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Cardano is a security focused blockchain that harnesses the latest research and engineering insights to build a platform suitable for the highest value applications. Built on a foundation of peer-reviewed research created through partnerships with the world’s foremost universities, Cardano aims to create a platform for decentralised applications and smart contracts that can be processed with a technique called formal verification. This allows logical proof of the correctness of code and smart contracts, for those applications where value is high and security is paramount. Cardano combines this with an innovative layered approach that separates accounting of value from all other smart contract and computation activity. This means functionality can be added to smart contract capabilities without changing the protocol responsible for Ada holdings.
Cardano was created in an effort to change the way cryptocurrencies are designed and developed. The overall focus beyond a particular set of innovations is to provide a more balanced and sustainable ecosystem that better accounts for the needs of its users as well as other systems seeking integration.
There are three organisations that are contributing to the development of Cardano. The first is the Cardano Foundation, an objective, non-profit organisation based in Switzerland. Its core responsibilities are to nurture, grow and educate Cardano users and commercial communities, to engage with authorities on regulatory and commercial matters and to act as a blockchain and cryptocurrency standards body. The second entity working on Cardano is IOHK, a leading cryptocurrency research and development company, which holds the contract to develop the platform until 2020. The final business partner is Emurgo, which invests in start-ups and assists commercial ventures to build on the Cardano blockchain.
Cardano was funded via a token crowdsale that was held between September 2015 and January 2017. Attain Corporation which had representative in both Japan and the UK led and organised the sale of Ada vouchers. The total amount raised was just over $62 million USD making Cardano one of the largest global blockchain projects to date.