Cardano cryptocurrency is a public blockchain platform. It is open-source and decentralised, and proof of stake is used to create consensus. With the help of its proprietary cryptocurrency, ADA. it is able to facilitate peer-to-peer transactions.
Charles Hoskinson, a co-founder of Ethereum, established Cardano in 2015. The Cardano Foundation, situated in Zug, Switzerland, supervises and coordinates the project’s development. The largest cryptocurrency that employ a proof-of-stake blockchain, a more environmentally friendly choice than proof-of-work systems
Cardano cryptocurrency Background
Charles Hoskinson, a co-founder of Ethereum, started working on the platform in 2015 and released it in 2017. After a disagreement with Vitalik Buterin, one of Ethereum’s co-founders, Hoskinson departed the company. Buterin wanted to maintain Ethereum operating as a charity, while Hoskinson wanted to accept venture financing and turn it into a for-profit company. After departing, he established IOHK with the Cardano Foundation and Emurgo, a blockchain engineering firm whose main activity is the development of Cardano. While the coin itself bears the name of English mathematician Ada Lovelace, the platform bears the name of Italian mathematician Gerolamo Cardano. The Lovelace is the Ada’s sub-unit; one Ada is equal to 1,000,000 Lovelaces.
Cardano cryptocurrency Funding & History
Through an ICO, Cardano received funding . The currency had a market valuation of $600 million at launch. Its market valuation was $10 billion by the end of 2017, and in 2018 it temporarily rose to $33 billion until a general tightening of the crypto market caused it to fall back to $10 billion. In May 2021, Cardano’s market worth surpassed $77 billion, securing its title as the largest proof-of-stake cryptocurrency.
Universities and IOHK have cooperated to do blockchain research. The University of Edinburgh’s Blockchain Technology Laboratory was established with assistance from IOHK in 2017. In 2020, IOHK gave the University of Wyoming $500,000 in Ada to encourage the advancement of blockchain technology.
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Cardano cryptocurrency Use Case
Enterprise
A developing platform, Cardano is being built to accommodate a broad range of use cases, solving problems across multiple industry verticals.
Education : Solutions Credential verification
Academic credentials are widely centralised in their issuance. The reissue process is frequently expensive, and the institution that issued the diploma, degree, or other credential may no longer be in operation if they are damaged or destroyed. Since academic successes are typically granted in tangible form, it is nearly impossible to share them when and where they are required, which makes sharing these credentials problematic as well.
An ID and credentials solution called Atala PRISM was created on the Cardano blockchain. In a tamper-proof and irreversible ecosystem, Atala PRISM secures academic certifications, enabling students to own and share their accomplishments as well as for institutions to instantaneously validate those credentials. By enabling individuals to instantaneously communicate valid credentials, Atala PRISM streamlines this procedure.
Atala PRISM removes friction and expensive inefficiencies from the process while giving students ownership and control over their academic results without the use of third-party intermediaries. The outcome? a simple means for college students and job applicants to demonstrate who they are and what they have accomplished.
Retail : Solutions Product counterfeiting
The global economy suffered a (US$)300 billion hit in 2018 as a result of counterfeit goods, and the issue is getting worse. Markets will be overrun with counterfeit goods if the trend is not reversed, resulting in significant financial losses, harm to a brand’s reputation, and a sharp decline in consumer confidence.
Initiatives to fight counterfeiting frequently entail time-consuming and expensive procedures with negligible impact on the continuous sale of fake goods. Since the majority of fakes are sold online, these dishonest traders can operate with little repercussion.
With the help of blockchain technology, Atala SCAN provides the following solution: a foolproof mechanism that certifies the originality of each object sold and establishes its provenance and auditability.
Agriculture : Solutions Supply chain tracking
The pandemic has vividly demonstrated the importance of maintaining a reliable supply chain for any industry sector’s performance and sustainability, as well as for the public’s safety and wellbeing.
Since livelihoods depend on agriculture, it is a source of food and nourishment whose supply chain must always be maintained. With systems like Atala Trace and EMURGO’s proprietary traceability solution for supply chain transparency, blockchain technology has emerged as a practical way to support all the stakeholders along the supply chain. Farmers, hauler’s, and retailers can use blockchain for product certification and traceability, from farm to table.
Government : Solutions Digital identity
The processes in place for issuing and verifying credentials are fundamentally broken. For instance, the document and control stay with the issuer rather than the individual, which places a heavy reliance on third-party organisations to confirm the validity of the document. Depending on the location and turnaround time of the issuing body, this typically entails a laborious, expensive, and time-consuming process.
Through the deployment of a digital identification service, Atala PRISM fixes this problem. Atala PRISM uses blockchain technology to provide users complete ownership over their credentials, which they can quickly verify and share from any location at any time.
Finance : Solutions Onboarding (KYC & AML)
Before allowing new clients into financial institutions or other organisations, identity verification is a crucial step. For instance, in certain nations, creating a new bank account takes weeks. Other administrative procedures, including applying for a passport, take considerably longer. The onboarding procedure is time-consuming and resource-intensive; it frequently involves several third parties, each of whom has their own costs, etc.
Atala PRISM can speed up and simplify onboarding by using reusable, verified credentials. Blockchain technology is used by Atala PRISM to provide a one-click user experience.
Health Care : Solutions Counterfeit medicine
The public’s health is seriously endangered by counterfeit and inferior pharmaceuticals, and legitimate manufacturers suffer huge financial losses as a result. Many people purchase their medications from internet pharmacies, which frequently have lax rules and laws around the production and sale of therapeutic drugs, due to cost, peer pressure, and other factors. More than 50% of pharmaceuticals sold online, according to the World Health Organization (WHO), may be fraudulent or of low quality.
Blockchain technology can be used to solve this issue. Global patient safety and wellbeing are ensured by Atala SCAN’s ability to authenticate and verify the source and supply chain of pharmaceutical items.
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