Therefore, any block rewards generated during this initial phase were burned (no inflation during Byron). The Byron chain ran on a purpose-built consensus layer, called Ouroboro Genesis, which operated as a federated network with the majority of the node managed by the Cardano Foundation. It allowed users to buy, sell, and transaction its native cryptocurrency, ADA, across the protocol. The Byron era marked the first iteration of the Cardano network. Cardano development teams, IOHK and Emurgo, are researching and building the network's remaining phases, Basho and Voltaire, in parallel with Goguen. It's now in the process of rolling out its third phase, Goguen, which will add support for smart contracts and native token issuance. The next phase, Shelley, launched in July 2020, bringing Cardano's proposed Ouroboros Proas Proof-of-Stake (PoS) protocol to life. During this phase, the chain operated as a federated network that only supported ADA transactions.
The Byron era arrived in September 2017 with the mainnet launch of the Cardano blockchain.
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Emurgo is a Japanese venture capital firm.Ĭardano's full launch will consist of five phases: Byron, Shelley, Goguen, Basho, and Voltaire. The Cardano Foundation is a non-profit organization focused on core development and ecosystem growth for Cardano. IOHK is a blockchain research and development company founded by Charles Hoskinson and Jeremy Wood that is contracted to work on Cardano from 2015 through 2020. Cardano is named after an Italian Renaissance mathematician, Gerolamo Cardano, and its native currency ADA is named after Ada Lovelace, a 19th-century mathematician sometimes referenced as the first computer programmer.Ĭardano is backed by three entities: IOHK, The Cardano Foundation, and Emurgo. Cardano sees itself as a “third-generation” protocol, improving on Bitcoin and Ethereum as the first and second generations, respectively. Cardano does not have a single published white paper but is developed from a collection of academic papers. HistoryĬardano is an open-source blockchain originating from peer-reviewed academic research. The network features a native token called ADA that gives stakers a claim on new issuance in proportion to their holdings and allows users to pay for transactions. Cardano uses a version of Proof-of-Stake (PoS) called Ouroboros to secure the network and manage the block production process. Its modularization will eventually allow for network delegation, sidechains, and light client data structures.
Cardano is an open-source, smart-contract platform that aims to provide multiple features through layered design.