Cardano is the name of a technology platform which operates a specific cryptocurrency called ADA. This platform was started Input Output Hong Kong which is a firm known for developing blockchains. Charles Hoskinson is the man who runs the Cardano platform. He was the co-founder of two more successful blockchain computing platforms; Ethereum and BisShares.
As for Cardano, it has the ability to process decentralized applications, financial applications, and smart contracts. The platform is named after Gerolamo Cardano, who was an Italian astrologer, mathematician, and physician in the 16th century. The ADA currency that it runs was named after ADA Lovelace, who was an English mathematician in the 19th century. The main cryptocurrency wallet for storing ADA is called Daedalus.
Input Output Hong Kong had assistance in developing and designing Cardano from the University of Athens, the University of Connecticut, and the University of Edinburgh. Together, they created a platform which is based on the proof of stake algorithm called Ouroboros. The brilliance of this algorithm is that it strives to secure user information and protect their privacy. In addition, a virtual machine was created from this algorithm and it uses the same strategies found in Ethereum. It is projected for the virtual machine to debut in 2018 at some point.
ADA has been around since September of 2017. Within 4 months, it achieved a market cap of $16.205 billion and had an exchange rate of $0.625. The interesting thing is that most traders were not even aware of Cardano’s existence until mid-November of 2017. That was when the trading of the ADA cryptocurrency skyrocketed by more than 1,500%. It generated billions of dollars worth of trades within a two-month period. As of now, ADA is ranked number five for cryptocurrencies with the most value.
The thing that makes Cardano different than Ethereum and Bitcoin is that it’s designed to address the problems that Bitcoin has faced, such as infrastructure, sustainability, and scaling issues. ADA has been referred to as a 3rd generation cryptocurrency because it is the 3rd cryptocurrency to try and solve a problem or introduce something new in the industry. Bitcoin is the 1st generation of cryptocurrency and they created the idea of digital coins and currency. Ethereum is the 2nd generation cryptocurrency that introduced smart contracts for trading coins. Now, ADA will fix scalability problems on these cryptocurrency platforms.