Source: Copy of Ambassador FAQ communications and working document – Google Docs
Cardano is an open platform that seeks to provide economic identity to the billions who lack it by providing decentralized applications to manage identity, value and governance
Who is the team behind Cardano?
The Cardano ecosystem consists of three entities;
IOHK for development of the protocol
EMURGO as the for profit arm trying to market Cardano as a solution
The Cardano Foundation is for driving adoption, shaping legislation, growing the community, ensuring stakeholder accountability and facilitating partnerships
Who is Charles Hoskinson?
Charles Hoskinson is an American entrepreneur and cryptocurrency specialist. Charles is often cited in the media as the Co-founder of Ethereum, but only worked on that project for approximately six-months. Charles is now the CEO of IOHK and the director of The Bitcoin Education Project.
What is ada?
Ada is the name of the native asset of the Cardano blockchain and refers to Ada Lovelace, a nineteenth century mathematician, writer and supposedly the first computer programmer.
How is Cardano different from other blockchains?
How can I buy ada?
Please refer to the Cardano page on Coinmarketcap.com. Please understand that we are not affiliated with Coinmarketcap.com and can not advice financially.
How can I mine Cardano?
Cardano is a Proof of Stake protocol and therefore not minable as an asset using Proof of Work. You could see Proof of Stake as a lottery in which 1 ada is 1 ticket compared to Proof of Work that is like idling your car in order to solve mathematical sudokus.
How are new ada tokens minted?
New ada tokens are created according to the Cardano monetary expansion mechanism and are used to pay staking rewards for delegators and stake pool operators. A certain percentage of the new tokens is sent to the treasury.
Is there a maximum ada supply and when it will be reached?
There is a maximum limit of 45 billion ada hardcoded in the protocol.
Is Cardano based on Bitcoin?
Bitcoin and Cardano have some things in common, like all the cryptocurrencies. For example, Cardano utilizes UTxO ledger model, which is moving towards Extended UTxO. Cardano also uses probabilistic-finality consensus protocol, which is similar to Bitcoin consensus.
Apart from that, Cardano is a completely different project, designed and built from the ground up in Haskell language, without copying any Bitcoin Core code.
Where can I find Cardano’s whitepaper?
Please read our whitepaper here
What is a lovelace?
Unlike a satoshi which is the smallest divisible unit (8 decimals) with Bitcoin Cardano uses a lovelace (6 decimals) as the smallest divisible unit.
What is Cardano doing to attract projects and/or developers?
Does Cardano have technical milestones and how are they called?
Cardano consists of 5 development phases;
Byron: The foundation for the protocol with a working (federated) blockchain on mainnet. Byron also saw the development of a full node wallet called Daedalus made by IOHK and Yoroi a lightweight wallet made by EMURGO.
Shelley: The road to decentralization and the ability to run a stakepool and/or delegate to one and earn ada rewards in return
Goguen: The ability to write smart-contracts and dApps, the usage of native assets and the ERC20 converter with Plutus and the ability to write DSL with Marlowe for the financial markets
Basho: The Basho era of Cardano is an era of optimization, improving the scalability and interoperability of the network.
Voltaire: The Voltaire era of Cardano will provide the final pieces required for the Cardano network to become a self-sustaining system. With the introduction of a voting and treasury system, network participants will be able to use their stake and voting rights to influence the future development of the network.
Does Cardano have token burns?
No. Cardano does not have token burns.
What will happen when the IOHK development contract expires?
Cardano as an ecosystem and software protocol is to some extent never finished. IOHK will therefore apply for a new contract to apply potential improvements if they have found any after having done their research
Source: Copy of Ambassador FAQ communications and working document – Google Docs
