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Cardano is a blockchain-based distributed ledger and smart contract platform similar to Ethereum.[1] Cardano is also the name used for the system's signature cryptocurrency, ADA.[2]


Cardano's team claim the project is engineered primarily for efficiency and stability. Cardano is built on Haskell, a coding language specifically developed to create Cardano's blockchain, as well as an original proof-of-stake method called Ouroboros.[3][4] The team that developed Cardano did so by examining past successful practices in blockchain technology and economics, and developing the technology "precisely," in an effort to create a superior open-sourced distributed ledger platform and corresponding cryptocurrency. It was also developed with adaptability in mind; the company's website specifically addresses the need to adapt using soft forks for a variety of reasons, including adapting to new regulations that may affect the cryptocurrency market internationally.[5] The Cardano team also created the Daedalus wallet, a cryptocurrency wallet specifically made for ADA.[6]

It has been called the "Ethereum of Japan."[7][8]



Cardano was launched on September 29, 2017 following a crowdfunding campaign that raised $62 million.[9] The first iteration was called Byron, which was Cardano's "bootstrap", or in-progress phase of existence.[10] It was created by IOHK, a private for-profit company, as well as a team of experts from numerous universities around the world. The company also created the Cardano Foundation, a non-profit organization, in order to support research and development of Cardano, as well as developing and managing the community around it.[11] These organizations collaborated in the hope of creating a blockchain platform that anyone could use, using its signature coin as its main currency.[12] This coin was named ADA, after the 19th-century mathematician, Ada Lovelace. In fact, the smallest denomination of ADA (0.000001 ADA) is referred to as a "Lovelace."[13][14]


In July 2019, CloudMargin launched. The Cardano-based collateral management platform announced that the Cardano Group had made CloudMargin the underlying platform for its own collateral management needs. Adopting CloudMargin involved replacing Cardano's previous in-house collateral management system, which allowed it to begin offering new services to its clients, such as reducing operational risks.[15]