The Cardano Ecosystem Development – Everything You Need to Know

0
146
Daedalus wallet

Cardano has shown resounding growth since its development in 2015, which has seen it comfortably sit among the top 10 cryptocurrencies as per market capitalization.

Related also: 5 Things to Consider Before Buying Cardano (ADA)

The Cardano Ecosystem

Cardano is one of the fast-rising crypto projects in the cryptocurrency space. Being the first blockchain built with peer-reviewed research that provides scalable, secure infrastructure, cardano offers robust decentralization, utility support and enterprise-grade blockchain use cases. 

The following groups fostered the growth and development of Cardano: 

  • The Cardano foundation: Is an independent Switzerland-based non-profit body that drives the standard of Cardano through its means and acts as a legal protocol custodian.  
  • EMURGO: The for-profit division of Cardano that creates and nurtures commercial Cardano ecosystem applications and streamlines business adoption.
  • IOHK: Charles Hoskinson co-founded this technology and engineering firm to handle the Cardano platform’s technology needs, including design, build, and maintenance.

Related article: 3 Best Places to Buy Cardano in September 2022

Cardano’s Development Journey: Roadmap

Let’s take a quick dive into the journey of how Cardano developed into what it is today.

The Cardano ecosystem has undergone five defining stages, each representing a set of functionalities that will be implemented sequentially over time. These stages are Byron, Shelly, Goguen, Basho, and Voltaire. All five names are linked to great authors and scientists worldwide.  

Byron Stage 

This took three years before completion. This era laid the foundation for IOHK and Emurgo in the Cardano ecosystem. The Cardano team focused on developing infrastructure and academic architecture for the core network. The Daedalus and Yoroi wallets were incorporated into the Cardano blockchain.

Shelly Stage

This second roadmap stage is aimed at growth and decentralisation.  The Shelly era attracted more members to the Cardano ecosystem, which prompted the organisation to open new offices. A reward system was also introduced to serve as an incentive for members. 

Goguen Stage 

One of Goguen’s goals was to enable technical and non-technical users to build smart contracts and decentralised applications (dApps). This was accomplished in September 2021 through the Alonzo hard fork, also known as the Alonzo Upgrade. Marlowe is still in the Goguen Phase as of Q4 2021.

Basho Stage

The Basho era aims to boost the Cardano network’s overall operability, scalability, and optimisation performance. Sidechain implementations with enormous potential to expand the network’s capabilities are among the core developments. Sidechains can be used as a sharding technique to increase network capacity by offloading work from the main chain onto a sidechain.

Voltaire Stage

The Voltaire era is the final stage of the Cardano roadmap, and it is dedicated to creating a self-sustaining governance system supported by network participants. During this phase, voting and treasury systems will be introduced, allowing users to share network improvement proposals and fund the proposed developments. Following the election, a fraction of all transaction costs will be pooled to generate funds for development activities.

Final Recap

Various technicalities are involved in understanding the blockchain technology. However, the introduction of cryptocurrency was mainly to solve the financial world’s problems. With Cardano (ADA) being a cryptocurrency token designed by the Cardano ecosystem, users can buy, sell and stake without a third party or a traditional financial body interference. 

The recently released upgrade on the Cardano ecosystem will essentially attract more investors.