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Cardano is a proof-of-stake blockchain platform with the stated goal of empowering “changemakers, innovators, and visionaries” to effect positive global change.
The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals,” thereby contributing to the creation of a more secure, transparent, and fair society.
Cardano was founded in 2017 and is named after Gerolamo Cardano, a 16th century Italian polymath. The native ADA token is named after Ada Lovelace, a 19th-century mathematician widely regarded as the world’s first computer programmer. The ADA token is intended to allow owners to participate in the network’s operation. As a result, holders of the cryptocurrency have the ability to vote on any proposed changes to the software.
According to the team behind the layered blockchain, there have already been some compelling use cases for its technology, which aims to allow modular development of decentralized apps and smart contracts.
Charles Hoskinson, one of the co-founders of the Ethereum network, founded Cardano. He is the CEO of IOHK, which created Cardano’s blockchain.
Hoskinson stated in an interview for CoinMarketCap’s Crypto Titans series that he became interested in cryptocurrencies in 2011 and dabbled in mining and trading. He explained that his first professional involvement in the industry occurred in 2013, when he created a Bitcoin course that was taken by 80,000 students.
Hoskinson is a mathematician as well as a technology entrepreneur. His technology company will donate $500,000 in ADA to the University of Wyoming’s Blockchain Research and Development Lab in 2020.
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