley, Goguen, Basho, and Voltaire]. Each phase represents a major step in the platform’s evolution, focusing on foundational infrastructure, decentralization, smart contracts, scalability, and governance. | ||
The final phase, Voltaire, completed in January 2025, established a self-sustaining system with [https://docs.tally.xyz/user-guides/governance-concepts/onchain-vs-offchain-voting on-chain voting], proposals, and treasury management. As of June 2025, the blockchain’s | The final phase, Voltaire, completed in January 2025, established a self-sustaining system with [https://docs.tally.xyz/user-guides/governance-concepts/onchain-vs-offchain-voting on-chain voting], proposals, and treasury management. As of June 2025, the blockchain’s | ||
Ongoing development and future improvements, including scalability, new protocols, and API services, are guided by the Cardano community. | Ongoing development and future improvements, including scalability, new protocols, and API services, are guided by the Cardano community.<sup>[https://www.investopedia.com/cardano-definition-4683961 19]</sup> | ||
As part of [https://cips.cardano.org/cip/CIP-1694 Cardano's Voltaire phase, CIP-1694] was implemented through the Chang upgrade and the subsequent Plomin hard fork in 2024, establishing on-chain governance. This transition allowed [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/best-tokens-for-2026-experts-favor-geefi-gee-over-cardano-ada-as-2-forecast-can-deliver-millions ADA token] holders to create, vote on, and execute proposals via a decentralized decision-making process, representing IOHK’s formal transfer of network development control to the community.<sup>[https://cips.cardano.org/cip/CIP-1694 20]</sup> | |||
Cardano’s Ouroboros proof-of-stake protocol enables ADA holders to delegate tokens to [https://www.ledger.com/academy/glossary/staking-pool staking pools] or operate pools themselves, securing the network, earning rewards, and participating in governance, while reducing energy consumption compared with proof-of-work systems.<sup>[https://coinshares.com/corp/insights/knowledge/cardano-guide/ 21]</sup> | |||
<small><sup>4</sup> Coin Desk, “Edinburgh University Partners with IOHK on Blockchain Research Hub”, [https://www.coindesk.com/markets/2017/02/24/edinburgh-university-partners-with-iohk-on-blockchain-research-hub Achieved], Retrieved September 2011</small> | |||
<small><sup>5</sup> Fandom, “Cardano (cryptocurrency platform)”, [https://xyo.fandom.com/wiki/Cardano_(cryptocurrency_platform) Achieved]</small> | |||
<small><sup>6</sup>Fintech Magazine, “Top 10 cryptocurrencies in 2023 by market capitalisation”, [https://fintechmagazine.com/articles/top-10-cryptocurrencies-in-2023-by-market-capitalisation Achieved], Retrieved December 2023</small> | |||
<small><sup>7</sup> MBLM, “Cardano (ADA) and Bitcoin Ranked Among Top 30 in MBLM’s Brand Intimacy 2022 Study”, [https://mblm.com/news/cardano-ada-and-bitcoin-ranked-among-top-30-in-mblms-brand-intimacy-2022-study/ Achieved], Retrieved April 2022</small> | |||
<small><sup>8</sup> WazirX, “Cardano ADA”, [https://wazirx.com/blog/projects-bk/cardano-ada/ Achieved]</small> | |||
<small><sup>9</sup> Brightnode, “The history of Cardano”, [https://brightnode.io/blog-articles-blockchain-web3-insights/the-history-of-cardano Achieved], Retrieved September 2021</small> | |||
<small><sup>1</sup><sup>0</sup> CoinDCX, “What is Cardano (ADA) | Whitepaper Summary”, [https://coindcx.com/blog/cryptocurrency/what-is-cardano-ada-whitepaper-summary/ Achieved], Retrieved June 2022</small> | |||
<small><sup>1</sup><sup>1</sup> Oobit, “Cardano vs Ethereum: How Are They Different?”, [https://newsroom.oobit.com/cardano-vs-ethereum/ Achieved], Retrieved April 2021</small> | |||
<small><sup>1</sup><sup>2</sup> IOG, “Cardano’s Extended UTXO accounting model – built to support multi-assets and smart contracts”, [https://www.iog.io/news/cardanos-extended-utxo-accounting-model Achieved], Retrieved March 2021</small> | |||
<small><sup>1</sup></small><small><sup>3</sup> Cardano Foundation, “An Introduction to Proof of Stake Blockchain Systems”, [https://cardanofoundation.org/blog/introduction-proof-of-stake-blockchains Achieved], Retrieved March 2025</small> | |||
<small><sup>1</sup></small><small><sup>4</sup> Bitwave, “Is Proof-of-Stake REALLY More Energy-Efficient Than Proof-of-Work?”, [https://www.bitwave.io/blog/is-proof-of-stake-really-more-energy-efficient-than-proof-of-work Achieved]</small> | |||
<small><sup>1</sup></small><small><sup>5</sup> CNBC, “Sustainable Energy Bitcoin’s wild ride renews worries about its massive carbon footprint”, [https://www.cnbc.com/2021/02/05/bitcoin-btc-surge-renews-worries-about-its-massive-carbon-footprint.html Achieved], Retrieved February 2021</small> | |||
<small><sup>1</sup></small><small><sup>6</sup> Mashable, “Cardano: a rising cryptocurrency that wants to change the world”, [https://mashable.com/article/cardano-hoskinson-interview Achieved], Retrieved February 2018</small> | |||
<small><sup>1</sup></small><small><sup>7</sup> European Parliament, “Cryptocurrencies and blockchain”, [https://www.europarl.europa.eu/cmsdata/150761/TAX3%20Study%20on%20cryptocurrencies%20and%20blockchain.pdf Achieved], Retrieved July 2018</small> | |||
<small><sup>1</sup></small><small><sup>8</sup> Daedalus Wallet, “Welcome to Daedalus Wallet”, [https://daedaluswallet.io/ Achieved]</small> | |||
== Cardano Foundation == | == Cardano Foundation == | ||
[https://www.buildingbridges.org/speaker/frederik-gregaard/ Frederik Gregaar] has served as Chief Executive Officer of the Cardano Foundation since 2021. He has a background in [https://www.analyticsinsight.net/artificial-intelligence/ai-in-finance-banking-use-cases-benefits-and-future-trends banking], [https://www.investopedia.com/terms/w/wealthmanagement.asp wealth management], and [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/top-10-crypto-asset-management-companies-in-2025 asset management], and is a leader in fintech and blockchain. | [https://www.buildingbridges.org/speaker/frederik-gregaard/ Frederik Gregaar] has served as Chief Executive Officer of the Cardano Foundation since 2021. He has a background in [https://www.analyticsinsight.net/artificial-intelligence/ai-in-finance-banking-use-cases-benefits-and-future-trends banking], [https://www.investopedia.com/terms/w/wealthmanagement.asp wealth management], and [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/top-10-crypto-asset-management-companies-in-2025 asset management], and is a leader in fintech and blockchain.<sup>[https://www.buildingbridges.org/speaker/frederik-gregaard/ 22]</sup> | ||
== Applications == | == Applications == | ||
| Line 155: | Line 199: | ||
In 2025, the Cardano Foundation delegated 220 million ADA to DReps, enabling community-driven governance. This decentralization strengthened [https://zpesystems.com/network-resilience-zs/ network resilience], transparency, and trust, facilitating institutional confidence and long-term stakeholder participation. | In 2025, the Cardano Foundation delegated 220 million ADA to DReps, enabling community-driven governance. This decentralization strengthened [https://zpesystems.com/network-resilience-zs/ network resilience], transparency, and trust, facilitating institutional confidence and long-term stakeholder participation. | ||
In 2023, the Ghanaian startup [https://mazzuma.com/ Mazzuma] received funding from [https://www.crunchbase.com/organization/adaverse Adaverse], a Cardano ecosystem accelerator. The company’s project, [https://www.mazzumagpt.com.teamcyst.com/ MazzumaGPT], aims to integrate artificial intelligence into its contract creation platform. | In 2023, the Ghanaian startup [https://mazzuma.com/ Mazzuma] received funding from [https://www.crunchbase.com/organization/adaverse Adaverse], a Cardano ecosystem accelerator. The company’s project, [https://www.mazzumagpt.com.teamcyst.com/ MazzumaGPT], aims to integrate artificial intelligence into its contract creation platform.<sup>[https://www.techloy.com/adaverse-backs-ghana-web3-startup-mazzuma/ 23]</sup> | ||
In 2022, [https://worldmobiletoken.com/ World Mobile Token (WMT)], a project built on the [https://cardano.org/ Cardano blockchain], provided remote mobile network access in [https://www.britannica.com/place/Africa Africa] and operated approximately 150 nodes in East Africa. Investor Mark Cuban expressed skepticism regarding the project and Cardano adoption.<sup>[https://www.cityam.com/mark-cuban-goes-head-to-head-with-world-mobile-ceo-over-cardano/ 24]</sup> | |||
In September 2022, Cardano was cited by [https://aiimafrica.com/media/media-centre/quartz-africa/ Quartz] for its potential to provide [https://www.gbg.com/en/blog/what-are-digital-ids/ digital IDs] in [https://www.britannica.com/place/Zanzibar-island-Tanzania Zanzibar], [https://www.britannica.com/place/Ethiopia Ethiopia], and [https://www.britannica.com/place/Burundi Burundi]. Across Africa, rising demand for [https://www.analyticsinsight.net/career/blockchain-developer-salary-guide-how-much-can-you-make blockchain developers] is driving education, startups, and investment in decentralized solutions.<sup>[https://qz.com/blockchain-training-is-spreading-across-africa-1849589837 25]</sup> | |||
In | In September 2021, [https://www.dish.com/ DISH Network] and [https://www.iog.io/ Input Output Global (IOG)] formed a strategic collaboration to explore [https://www.analyticsinsight.net/blockchain/best-blockchain-networks-for-building-decentralized-applications blockchain applications] on the Cardano network, aiming to enhance services for Boost, DISH, and SLING customers through [https://www.analyticsinsight.net/tech-news/impact-of-distributed-ledger-technology-across-industries distributed ledger technologies].<sup>[https://about.dish.com/2021-09-27-DISH-and-IOG-Form-Strategic-Collaboration-to-Leverage-Blockchain-Technology-in-Wireless 26]</sup> | ||
In | In October 2021, Cardano founder Charles Hoskinson partnered with EDM artist [https://pauloakenfold.com/ Paul Oakenfold] to launch a tokenized album, [https://mixmag.asia/read/cardano-founder-charles-hoskinson-paul-oakenfold-nft-album-zombie-lobster-international Zombie Lobster], on the Cardano blockchain, with all tracks, cover art, and remixes issued as non-fungible tokens.<sup>[https://www.proactiveinvestors.com.au/companies/news/961953/cardano-meets-music-as-dj-paul-oakenfold-to-launch-tokenised-album-961953.html 27]</sup> | ||
In | In April 2021, the [https://www.britannica.com/place/Ethiopia Ethiopian] government partnered with [https://iohk.io/ IOHK] to use the Cardano blockchain to benefit five million students, aiming to provide scalable, blockchain-based education solutions and promote economic, social, and financial inclusion.<sup>[https://cryptoslate.com/ethiopian-government-to-use-cardano-blockchain-to-benefit-5-million-students/ 28]</sup> | ||
In | In October 2019, [https://www.espn.in/nba/story/_/id/25400965/kawhi-leonard-toronto-raptors-new-balance-agree-shoe-deal New Balance] partnered with NBA player [https://www.espn.in/nba/player/_/id/6450/kawhi-leonard Kawhi Leonard] and IOHK to pilot the Cardano blockchain for its OMN1S sneaker, enabling fans to verify authenticity and record ownership through a blockchain-based digital registration system.<sup>[https://finance.yahoo.com/news/blockchain-sneakers-balance-pairs-basketball-145931873.html 29]</sup> | ||
In | In June 2019, IOHK partnered with the [https://www.britannica.com/place/Georgia Georgian] government and two universities to explore Cardano and [https://medium.com/@africablockchaininstitute/blockchain-for-digital-identity-the-atala-prism-project-2371e78e5c9a Atala blockchain] applications for education, enabling secure verification of academic credentials and supporting broader initiatives in fintech, supply chains, and smart contracts.<sup>[https://www.iog.io/news/iohk-announces-partnership-with-georgian-government-and-universities 30]</sup> | ||
In 2018, IOHK signed a [https://www.investopedia.com/terms/m/mou.asp memorandum of understanding] with the Ethiopian government to explore the use of the Cardano blockchain in its coffee supply chain and investigate additional applications of the technology within the country.<sup>[https://web.archive.org/web/20180615072632/http://www.busiweek.com/ethiopian-government-cardano-technology-team-up-on-blockchain/ 31]</sup> | |||
In 2018, IOHK signed a [https://www.investopedia.com/terms/m/mou.asp memorandum of understanding] with the Ethiopian government to explore the use of the Cardano blockchain in its coffee supply chain and investigate additional applications of the technology within the country. | |||
== Decentralized Finance == | == Decentralized Finance == | ||
In November 2023, Cardano announced progress on partner chains, including [https://midnight.network/ Midnight], a data-protection-focused sidechain using [https://www.geeksforgeeks.org/computer-networks/zero-knowledge-proof/ zero-knowledge cryptography]. Midnight aims to bridge decentralized and [https://www.analyticsinsight.net/finance/why-tech-valuations-keep-defying-traditional-finance-models traditional finance], support selective data disclosure, and introduced a devnet that onboarded over 600 development teams. | In November 2023, Cardano announced progress on partner chains, including [https://midnight.network/ Midnight], a data-protection-focused sidechain using [https://www.geeksforgeeks.org/computer-networks/zero-knowledge-proof/ zero-knowledge cryptography]. Midnight aims to bridge decentralized and [https://www.analyticsinsight.net/finance/why-tech-valuations-keep-defying-traditional-finance-models traditional finance], support selective data disclosure, and introduced a devnet that onboarded over 600 development teams.<sup>[https://messari.io/report/state-of-cardano-q4-2023 32]</sup> | ||
== Non-Fungible Tokens (NFTs) == | == Non-Fungible Tokens (NFTs) == | ||
In April 2022, [https://snoopdogg.com/ rapper Snoop Dogg] collaborated with [https://www.coingecko.com/en/coins/clay-nation Clay Nation] to launch Baked Nation, an [https://www.analyticsinsight.net/nfts/the-rise-of-utility-nfts-beyond-art-and-collectibles NFT collection] on the Cardano blockchain, consisting of 10,000 digital representations of handmade, Snoop Dogg–inspired clay figurines. | In April 2022, [https://snoopdogg.com/ rapper Snoop Dogg] collaborated with [https://www.coingecko.com/en/coins/clay-nation Clay Nation] to launch Baked Nation, an [https://www.analyticsinsight.net/nfts/the-rise-of-utility-nfts-beyond-art-and-collectibles NFT collection] on the Cardano blockchain, consisting of 10,000 digital representations of handmade, Snoop Dogg–inspired clay figurines.<sup>[https://www.cnbctv18.com/cryptocurrency/5-crypto-and-nft-projects-that-snoop-dogg-has-been-involved-with-16079141.htm 33]</sup> | ||
<small><sup>1</sup></small><small><sup>9</sup> Investopedia, “Cardano (ADA): What It Is and How It Differs From Bitcoin”, [https://www.investopedia.com/cardano-definition-4683961 Achieved], Retrieved June 2025</small> | |||
<small><sup>20</sup> Cardano Foundation, “A First Step Towards On-Chain Decentralized Governance”, [https://cips.cardano.org/cip/CIP-1694 Achieved], Retrieved November 2022</small> | |||
<small><sup>21</sup> Coin Shares, “Cardano (ADA) Guide”, [https://coinshares.com/corp/insights/knowledge/cardano-guide/ Achieved], Retrieved February 2024</small> | |||
<small><sup>22</sup> Building Bridges, “Profile: Frederik Gregaard ”, [https://www.buildingbridges.org/speaker/frederik-gregaard/ Achieved]</small> | |||
<small><sup>23</sup> Techloy, “Adaverse backs Ghana Web3 startup Mazzuma to unveil AI-based smart contract generator”, [https://www.techloy.com/adaverse-backs-ghana-web3-startup-mazzuma/ Achieved], Retrieved June 2023</small> | |||
<small><sup>24</sup> City AM Limited, “Mark Cuban goes head-to-head with World Mobile CEO over Cardano”, [https://www.cityam.com/mark-cuban-goes-head-to-head-with-world-mobile-ceo-over-cardano/ Achieved], Retrieved August 2022</small> | |||
<small><sup>25</sup> Quartz, “Demand for blockchain developers is rising in Africa" [https://qz.com/blockchain-training-is-spreading-across-africa-1849589837 Achieved], Retrieved September 2022</small> | |||
<small><sup>26</sup> Dish Room, “DISH and IOG Form Strategic Collaboration to Leverage Blockchain Technology in Wireless”, [https://about.dish.com/2021-09-27-DISH-and-IOG-Form-Strategic-Collaboration-to-Leverage-Blockchain-Technology-in-Wireless Achieved], Retrieved September 2021</small> | |||
<small><sup>27</sup> Proactive, “Cardano meets music as DJ Paul Oakenfold to launch tokenised album”, [https://www.proactiveinvestors.com.au/companies/news/961953/cardano-meets-music-as-dj-paul-oakenfold-to-launch-tokenised-album-961953.html Achieved], Retrieved October 2021</small> | |||
<small><sup>28</sup> Crypto Slate, “Ethiopian government to use Cardano blockchain to benefit 5 million students”, [https://cryptoslate.com/ethiopian-government-to-use-cardano-blockchain-to-benefit-5-million-students/ Achieved], Retrieved April 2021</small> | |||
<small>29 Yahoo Finance, “Blockchain for sneakers: New Balance pairs with basketball star for pilot”, Achieved, Retrieved October 2019</small> | |||
<small>30 IOG, “IOHK announces partnership with Georgian government and universities”, Achieved, Retrieved June 2019</small> | |||
<small><sup>31</sup> Business Week, “Ethiopian government-Cardano Technology team up on blockchain”, [https://web.archive.org/web/20180615072632/http://www.busiweek.com/ethiopian-government-cardano-technology-team-up-on-blockchain/ Achieved], Retrieved June 2018</small> | |||
<small><sup>32</sup> Messari, “State of Cardano Q4 2023”, [https://messari.io/report/state-of-cardano-q4-2023 Achieved], Retrieved February 2024</small> | |||
<small><sup>33</sup> CNBC, “5 crypto and NFT projects that Snoop Dogg has been involved with”, [https://www.cnbctv18.com/cryptocurrency/5-crypto-and-nft-projects-that-snoop-dogg-has-been-involved-with-16079141.htm Achieved], Retrieved March 2023</small> | |||
== Legal Status and Regulation == | == Legal Status and Regulation == | ||
In 2023, the [https://www.sec.gov/ U.S. Securities and Exchange Commission (SEC)] filed a complaint against the [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/top-cryptocurrency-exchanges-in-the-world-binance-kraken-more cryptocurrency exchange] [https://www.kraken.com/ Kraken], alleging the offering of unregistered securities through its staking services for several [https://www.investopedia.com/terms/p/proof-stake-pos.asp proof-of-stake cryptocurrencies], including Cardano. Without admitting wrongdoing, Kraken agreed to pay a $30 million settlement and discontinue its staking program. | In 2023, the [https://www.sec.gov/ U.S. Securities and Exchange Commission (SEC)] filed a complaint against the [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/top-cryptocurrency-exchanges-in-the-world-binance-kraken-more cryptocurrency exchange] [https://www.kraken.com/ Kraken], alleging the offering of unregistered securities through its staking services for several [https://www.investopedia.com/terms/p/proof-stake-pos.asp proof-of-stake cryptocurrencies], including Cardano. Without admitting wrongdoing, Kraken agreed to pay a $30 million settlement and discontinue its staking program.<sup>[https://www.sec.gov/files/litigation/complaints/2023/comp-pr2023-25.pdf 34]</sup> | ||
On 19 June 2023, [https://www.coingecko.com/en/coins/cardano Cardano’s ADA] price declined following regulatory uncertainty linked to U.S. Securities and Exchange Commission actions. Analysts noted similarities to XRP’s price behavior during its [https://www.sec.gov/enforcement-litigation/litigation-releases SEC lawsuit], warning ADA could fall below $0.22 if legal pressures persisted. | In June 2023, the U.S. SEC sued [https://www.binance.com/en-IN Binance] and CEO [https://www.forbes.com/profile/changpeng-zhao/ Changpeng Zhao] for operating an unregistered exchange. The lawsuit affected multiple cryptocurrencies traded on the platform, including Cardano, amid broader [https://www.collinsdictionary.com/dictionary/english/regulatory-scrutiny regulatory scrutiny]. <sup>[https://www.aljazeera.com/economy/2023/6/5/us-sec-sues-worlds-largest-crypto-exchange-binance-and-founder 35]</sup>In the same year, [https://www.iog.io/ Input Output Global (IOG)] rejected SEC claims involving Cardano and ADA, stating the filings contained inaccuracies, reaffirming ADA is not a security, and advocating collaborative, innovation-friendly [https://digital-strategy.ec.europa.eu/en/policies/regulatory-framework-blockchain blockchain regulation].<sup>[https://www.iog.io/news/iog-response-to-the-recent-sec-filings 36]</sup> | ||
On 19 June 2023, [https://www.coingecko.com/en/coins/cardano Cardano’s ADA] price declined following regulatory uncertainty linked to U.S. Securities and Exchange Commission actions. Analysts noted similarities to XRP’s price behavior during its [https://www.sec.gov/enforcement-litigation/litigation-releases SEC lawsuit], warning ADA could fall below $0.22 if legal pressures persisted.<sup>[https://ng.investing.com/news/cryptocurrency-news/adas-price-development-may-depend-on-the-sec-vs-ripple-outcome-911912 37]</sup> | |||
On 13 November 2024, [https://finance.yahoo.com/news/robinhood-launches-staking-ethereum-solana-220946670.html Robinhood] added [https://solana.com/ Solana], [https://www.coingecko.com/en/coins/pepe Pepe], [https://coinmarketcap.com/currencies/cardano/ Cardano (ADA)], and [https://coinmarketcap.com/currencies/xrp/ XRP] to its [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/top-crypto-trading-platforms-in-the-usa U.S. trading platform], expanding its cryptocurrency offerings amid expectations of a more favorable regulatory environment following [https://www.analyticsinsight.net/biography/donald-trump Donald Trump]’s presidential election victory. | On 13 November 2024, [https://finance.yahoo.com/news/robinhood-launches-staking-ethereum-solana-220946670.html Robinhood] added [https://solana.com/ Solana], [https://www.coingecko.com/en/coins/pepe Pepe], [https://coinmarketcap.com/currencies/cardano/ Cardano (ADA)], and [https://coinmarketcap.com/currencies/xrp/ XRP] to its [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/top-crypto-trading-platforms-in-the-usa U.S. trading platform], expanding its cryptocurrency offerings amid expectations of a more favorable regulatory environment following [https://www.analyticsinsight.net/biography/donald-trump Donald Trump]’s presidential election victory. | ||
<small><sup>34</sup> US SEC, “Complaint and Demand for Jury Trial”, [https://www.sec.gov/files/litigation/complaints/2023/comp-pr2023-25.pdf Achieved], Retrieved September 2023</small> | |||
<small><sup>35</sup> Al Jazeera, “US SEC sues world’s largest crypto exchange Binance and founder”, [https://www.aljazeera.com/economy/2023/6/5/us-sec-sues-worlds-largest-crypto-exchange-binance-and-founder Achieved], Retrieved June 2023</small> | |||
<small><sup>36</sup> IOG, “IOG response to the recent SEC filings”, [https://www.iog.io/news/iog-response-to-the-recent-sec-filings Achieved], Retrieved June 2023</small> | |||
<small><sup>37</sup> Investing, Com, “ADA’s Price Development May Depend on the SEC Vs. Ripple Outcome”, [https://ng.investing.com/news/cryptocurrency-news/adas-price-development-may-depend-on-the-sec-vs-ripple-outcome-911912 Achieved], Retrieved June 2023</small> | |||
<small><sup>38</sup> Coin Desk, “Robinhood Adds SOL, PEPE, ADA, XRP Following Trump Victory”, [https://www.coindesk.com/business/2024/11/13/robinhood-adds-sol-pepe-ada-xrp-following-trump-victory Achieved], Retrieved November 2024</small> | |||
__NOTOC__ | __NOTOC__ | ||
Latest revision as of 07:50, 27 January 2026
| Cardano | |
|---|---|
|
| |
| Denominations | |
| Symbol | ADA, ₳ |
| Code | cardano-node |
| Subunits | 1⁄1,000,000 Lovelace |
| Development | |
| Original author(s) | Charles Hoskinson Jeremy Wood |
| White paper | Cardano whitepaper |
| Initial release | 27 September 2017[1] |
| Latest release | 9.1.0 / 24 July 2024[2] |
| Code repository | cardanoupdates.com |
| Development status | Active |
| Written in | Haskell |
| Operating system | Cross-platform |
| Developer(s) | Cardano Foundation IOHK EMURGO |
| Source model | Free and open-source software |
| License | Apache License |
| Ledger | |
| Timestamping scheme | Proof of stake |
| Block time | 20 seconds |
| Block explorer | Adatools.io |
| Circulating supply | 36.365 billion ₳ (as of Nov. 2023) |
| Supply limit | 45 billion ₳[3] |
| Valuation | |
| Exchange rate | Floating |
| Demographics | |
| Official users | ~3,264 stake pools globally (as of Nov. 2023)[4] |
| Website | cardano.org |
| Uses | Distributed computing |
Cardano is a decentralized blockchain platform founded in 2015 and launched in 2017. Using proof-of-stake, it offers energy efficiency, scalability, and a development environment for decentralized applications.1
It is a Swiss-based independent non-profit organization promoting Cardano adoption, focusing on operational resilience, education, and industry engagement, and is led by CEO Frederik Gregaard.2
History
Cardano was developed by Ethereum co-founder Charles Hoskinson in 2015 and officially launched in 2017. Marketed as a third-generation blockchain, it is supported by the technology company Input Output Hong Kong (IOHK) and promoted by the Cardano Foundation. The platform aims to provide a more secure and scalable infrastructure for decentralized applications and smart contracts, distinguishing itself from earlier blockchains through a research-driven approach and a layered architecture.
After leaving Ethereum in 2014, Hoskinson, along with Jeremy Wood, began outlining plans for Cardano. Hoskinson had departed Ethereum following a disagreement with co-founder Vitalik Buterin over the project’s direction, with Hoskinson advocating for venture capital funding and a commercial model, while Buterin preferred a nonprofit approach. Subsequently, Hoskinson and Wood co-founded IOHK, which became the primary organization responsible for developing and maintaining the Cardano blockchain, focusing on solutions for corporations, governments, and educational institutions.3
In 2021, the University of Edinburgh partnered with IOHK to create a blockchain research lab led by Aggelos Kiayias, advancing distributed ledger research and fostering collaboration
between academia and industry.4 The lab included six postdoctoral and professorial positions and created up to 35 jobs overall. It was led by Aggelos Kiayias, the developer of the Ouroboros protocol.5
Cardano achieved a record market capitalization of US$77 billion in 2021, ranking fourth among blockchain platforms at the time. As of December 2023, its market value stands at US$10.7 billion.6
According to “Cardano (ADA) and Bitcoin Ranked Among Top 30 in MBLM’s Brand Intimacy 2022 Study” (MBLM, February 24, 2022), Cardano and Bitcoin ranked 26th and 30th, respectively, among over 600 global brands, reflecting strong emotional connections with consumers and increasing mainstream recognition of cryptocurrency.7
Cardano describes itself as a “third-generation” blockchain, building on Bitcoin and Ethereum. It is named after Renaissance mathematician Gerolamo Cardano, while its native cryptocurrency, ADA, honors 19th-century mathematician Ada Lovelace.8
1 Investopedia, “Cardano (ADA): What It Is and How It Differs From Bitcoin ”, Achieved, Retrieved June 2025
2 Cardano Foundation, “Bridging Cardano and the World”, Achieved
3 Binance Square, “The Blog”, Achieved, Retrieved February 2024
Design
Governance
Cardano is governed by three independent entities, each playing a unique role in its development, adoption, and commercialization.
- Cardano Foundation (Switzerland): A non-profit promoting adoption and ecosystem growth.
- IOHK (Input Output Hong Kong): Conducts global research and development for Cardano’s technology.
- Emurgo: Develops and supports commercial solutions based on the Cardano platform.9
Technical design
Cardano (ADA) is a proof-of-stake blockchain with a research-first approach. Unlike typical blockchains, it replaces a whitepaper with peer-reviewed design principles. Written in Haskell, it uses the Ouroboros protocol for secure, high-speed transactions, combining innovation with scientific rigor. 10
It is an open-source blockchain platform allowing developers to deploy smart contracts, bridging real-world data with blockchain applications and expanding the potential for decentralized solutions.
It aims to address limitations in the cryptocurrency space, claiming to overcome Bitcoin’s speed and flexibility issues and Ethereum’s safety and scalability challenges. The platform relies on rigorous academic research and testing and operates on an eco-friendly Proof-of-Stake network to identify and resolve potential issues before implementation.11
Cardano uses an Extended UTXO (EUTXO) accounting model, combining Bitcoin’s UTXO structure with Ethereum’s smart contract functionality. This approach supports multi-assets, improves scalability, enables precise transaction tracking, and allows developers to integrate real-world data into the blockchain.12
Cardano employs the Ouroboros family of protocols as its proof-of-stake consensus mechanism. The protocols use a verifiable random function (VRF) to select validators,
ensuring randomness while allowing straightforward verification of participants.13 This contrasts with Bitcoin and Ethereum, which traditionally used proof-of-work protocols, although Ethereum transitioned to proof-of-stake in 2022. Proof-of-stake blockchains consume significantly less energy compared to proof-of-work blockchains.14
In February 2021, Charles Hoskinson estimated that the Cardano network consumed approximately 6 GWh annually, representing less than 0.01% of the 110.53 TWh consumed by the Bitcoin network, according to calculations by the University of Cambridge.15
Within the Cardano platform, Ada operates on the settlement layer, which is responsible for recording and maintaining transactions. The computation layer, on the other hand, is designed to support smart contracts and decentralized applications, functioning in a manner similar to Ethereum.16Another notable feature is that, as of the present, the native cryptocurrency, Ada (ADA), can only be stored in Cardano’s official digital wallet, Daedalus.17 It is an open-source, full-node cryptocurrency wallet for Cardano’s Ada (ADA), providing maximum security, independent transaction validation, hierarchical deterministic wallet management, cross-platform support, and customizable user interface themes.18
Cardano has been developed in phases named after notable figures in poetry and computer science: Byron, Shelley, Goguen, Basho, and Voltaire. Each phase represents a major step in the platform’s evolution, focusing on foundational infrastructure, decentralization, smart contracts, scalability, and governance.
The final phase, Voltaire, completed in January 2025, established a self-sustaining system with on-chain voting, proposals, and treasury management. As of June 2025, the blockchain’s Ongoing development and future improvements, including scalability, new protocols, and API services, are guided by the Cardano community.19
As part of Cardano's Voltaire phase, CIP-1694 was implemented through the Chang upgrade and the subsequent Plomin hard fork in 2024, establishing on-chain governance. This transition allowed ADA token holders to create, vote on, and execute proposals via a decentralized decision-making process, representing IOHK’s formal transfer of network development control to the community.20
Cardano’s Ouroboros proof-of-stake protocol enables ADA holders to delegate tokens to staking pools or operate pools themselves, securing the network, earning rewards, and participating in governance, while reducing energy consumption compared with proof-of-work systems.21
4 Coin Desk, “Edinburgh University Partners with IOHK on Blockchain Research Hub”, Achieved, Retrieved September 2011
5 Fandom, “Cardano (cryptocurrency platform)”, Achieved
6Fintech Magazine, “Top 10 cryptocurrencies in 2023 by market capitalisation”, Achieved, Retrieved December 2023
7 MBLM, “Cardano (ADA) and Bitcoin Ranked Among Top 30 in MBLM’s Brand Intimacy 2022 Study”, Achieved, Retrieved April 2022
8 WazirX, “Cardano ADA”, Achieved
9 Brightnode, “The history of Cardano”, Achieved, Retrieved September 2021
10 CoinDCX, “What is Cardano (ADA) | Whitepaper Summary”, Achieved, Retrieved June 2022
11 Oobit, “Cardano vs Ethereum: How Are They Different?”, Achieved, Retrieved April 2021
12 IOG, “Cardano’s Extended UTXO accounting model – built to support multi-assets and smart contracts”, Achieved, Retrieved March 2021
13 Cardano Foundation, “An Introduction to Proof of Stake Blockchain Systems”, Achieved, Retrieved March 2025
14 Bitwave, “Is Proof-of-Stake REALLY More Energy-Efficient Than Proof-of-Work?”, Achieved
15 CNBC, “Sustainable Energy Bitcoin’s wild ride renews worries about its massive carbon footprint”, Achieved, Retrieved February 2021
16 Mashable, “Cardano: a rising cryptocurrency that wants to change the world”, Achieved, Retrieved February 2018
17 European Parliament, “Cryptocurrencies and blockchain”, Achieved, Retrieved July 2018
18 Daedalus Wallet, “Welcome to Daedalus Wallet”, Achieved
Cardano Foundation
Frederik Gregaar has served as Chief Executive Officer of the Cardano Foundation since 2021. He has a background in banking, wealth management, and asset management, and is a leader in fintech and blockchain.22
Applications
In 2026, Cardano’s Ouroboros Leios protocol is scheduled to increase transaction throughput to 10,000 transactions per second through parallel processing. The Hydra layer-2 solution further reduces congestion, supporting high-volume applications such as decentralized finance and real-world asset tokenization. Also in 2026, the Cardano Foundation launched a $30 million liquidity initiative, converting ADA holdings into active liquidity for stablecoin projects, custody providers, and cross-chain bridges. This program aims to enhance institutional adoption and create a sustainable ecosystem.
In 2025–2026, the U.S. ADA ETF filing was prioritized to provide regulated exposure to institutional investors. Its approval is expected to unlock significant capital inflows, leveraging Cardano’s academic-first approach and structured governance for mainstream adoption.
In 2026, Cardano partnered with MembersCap and RedSwan CRE to tokenize commercial real estate assets exceeding $50 million. This project aligns with global trends, expanding blockchain use beyond finance and contributing to the projected $16 trillion tokenization market.
By 2026, Cardano deployed blockchain-based decentralized identity systems to provide tamper-proof credentials for education and government sectors. These solutions enhance data security, streamline verification, and illustrate enterprise-grade applicability of the Cardano platform.
In 2025, the Cardano Foundation delegated 220 million ADA to DReps, enabling community-driven governance. This decentralization strengthened network resilience, transparency, and trust, facilitating institutional confidence and long-term stakeholder participation.
In 2023, the Ghanaian startup Mazzuma received funding from Adaverse, a Cardano ecosystem accelerator. The company’s project, MazzumaGPT, aims to integrate artificial intelligence into its contract creation platform.23
In 2022, World Mobile Token (WMT), a project built on the Cardano blockchain, provided remote mobile network access in Africa and operated approximately 150 nodes in East Africa. Investor Mark Cuban expressed skepticism regarding the project and Cardano adoption.24
In September 2022, Cardano was cited by Quartz for its potential to provide digital IDs in Zanzibar, Ethiopia, and Burundi. Across Africa, rising demand for blockchain developers is driving education, startups, and investment in decentralized solutions.25
In September 2021, DISH Network and Input Output Global (IOG) formed a strategic collaboration to explore blockchain applications on the Cardano network, aiming to enhance services for Boost, DISH, and SLING customers through distributed ledger technologies.26
In October 2021, Cardano founder Charles Hoskinson partnered with EDM artist Paul Oakenfold to launch a tokenized album, Zombie Lobster, on the Cardano blockchain, with all tracks, cover art, and remixes issued as non-fungible tokens.27
In April 2021, the Ethiopian government partnered with IOHK to use the Cardano blockchain to benefit five million students, aiming to provide scalable, blockchain-based education solutions and promote economic, social, and financial inclusion.28
In October 2019, New Balance partnered with NBA player Kawhi Leonard and IOHK to pilot the Cardano blockchain for its OMN1S sneaker, enabling fans to verify authenticity and record ownership through a blockchain-based digital registration system.29
In June 2019, IOHK partnered with the Georgian government and two universities to explore Cardano and Atala blockchain applications for education, enabling secure verification of academic credentials and supporting broader initiatives in fintech, supply chains, and smart contracts.30
In 2018, IOHK signed a memorandum of understanding with the Ethiopian government to explore the use of the Cardano blockchain in its coffee supply chain and investigate additional applications of the technology within the country.31
Decentralized Finance
In November 2023, Cardano announced progress on partner chains, including Midnight, a data-protection-focused sidechain using zero-knowledge cryptography. Midnight aims to bridge decentralized and traditional finance, support selective data disclosure, and introduced a devnet that onboarded over 600 development teams.32
Non-Fungible Tokens (NFTs)
In April 2022, rapper Snoop Dogg collaborated with Clay Nation to launch Baked Nation, an NFT collection on the Cardano blockchain, consisting of 10,000 digital representations of handmade, Snoop Dogg–inspired clay figurines.33
19 Investopedia, “Cardano (ADA): What It Is and How It Differs From Bitcoin”, Achieved, Retrieved June 2025
20 Cardano Foundation, “A First Step Towards On-Chain Decentralized Governance”, Achieved, Retrieved November 2022
21 Coin Shares, “Cardano (ADA) Guide”, Achieved, Retrieved February 2024
22 Building Bridges, “Profile: Frederik Gregaard ”, Achieved
23 Techloy, “Adaverse backs Ghana Web3 startup Mazzuma to unveil AI-based smart contract generator”, Achieved, Retrieved June 2023
24 City AM Limited, “Mark Cuban goes head-to-head with World Mobile CEO over Cardano”, Achieved, Retrieved August 2022
25 Quartz, “Demand for blockchain developers is rising in Africa" Achieved, Retrieved September 2022
26 Dish Room, “DISH and IOG Form Strategic Collaboration to Leverage Blockchain Technology in Wireless”, Achieved, Retrieved September 2021
27 Proactive, “Cardano meets music as DJ Paul Oakenfold to launch tokenised album”, Achieved, Retrieved October 2021
28 Crypto Slate, “Ethiopian government to use Cardano blockchain to benefit 5 million students”, Achieved, Retrieved April 2021
29 Yahoo Finance, “Blockchain for sneakers: New Balance pairs with basketball star for pilot”, Achieved, Retrieved October 2019
30 IOG, “IOHK announces partnership with Georgian government and universities”, Achieved, Retrieved June 2019
31 Business Week, “Ethiopian government-Cardano Technology team up on blockchain”, Achieved, Retrieved June 2018
32 Messari, “State of Cardano Q4 2023”, Achieved, Retrieved February 2024
33 CNBC, “5 crypto and NFT projects that Snoop Dogg has been involved with”, Achieved, Retrieved March 2023
Legal Status and Regulation
In 2023, the U.S. Securities and Exchange Commission (SEC) filed a complaint against the cryptocurrency exchange Kraken, alleging the offering of unregistered securities through its staking services for several proof-of-stake cryptocurrencies, including Cardano. Without admitting wrongdoing, Kraken agreed to pay a $30 million settlement and discontinue its staking program.34
In June 2023, the U.S. SEC sued Binance and CEO Changpeng Zhao for operating an unregistered exchange. The lawsuit affected multiple cryptocurrencies traded on the platform, including Cardano, amid broader regulatory scrutiny. 35In the same year, Input Output Global (IOG) rejected SEC claims involving Cardano and ADA, stating the filings contained inaccuracies, reaffirming ADA is not a security, and advocating collaborative, innovation-friendly blockchain regulation.36
On 19 June 2023, Cardano’s ADA price declined following regulatory uncertainty linked to U.S. Securities and Exchange Commission actions. Analysts noted similarities to XRP’s price behavior during its SEC lawsuit, warning ADA could fall below $0.22 if legal pressures persisted.37
On 13 November 2024, Robinhood added Solana, Pepe, Cardano (ADA), and XRP to its U.S. trading platform, expanding its cryptocurrency offerings amid expectations of a more favorable regulatory environment following Donald Trump’s presidential election victory.
34 US SEC, “Complaint and Demand for Jury Trial”, Achieved, Retrieved September 2023
35 Al Jazeera, “US SEC sues world’s largest crypto exchange Binance and founder”, Achieved, Retrieved June 2023
36 IOG, “IOG response to the recent SEC filings”, Achieved, Retrieved June 2023
37 Investing, Com, “ADA’s Price Development May Depend on the SEC Vs. Ripple Outcome”, Achieved, Retrieved June 2023
38 Coin Desk, “Robinhood Adds SOL, PEPE, ADA, XRP Following Trump Victory”, Achieved, Retrieved November 2024