Input Output [IOHK] was founded by Charles Hoskinson and Jeremy Wood back in 2015 as a technology-based company with the focus to provide financial services to the three billion people who do not have access to them, with the use of peer-to-peer innovations. As an engineering company, they build cryptocurrencies and blockchains for academic institutions, government entities, and corporations.
The collective statement from IOHK’s team on the website stated:
“We are a decentralized company that loves small, innovative teams forming and executing ideas that cause cascading disruption.”
Two of their top projects as a development of cryptocurrencies are Ethereum Classic [ETC] and Cardano [ADA], both being in the top 20 cryptocurrencies list. Cardano is the world’s 8th largest cryptocurrency while Ethereum Classic stands at the 18th position.
Alexy Khrabrov, a Chief Scientist at cicero.ai and a well-known personality says:
“The @Cardano_ is in #Haskell, such a beautiful project. I wish them every success to win in the platform space. @EOS_io is gobs of C++, going the way of #bitcoin in terms of maintenance. @IOHK_Charles created such a beautiful thing, I am brought to tears by their github.”
Since the last few days, Ethereum Classic [ETC] has been blooming with legal notices from Thailand mentioning this currency, having a new roadmap, Binance and Coinbase listing it and ultimately the price surging to more than 25% within 24 hours.
Cardano [ADA], on the other hand, has been the trend follower in the market with only negative figures to display. Although, since yesterday, ADA has been on the verge of rising with some positive figures summing up to a percent gain of 1.31%. The current trading value is hence $0.17, as seen at the time of writing.
Cardano Foundation is headquartered in Zug, Switzerland where the government recently announced a trial of their plan to implement a blockchain-based voting system.
They have another important event running around, “The Cardano Meetup” which is being held in London. The chief scientist from IOHK, Aggelos Kiayias will be presenting Ouroboros during the same.
A new proof-of-stake [P-o-S] algorithm used by Cardano is what exactly Ouroboros is. This determines how individual nodes reach consensus about the network and the algorithm is a crucial part of their infrastructure that supports the currency – ADA.
There have been multiple attempts by other cryptocurrencies to develop a P-o-S algorithm only with flaws and not being able to prove security. Cardano’s Ouroboros algorithm eliminates the need for an energy-hungry proof-of-work [P-o-W] protocol.
Proof of Stake:
“Proof” means having evidence that blocks of transactions are legitimate. “Stake” means the relative value held by addresses on the node.
Another highlight of Cardano project is their “Daedalus” which is a secure, multi-platform, HD [hierarchical deterministic] wallet for ADA currency storage. Engineers from their team are in the process of extending the wallet facilities further which include:
- Ethereum Classic and Bitcoin support
- A mobile wallet for Android and iOS
- Staking, which enables Ada holders to participate in the block generation process and earn more of the currency
- An application store with community-built applications and support for virtually any cryptocurrency
According to the Cardano community’s post:
“Daedalus is a highly secure wallet for the Ada cryptocurrency. Daedalus is currently the only wallet that supports Ada.”
Stefany Golvanez, a Twitterati says:
“Their vision of a 3D cryptocurrency is absolutely commendable and I can see they are really thriving to achieve that. Their website itself displays this with such cool graphics and almost a 3Dexperiencee in the UI integrated. March ahead Cardano!”
Subscribe to AMBCrypto’s Newsletter