With a commitment to openness and high assurance of formal development technology, Cardano (ADA) is not your typical cryptocurrency.
What is Cardano?
Created in 2015 and launched in 2017, Cardano is an innovative proof-of-stake blockchain network, evolving into a DApp development platform equipped with a multi-asset ledger and verifiable smart contracts.
Its development is marked by a commitment to attaining the scalability, interoperability, and sustainability essential for real-world applications. In essence, Cardano aspires to be the go-to platform for the future’s large-scale, mission-critical DApps responsible for shaping the economy.
What Makes Cardano Special?
What sets Cardano apart is its foundation in peer-reviewed academic research that champions openness and transparency. All the research findings and technical specifications that form the backbone of Cardano are accessible to the public, as is the entirety of Cardano’s development activity. The development process is a joint effort involving IOHK and partners.
IOHK focuses on technology development, the Cardano Foundation oversees and promotes Cardano, and Emurgo actively contributes to its commercial adoption.
The ultimate vision is a fully decentralized network that belongs to the community. Ideally, the future Cardano trends will be shaped by the community. This will be through bespoke governance features that emphasize a collective and inclusive decision-making process. Typically, Cardano is not only a blockchain network but also a community-driven project with aims to democratizing its governance for the benefit of everyone.
What is the Cardano Roadmap?
So, what’s the scoop on the Cardano roadmap? Well, it’s like the master plan for Cardano’s development, neatly organized into five cool eras:
Picture each era as a phase where a bunch of awesome functionalities get rolled out in different code releases. Here’s the fun part – even though the eras unfold one after the other, the real magic happens simultaneously. It’s like a behind-the-scenes show with research, prototyping, and development all cooking up simultaneously in several stages of development.
Now, each era’s hard work is showcased independently. It’s like a treasure trove that captures years of brainpower and effort.
Prepare for a deep dive into the era’s goals, a rundown of the core functional components, links to some brainy academic research, status updates to keep you in the loop, and even real-time code commits. It’s a journey, and below, we expound more on Cardano’s evolution – from the dreamy ideas to the nitty-gritty code.
Research
Cardano is different from other blockchains because it doesn’t just copy technical ideas from Bitcoin or other cryptocurrencies. Instead, IOHK works with top academics to do original research. This research is carefully reviewed by experts and shared at important conferences. All the important parts of Cardano are based on this research, which helps figure out what’s possible and the best way to make it happen.
Prototyping
Working with the research team, a group dedicated to technical prototyping dives into testing the ideas and methods laid out in the research. The goal is to turn theoretical possibilities into practical realities, all while gaining insights into the nitty-gritty details of real-world technical and functional challenges. This hands-on experimentation helps craft the technical specifications to bring the product to life.
Formal Development Levels
IOHK engineers use advanced formal development methods to ensure Cardano works flawlessly. Often reserved for high-stakes applications, these mathematical techniques are a first in the blockchain industry.
A Functional Programming
IOHK uses functional programming languages, especially Haskell. They’re like coding superheroes—less prone to errors and easy to test with math. Basically, it is all part of their commitment to top-notch formal development.
Technical Specifications
A close relationship with the prototyping team ensures they craft technical specifications inspired by research and prototyping results. These documents outline the expected functionality and behaviour, providing a compass for the final code implementation. Following these specifications ensures the code stays true to the original research vision, achieves the necessary functionality, and is technically feasible. It’s like turning a creative blueprint into a reliable reality.
Ultimately
The Cardano roadmap gives us a peek into each era, revealing exciting goals, key components, academic insights, real-time updates, and the collaborative spirit shaping Cardano’s decentralized path forward.
“In five years, if you try to use fiat currency, they will laugh at you. Bitcoin and other cryptocurrencies will be so relevant… there will be no reason to have the fiat currencies.” – Tim Draper (Venture Capitalist)
Image Source: Adobe Stock
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
