<s>
Cardano	B-Protocol
is	O
a	O
public	O
blockchain	B-Application
platform	O
.	O
</s>
<s>
It	O
is	O
open-source	B-License
and	O
decentralized	B-Operating_System
,	O
with	O
consensus	O
achieved	O
using	O
proof	B-Protocol
of	I-Protocol
stake	I-Protocol
.	O
</s>
<s>
It	O
can	O
facilitate	O
peer-to-peer	O
transactions	O
with	O
its	O
internal	O
cryptocurrency	O
,	O
ADA	B-Protocol
.	O
</s>
<s>
Cardano	B-Protocol
's	O
development	O
began	O
in	O
2015	O
,	O
led	O
by	O
Ethereum	B-Application
co-founder	O
Charles	O
Hoskinson	O
.	O
</s>
<s>
The	O
project	O
is	O
overseen	O
and	O
supervised	O
by	O
the	O
Cardano	B-Protocol
Foundation	O
based	O
in	O
Zug	O
,	O
Switzerland	B-Protocol
.	O
</s>
<s>
When	O
launched	O
in	O
2017	O
,	O
it	O
was	O
the	O
largest	O
cryptocurrency	O
to	O
use	O
a	O
proof-of-stake	B-Protocol
blockchain	B-Application
,	O
which	O
is	O
seen	O
as	O
a	O
greener	O
alternative	O
to	O
proof-of-work	O
protocols	O
.	O
</s>
<s>
After	O
leaving	O
Ethereum	B-Application
in	O
2014	O
Charles	O
Hoskinson	O
and	O
Jeremy	O
Wood	O
set	O
out	O
their	O
plans	O
for	O
Cardano	B-Protocol
in	O
2015	O
.	O
</s>
<s>
Hoskinson	O
had	O
left	O
Ethereum	B-Application
after	O
a	O
dispute	O
with	O
another	O
co-founder	O
,	O
Vitalik	O
Buterin	O
.	O
</s>
<s>
Woods	O
and	O
Hoskinson	O
co-founded	O
the	O
business	O
IOHK	O
to	O
develop	O
blockchains	B-Application
for	O
use	O
by	O
corporations	O
,	O
governments	O
,	O
and	O
education	O
institutions	O
.	O
</s>
<s>
Cardano	B-Protocol
was	O
initially	O
released	O
to	O
the	O
public	O
in	O
2017	O
.	O
</s>
<s>
That	O
year	O
,	O
IOHK	O
partnered	O
with	O
the	O
University	O
of	O
Edinburgh	O
to	O
launch	O
the	O
Blockchain	B-Application
Technology	I-Application
Laboratory	O
.	O
</s>
<s>
The	O
lab	O
had	O
six	O
post-doctoral	O
and	O
professorial	O
positions	O
with	O
up	O
to	O
35	O
jobs	O
created	O
in	O
total	O
,	O
and	O
was	O
led	O
by	O
Aggelos	O
Kiayias	O
,	O
developer	O
of	O
the	O
Ouroboros	B-General_Concept
protocol	I-General_Concept
.	O
</s>
<s>
Cardano	B-Protocol
reached	O
a	O
market	O
cap	O
of	O
$77	O
billion	O
in	O
May	O
2021	O
,	O
which	O
was	O
the	O
fourth	O
highest	O
for	O
a	O
cryptocurrency	O
at	O
that	O
time	O
.	O
</s>
<s>
Advertising	O
agency	O
MBLM	O
ranked	O
Cardano	B-Protocol
26th	O
for	O
brand	O
intimacy	O
out	O
of	O
600	O
brands	O
in	O
August	O
2022	O
,	O
in	O
between	O
Ford	O
and	O
Nestlé	O
and	O
the	O
highest	O
rank	O
for	O
a	O
cryptocurrency	O
.	O
</s>
<s>
Citing	O
an	O
MBLM	O
partner	O
,	O
advertising	O
industry	O
magazine	O
Ad	O
Age	O
said	O
Cardano	B-Protocol
's	O
high	O
ranking	O
"	O
can	O
likely	O
be	O
chalked	O
up	O
to	O
the	O
gambling	O
element	O
of	O
crypto	O
"	O
.	O
</s>
<s>
Cardano	B-Protocol
is	O
controlled	O
by	O
three	O
entities	O
:	O
</s>
<s>
Cardano	B-Protocol
foundation	O
aims	O
to	O
standardize	O
and	O
promote	O
the	O
ecosystem	O
(	O
based	O
in	O
Switzerland	B-Protocol
)	O
.	O
</s>
<s>
IOHK	O
:	O
an	O
engineering	O
company	O
responsible	O
for	O
building	O
the	O
Cardano	B-Protocol
blockchain	B-Application
.	O
</s>
<s>
As	O
of	O
2021	O
,	O
Frederik	O
Gregaard	O
is	O
known	O
to	O
be	O
the	O
CEO	O
of	O
the	O
Cardano	B-Protocol
Foundation	O
.	O
</s>
<s>
The	O
platform	O
is	O
named	O
after	O
Italian	O
mathematician	O
Gerolamo	O
Cardano	B-Protocol
,	O
while	O
the	O
cryptocurrency	O
itself	O
is	O
named	O
after	O
the	O
English	O
mathematician	O
Ada	B-General_Concept
Lovelace	I-General_Concept
.	O
</s>
<s>
The	O
Ada	B-Protocol
sub-unit	O
is	O
the	O
Lovelace	O
;	O
one	O
Ada	B-Protocol
=	O
1,000,000	O
Lovelaces	O
.	O
</s>
<s>
Cardano	B-Protocol
differentiates	O
itself	O
from	O
many	O
other	O
cryptocurrencies	O
by	O
focusing	O
on	O
scientific	O
research	O
and	O
working	O
together	O
with	O
universities	O
.	O
</s>
<s>
Atypically	O
,	O
Cardano	B-Protocol
does	O
not	O
have	O
a	O
white	O
paper	O
.	O
</s>
<s>
Cardano	B-Protocol
claims	O
that	O
it	O
overcomes	O
problems	O
found	O
in	O
other	O
cryptocurrencies	O
:	O
mainly	O
that	O
Bitcoin	B-Protocol
is	O
too	O
slow	O
and	O
inflexible	O
,	O
and	O
that	O
Ethereum	B-Application
is	O
not	O
safe	O
or	O
scalable	O
.	O
</s>
<s>
Like	O
Bitcoin	B-Protocol
,	O
Cardano	B-Protocol
uses	O
a	O
UTXO	B-Protocol
ledger	O
model	O
,	O
though	O
it	O
is	O
an	O
extended	O
version	O
(	O
EUTXO	O
)	O
to	O
facilitate	O
smart	O
contracts	O
and	O
scripting	O
languages	O
.	O
</s>
<s>
Cardano	B-Protocol
uses	O
a	O
proof-of-stake	B-Protocol
(	O
PoS	O
)	O
protocol	O
named	O
Ouroboros	B-General_Concept
;	O
this	O
is	O
in	O
contrast	O
to	O
Bitcoin	B-Protocol
and	O
Ethereum	B-Application
,	O
which	O
use	O
proof-of-work	O
protocols	O
(	O
though	O
the	O
latter	O
switched	O
over	O
in	O
2022	O
)	O
.	O
</s>
<s>
Proof-of-stake	B-Protocol
blockchains	B-Application
use	O
far	O
less	O
energy	O
than	O
proof-of-work	O
chains	O
.	O
</s>
<s>
In	O
February	O
2021	O
,	O
Hoskinson	O
estimated	O
the	O
Cardano	B-Protocol
network	O
used	O
6	O
GWh	O
annually	O
,	O
less	O
than	O
0.01	O
%	O
of	O
the	O
110.53	O
TWh	O
used	O
by	O
the	O
Bitcoin	B-Protocol
network	O
as	O
calculated	O
by	O
the	O
University	O
of	O
Cambridge	O
.	O
</s>
<s>
Within	O
the	O
Cardano	B-Protocol
platform	O
,	O
Ada	B-Protocol
exists	O
on	O
the	O
settlement	O
layer	O
.	O
</s>
<s>
This	O
layer	O
is	O
similar	O
to	O
Bitcoin	B-Protocol
and	O
keeps	O
track	O
of	O
transactions	O
.	O
</s>
<s>
The	O
second	O
layer	O
is	O
the	O
computation	O
layer	O
and	O
is	O
designed	O
to	O
be	O
similar	O
to	O
Ethereum	B-Application
,	O
enabling	O
smart	O
contracts	O
and	O
applications	O
to	O
run	O
on	O
the	O
platform	O
.	O
</s>
<s>
The	O
cryptocurrency	O
Ada	B-Protocol
(	O
ADA	B-Protocol
)	O
can	O
be	O
stored	O
on	O
Cardano	B-Protocol
's	O
native	O
digital	O
wallet	O
named	O
"	O
Daedalus	O
"	O
.	O
</s>
<s>
The	O
wallet	O
downloads	O
a	O
full	O
copy	O
of	O
the	O
entire	O
Cardano	B-Protocol
blockchain	B-Application
transaction	O
history	O
.	O
</s>
<s>
Development	O
phases	O
of	O
Cardano	B-Protocol
,	O
or	O
"	O
eras	O
"	O
,	O
are	O
named	O
after	O
notable	O
figures	O
in	O
poetry	O
and	O
computer	O
science	O
:	O
Byron	O
,	O
Shelley	O
,	O
Goguen	O
,	O
Basho	O
and	O
Voltaire	O
.	O
</s>
<s>
The	O
first	O
three	O
stages	O
implemented	O
a	O
basic	O
blockchain	B-Application
,	O
and	O
then	O
implemented	O
decentralisation	O
and	O
smart	O
contracts	O
.	O
</s>
<s>
The	O
Basho	O
era	O
focuses	O
on	O
scaling	O
the	O
blockchain	B-Application
.	O
</s>
<s>
Voltaire	O
,	O
the	O
final	O
era	O
,	O
adds	O
voting	O
and	O
treasury	O
management	O
functionality	O
to	O
the	O
blockchain	B-Application
.	O
</s>
<s>
As	O
with	O
other	O
proof-of-stake	B-Protocol
cryptocurrencies	O
,	O
Cardano	B-Protocol
offers	O
"	O
staking	O
"	O
,	O
which	O
allows	O
token	O
holders	O
to	O
set-aside	O
(	O
delegate	O
)	O
tokens	O
to	O
potentially	O
"	O
validate	O
"	O
transactions	O
on	O
the	O
same	O
blockchain	B-Application
(	O
see	O
Figure	O
1	O
)	O
.	O
</s>
<s>
Cardano	B-Protocol
's	O
Daedalus	O
wallet	O
allows	O
for	O
staking	O
.	O
</s>
<s>
For	O
Cardano	B-Protocol
,	O
users	O
participate	O
in	O
"	O
staking	O
pools	O
"	O
with	O
other	O
token-holders	O
.	O
</s>
<s>
Applications	O
of	O
the	O
Cardano	B-Protocol
blockchain	B-Application
include	O
:	O
</s>
<s>
In	O
2018	O
IOHK	O
signed	O
a	O
memorandum	O
of	O
understanding	O
with	O
the	O
government	O
of	O
Ethiopia	O
to	O
consider	O
the	O
use	O
of	O
Cardano	B-Protocol
in	O
its	O
coffee	O
supply	O
chain	O
.	O
</s>
<s>
The	O
partnership	O
with	O
the	O
Ethiopian	O
government	O
also	O
investigate	O
other	O
ways	O
to	O
deploy	O
Cardano	B-Protocol
in	O
the	O
country	O
.	O
</s>
<s>
In	O
2019	O
,	O
the	O
Ministry	O
of	O
Education	O
in	O
the	O
country	O
of	O
Georgia	O
signed	O
a	O
memorandum	O
of	O
understanding	O
with	O
the	O
Free	O
University	O
of	O
Tbilisi	O
to	O
use	O
Cardano	B-Protocol
and	O
Atala	O
,	O
IOHK	O
's	O
decentralized	B-Operating_System
identity	O
software	O
,	O
to	O
build	O
a	O
credential	O
verification	O
system	O
for	O
Georgia	O
.	O
</s>
<s>
In	O
2019	O
,	O
New	O
Balance	O
announced	O
a	O
pilot	O
program	O
on	O
the	O
Cardano	B-Protocol
blockchain	B-Application
so	O
buyers	O
could	O
track	O
the	O
authenticity	O
of	O
OMN1S	O
Kawhi	O
Leonard	O
basketball	O
shoes	O
.	O
</s>
<s>
In	O
April	O
2021	O
,	O
IOHK	O
and	O
the	O
Ethiopia	O
Ministry	O
of	O
Education	O
announced	O
plans	O
for	O
an	O
identity	O
and	O
record-keeping	O
system	O
on	O
Cardano	B-Protocol
and	O
Atala	O
for	O
the	O
country	O
's	O
five	O
million	O
school	O
pupils	O
.	O
</s>
<s>
In	O
2021	O
Hoskinson	O
began	O
working	O
with	O
electronic	O
dance	O
music	O
DJ	O
Paul	O
Oakenfold	O
to	O
release	O
an	O
album	O
,	O
Zombie	O
Lobster	O
,	O
on	O
the	O
Cardano	B-Protocol
blockchain	B-Application
.	O
</s>
<s>
The	O
Cardano	B-Protocol
blockchain	B-Application
is	O
cited	O
as	O
helping	O
citizens	O
in	O
Zanzibar	O
,	O
Ethiopia	O
and	O
Burundi	O
get	O
digital	O
IDs	O
.	O
</s>
<s>
World	O
Mobile	O
Token	O
(	O
WMT	O
)	O
,	O
a	O
project	O
built	O
on	O
Cardano	B-Protocol
,	O
offers	O
remote	O
mobile	O
network	O
access	O
in	O
Africa	O
with	O
approximately	O
150	O
nodes	O
in	O
East	O
Africa	O
(	O
2022	O
)	O
.	O
</s>
<s>
Mark	O
Cuban	O
is	O
cited	O
as	O
being	O
skeptical	O
about	O
the	O
project	O
and	O
Cardano	B-Protocol
adoption	O
.	O
</s>
<s>
Cardano	B-Protocol
implemented	O
decentralized	B-Protocol
finance	I-Protocol
(	O
DeFi	B-Protocol
)	O
services	O
on	O
September	O
12	O
,	O
2021	O
,	O
including	O
an	O
upgrade	O
to	O
enable	O
smart	O
contracts	O
and	O
the	O
ability	O
to	O
build	O
decentralized	B-Application
applications	I-Application
(	O
DApps	B-Application
)	O
.	O
</s>
<s>
Also	O
included	O
is	O
Plutus	O
,	O
a	O
Turing-complete	O
smart	O
contract	O
language	O
written	O
in	O
Haskell	B-Language
,	O
and	O
a	O
specialized	O
smart	O
contract	O
language	O
,	O
Marlowe	O
,	O
designed	O
for	O
non-programmers	O
in	O
the	O
financial	O
sector	O
.	O
</s>
<s>
Cardano	B-Protocol
's	O
smart	O
contract	O
languages	O
allow	O
developers	O
to	O
run	O
end-to-end	O
tests	O
on	O
their	O
program	O
without	O
leaving	O
the	O
integrated	B-Application
development	I-Application
environment	I-Application
or	O
deploying	O
their	O
code	O
.	O
</s>
<s>
In	O
2023	O
,	O
the	O
SEC	O
issued	O
a	O
complaint	O
against	O
the	O
cryptocurrency	O
exchange	O
Kraken	O
for	O
offering	O
unregistered	O
securities	O
(	O
in	O
violation	O
of	O
the	O
Securities	O
Act	O
)	O
and	O
promising	O
returns	O
on	O
investment	O
for	O
staking	O
in	O
proof-of-stake	B-Protocol
cryptocurrencies	O
including	O
Cardano	B-Protocol
.	O
</s>
