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The history of Cardano - What makes the cryptocurrency so successful?



Cardano is one of the most successful cryptocurrencies in recent years. The blockchain network is technically excellent. Cardano has a massive community that firmly believes in the cryptocurrency’s long-term success.


We present the history of Cardano and describe what has made the cryptocurrency so successful in recent years. We mainly talk about the evidence-based approach of the blockchain and the different development phases.


What is Cardano cryptocurrency?

Cardano is a blockchain network, which is characterized by high security, fast transactions, low transaction costs, high decentralization and effective smart contract functions. The blockchain uses the efficient Proof-of-Stake consensus mechanism. The network token ADA has been successful for years and is among the top 10 coins by market capitalization. 

Cardano is characterized by a scientific approach to development. The Cardano Foundation, which is behind the cryptocurrency, uses evidence-based methods to develop and optimize the blockchain. The weaknesses of other networks are analyzed and the technical aspects are optimally implemented in your own blockchain.


When was Cardano founded?

The development of Cardano started in 2015. In 2017 the project was officially founded. The father of the project is one of the former co-founders of Ethereum, Charles Hoskinson. The Initial Coin Offering was on September 27, 2017.


There are 3 important institutions behind the project:


Cardano Foundation : A non-profit foundation based in Switzerland. She is the owner of the Cardano protocol, owner of the brand and continues to represent Cardano externally.

IOHK – Input Output Hong Kong : A company that develops blockchains. It is responsible for the technical implementation and development of Cardano.

Emurgo : A Japanese company. It is responsible for the commercial marketing of Cardano.


How did Cardano develop as a cryptocurrency?

In 2017, Cardano debuted on the crypto market with a market cap of $600 million. The project quickly attracted the attention of investors. When the crypto market became extremely bullish at the end of 2017, the market capitalization rose to 10 billion US dollars. In early 2018 (altcoin bull run), Cardano (ADA) briefly reached $33 billion. 


Then, in 2018, the bear market hit, bringing the market cap back to $10 billion. In the 2021 bull market, the ADA price and thus Cardano’s market cap rose again massively and reached $87.65 billion in August. The introduction of smart contracts helped Cardano enormously.

Cardano, ADA token price all time

What stages of development did the cryptocurrency Cardano go through?

The special feature of Cardano as a cryptocurrency is the systematic development of the network over a long period of time in 5 different phases:

Cardano's long-term approach ensures that the network optimizes the corresponding area according to evidence-based methods in every phase. In the process, the errors of other blockchains will also be improved.


How did the previous phases go?

At the moment, the cryptocurrency Cardano is in phase 4 (basho) and wants to massively increase its scalability. This is how the previous phases went.


Byron

Cardano developed the Outboros consensus protocol, the first consensus protocol to be developed according to scientific aspects. Furthermore, the wallets Daedalus and Yoroi were created for the ADA token. The community was slowly built.


Shelley

The decentralization of the network was massively promoted. Developers established a reward system and introduced Cardano staking. The number of nodes also increased massively.


Goguen

Goguen was dedicated to introducing smart contract features. This step was taken relatively late (2021) compared to how long Cardano existed. In the end, this move allowed Cardani to open up towards DeFi and NFTs .

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