We’ll discuss the most recent, relevant Cardano ADA news and information regarding the Cardano Project and ADA, its currency. Learn more about Cardano, its history and the future of blockchain technology. Be sure to check back for more Cardano ADA news, which should be updated regularly. In addition, you can also find more news about Cardano developments on the Official Cardano Foundation News Page.
During the latest Cardano AMA, IOHK CEO Charles Hoskinson made several announcements related to Cardano ADA news.
Yella Virtual Machine
IOHK announced recently that it had signed a six-figure contract with Runtime Verification to develop Yella. Moreover, this project is apparently one of Hoskinson’s favorite projects. He anticipates having many deliverables from Yella. Yella is a virtual machine, also called IELE.
Hoskinson believes Yella will make Ethereum’s virtual machine “look like a toy.” This is significant considering that Hoskinson was a co-founder of Ethereum. This is certainly big Cardano ADA news.
Goguen Release in Late 2020?
In other Cardano ADA news, Cardano’s Goguen era of the Cardano Roadmap is scheduled to be released in late October 2020. Furthermore, Hoskinson has indicated that, like other projects, Goguen will be a work in progress after it is released.
Cardano Marketing Ramp Up
Hoskinson indicated that marketing of Cardano will begin to have some priority. He stated he is in daily communication with the new Cardano marketing director. She will initially focus on comparative blockchain marketing and then subsequently focus on campaign marketing.
New Cardano Stablecoin
At the end of August 2020, Charles Hoskinson announced some surprising Cardano ADA news. He said that Cardano was working on developing a stablecoin that will be “better than MakerDAO.” He indicated that Cardano had created the partnership with Emurgo specifically to help launch a stablecoin to improve on MakerDAO’s shortcomings.
Hoskinson went on to say of Emurgo and the new stablecoin,
“For example, we’ve partnered with Emurgo, and we’re right now working on the logistics of a stablecoin with them that we’re going to be building first on Emurgo to verify everything works correctly, and then we’ll pull it over into Cardano and this is going to be an algorithmic stablecoin.”
This could potentially occur in 2021.
Cardano ADA News on Staking Rewards
You can find simplified explanation of how Cardano staking works at Cardano’s Website. The Cardano wallets that support staking are Yoroi and Daedalus. Users will delegate a stake of their ADA holdings to a stake pool. This will allow those users to earn rewards over time, paid in ADA. Staking allows the Cardano blockchain to remain functional while involving users directly in the process with an incentive.
It’s important to note that specific staking rewards vary from person to person. The example provided for the Rewards Breakdown on the Cardano Staking Calculator Website is 5.14%. Obviously, this is simply an average. Again, rewards will vary over time. Use the calculator to estimate your individual staking rewards for ADA.
To summarize where we are today in Cardano ADA news: Cardano is a working blockchain project with many active users, two functional wallets and a currency called ADA. Moreover, all future development and innovation expands upon this base of technology.
If activity of a project is any indicator of future success, then Cardano has a serious chance at succeeding. For example, in 2019, Cardano was ranked #1 most developments on GitHub. GitHub is a collaboration bulletin board for software developers to share ideas and coordinate projects.
The future plans for the Cardano project have been divided into five distinct parts or eras, called the Cardano Roadmap. The Cardano Roadmap includes:
Byron – Foundation (Released)
The first incarnation of Cardano allowed users to buy and sell the ada cryptocurrency – so named for revolutionary programmer Ada Lovelace – on a federated network running the groundbreaking Ouroboros consensus protocol. The heart of the Cardano network, Ouroboros is the first proof-of-stake protocol created on the basis of academic research, with a mathematically-proven level of security.
The Byron era also saw the delivery of the Daedalus wallet, IOHK’s official desktop wallet for ada, as well as Yoroi, a light wallet from IOHK’s sister company Emurgo designed for quick transactions and day-to-day use.
Shelley – Decentralization (Released July 2020)
The Shelley era encompasses the critical early steps in Cardano’s journey to optimize decentralization – and like any first steps, these will be gradual but significant. During the Byron era the network was federated, but as the Shelley era progresses more and more nodes will shift towards being run by the Cardano community. Once the majority of nodes are run by network participants, Cardano will be more decentralized and enjoy greater security and robustness as a result.
Shelley will also see the introduction of a delegation and incentives scheme, a reward system to drive stake pools and community adoption. As a proof-of-stake network, users stake their ada to participate in the network. Painstakingly designed using game theory and the latest research into proof-of-stake networks, the delegation and incentive scheme will allow and encourage users to delegate their stake to stake pools – always-on, community-run network nodes – and be rewarded for honest participation in the network.
Goguen – Smart Contracts (Scheduled Release: October 2020?)
The Goguen era also encompasses work to make Cardano accessible to wider audiences via Marlowe, allowing financial and business experts with no previous technical knowledge to create smart contracts. Marlowe is a high-level, domain-specific language (DSL) for financial contracts which is built on Plutus. Marlowe comes with the Marlowe Playground, an easy-to-use application-building platform that non-programmers can use to build financial smart contracts. Together, Marlowe and the Marlowe Playground simplify the process of creating smart contracts for financial applications, allowing subject matter experts to directly contribute without requiring deep programming skills. The combination of Plutus and Marlowe will enable a new class of enterprise-level smart contracts with verified functionality, capable of underpinning large scale implementations in the real world.
As well as adding functionality in the form of smart contracts, Goguen will also see improvements to the core Cardano offering. Most significantly, the addition of a multi-currency ledger will extend the usefulness of Cardano even further, enabling users to create new natively-supported tokens. This will allow the creation of fungible and non-fungible tokens, supporting the creation of new cryptocurrencies on Cardano as well as the tokenization of many types of digital and physical assets. Another benefit will be easier integration of smart contracts and DApps involving multiple cryptocurrencies.
Basho – Scaling (TBD)
One of the core developments of Basho will be the introduction of sidechains: new blockchains, interoperable with the main Cardano chain, with immense potential to extend the capabilities of the network. Sidechains can be used as a sharding mechanism by off-loading work from the main chain onto a sidechain to increase the capacity of the network. They can also be used to introduce experimental features without affecting the security of the main blockchain.
Basho will also see the introduction of parallel accounting styles. While the main Cardano blockchain will continue to use a UTXO model, the ability to support and switch between UTXO and account-based models will be added using sidechains. The result will be greater interoperability for Cardano, as well as the ability to support new kinds of use cases on the network.
Voltaire – Governance (TBD)
For the Cardano network to become truly decentralized, it will require not only the distributed infrastructure introduced during the Shelley era but also the capacity to be maintained and improved over time in a decentralized way. To that end, the Voltaire era will add the ability for network participants to present Cardano improvement proposals that can be voted on by stakeholders, leveraging the already existing staking and delegation process.
To fund the future development of the network, Voltaire will also see the addition of a treasury system, whereby a fraction of all transaction fees will be pooled to provide funds for development activities undertaken following the voting process.
When both a voting and treasury system are in place, Cardano will be truly decentralized and no longer under IOHK’s management. Instead, Cardano’s future will be in the hands of the community, who will have everything they need to grow and evolve Cardano from the secure, decentralized basis established by IOHK.
As you may have already figured out, the Cardano Project likes to honor mathematicians, poets, philosophers and influential thinkers. For example, the five eras of the Roadmap are named after thought leaders such as Goguen. Named for the late Joseph Goguen, a computer scientist, Goguen’s work inspired other coders to develop smart contracts.
Each part of the Cardano Roadmap will be developed simultaneously; however, different time frames will be developed for delivery of each era. For example, Byron was completed first and Shelley will sequentially follow it.
The namesake for the Cardano Project was Gerolamo Cardano (1501–1576). Namely, he was an Italian polymath, mathematician, physicist, biologist, physician, etc. who wrote over 200 scientific works. Specifically, Cardano was one of the primary figures in the mathematical field during the Renaissance period.
What is Cardano?
“Cardano is a groundbreaking proof-of-stake blockchain network, being developed into a decentralized application (DApp).. [of] ..verifiable smart contracts…Cardano aims to achieve the scalability, interoperability, and sustainability needed for real-world applications. [It] is designed to be the platform of choice for …the economy of the future.”–Cardano Roadmap
The token or digital currency for Cardano is “Ada.” It is named after Ada Lovelace: a 19th-century mathematician. In addition, she was the daughter of Lord Byron (poet) and is credited with being the first computer programmer.
The digital currency ADA is decentralized and doesn’t require third party involvement. In addition, ADA can be transacted or exchanged anywhere in the world. Finally, the blockchain records each transaction permanently.
Cardano has three primary partners which embody the advancement and evolution of the project: The Cardano Foundation, Emurgo and IOHK.
History of Cardano
Cardano started out in 2015 as a vision to address blockchain problems of scalability, interoperability and sustainability. Later, after much communication and coordination on GitHub, the Byron era began in 2017.
Proof of Stake
The Ada token is part of the proof of stake methodology. For example, each Ada holder can hold a stake in the Cardano blockchain network. As a result, users who hold Ada will earn a reward for participating in the network.
Currently, there are two wallets for Cardano: Daedalus and Yoroi. The Daedalus wallet is the official desktop wallet for storing and transacting ADA. Moreover, IOHK created it. Emurgo, sister company to IOHK, created the Yoroi “light” wallet. Specifically, Yoroi is designed for daily useage and quick transactions.
In addition, the Icarus wallet was developed and released in 2018. It was designed to be an open source, “lightweight” wallet that allowed developers to create their own wallets. Consequently, it was used as a prototype by Emurgo to develop the Yoroi wallet.
Greek Mythology in Cardano
Cardano’s wallets, Daedalus and Icarus, are named after Greek myths. According to Greek mythology, Daedalus appears in Homer’s story “The Iliad” as an employ of King Minos. Namely, Daedalus was tasked with building a labyrinth to contain the Minotaur.
Icarus was the son of Daedalus, the crafty maze builder. Accordingly, Icarus constructed wings made of feather and wax to fly away from Crete. However, he flew too close to the sun, melting his wings and eventually falling in the sea to drown.
Finally, Emurgo developed the Yoroi wallet. Yoroi translates to “armor” in the Japanese language.
The currency of Cardano, ADA, is named in honor of Ada Lovelace (1815-1852). She was an English mathematician and writer. As a result, Lovelace was given credit for writing the first algorithm used on a computer. In honor of Ada Lovelace’s mathematical foresight, Cardano creators named the smallest unit of ADA (0.000001) the “Lovelace.”
“Cardano is a blockchain platform built on the groundbreaking Ouroboros proof-of-stake consensus protocol, and developed using the Haskell programming language: a functional programming language that enables Cardano to pursue evidence-based development, for unparalleled security and stability.” – Cardano Foundation
The Ouroboros is a circular symbol that depicts a snake eating its own tail. In addition, it originates from Greek characters and symbols; however, it’s first known use was in circa-1400 BC Egyptian writings. Moreover, the Ouroboros was chosen as the consensus mechanism due to its cyclical nature.
Hopefully you have enjoyed reading more about the latestCardano ADA news. Cardano is a promising project that deserves a second look.
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