Cardano Foundation, IOHK and Emurgo, the three partners responsible for the industrial-strength Blockchain Cardano today announce that Ada, Cardano’s cryptocurrency, will be tradable on Bittrex.
Cardano was designed by IOHK’s international team of leading experts, academics and cryptographers during the past two years and was inspired by the best features of existing cryptocurrencies including Bitcoin, Ripple and Ethereum.
Of its many innovations, it is the first Blockchain to use a provably secure, proof of stake algorithm – the only one to have been academically peer reviewed by leading cryptographers through its acceptance to Crypto 2017, the world’s top cryptography conference.
Cardano is scalable and is designed in separate layers, to easily allow for future software upgrades.
The Ada cryptocurrency operates on its own Blockchain, while a second layer will run smart contracts, using a Haskell-inspired scripting language, called Plutus. The roadmap for Cardano incorporates major innovations such as a treasury and governance system to ensure future development, as well as sidechains, trusted hardware and the addition of metadata to allow for more sophisticated financial transactions so Cardano can interact with legacy financial systems.
Security has been at the forefront of design and rigorous academic and commercial best practices have been adhered to, such as peer review and formal methods used in the production of high assurance software for mission-critical systems.
From September 29th, Bittrex began accepting deposits of Ada, and from October 2nd, the almost 10,000 holders of Ada will be able to trade their tokens on one of the largest international exchanges.
Cardano is the first such cryptocurrency and Blockchain ecosystem built for the Asian market and Ada vouchers were distributed exclusively in Asia between September 2015 and January 2017. The sale event raised over $60m USD and was the first to follow compliance guidelines.
US-regulated Bittrex enables individuals and businesses to buy and sell next-generation cryptocurrencies and digital tokens. The exchanges offers fast trade execution, stable wallets and sophisticated security practices – strict compliance audits are carried on all new coin launches, ensuring that users can make informed trading decisions.
Cardano was founded by a group of cryptocurrency experts, investors and entrepreneurs in 2014. Input Output HK (IOHK), a world-class engineering and research company, was engaged to design and build the technology. IOHK is creating Cardano using the Haskell functional programming language, which is uniquely suited to underpinning a financial system thanks to its security advantages. Cardano Foundation is a Swiss non-profit and guardian of the Cardano ecosystem and community. It aims to proactively work with governments and regulatory bodies, as well as forming strategic partnerships with enterprises and other open-source projects to further global adoption of the technology. The final partner, Emurgo, will develop, support, and incubate commercial ventures that wish to build applications on Cardano.
The project is unique in addressing the need for regulatory oversight whilst maintaining consumer privacy and protections. Adoption across Asia will pave the way for Cardano to become a software stack that will provide accessible, peer-to-peer financial services services for people in developing regions who are currently excluded from traditional finance.
Extensive resources about the project are available on the Cardano Hub website and at Whycardano.com
Bittrex is the first exchange to list the Ada cryptocurrency, and will be followed by listings on other exchanges, including Bitt and Cryptopia. Additional exchanges, both international and regional will be announced in the coming months.
Michael Parsons, Chairman, Cardano Foundation, said: “The listing on Bittrex is an exciting stage in the development of the Cardano protocol and is another step towards realising a new world of decentralised applications.
“Cardano has the potential to democratise finance, particularly in emerging markets. Its Blockchain protects privacy while allowing for regulation and is built on a stable and secure platform.”
Charles Hoskinson, CEO of IOHK said:
“IOHK is proud to have provided the vision and technology for Cardano. It incorporates our groundbreaking proof-of-stake algorithm, Ouroboros, and the technology is highly innovative in the area of Blockchain. With a roadmap including many exciting features such a treasury system and trusted hardware, Cardano is uniquely placed to be sustainable and scalable.”
Bill Shihara, CEO and Co-Founder of Bittrex, said:
“We're excited to launch the Cardano platform on our exchange. The Ouroboros Praos protocol that was developed as the basis for Cardano uses a provably secure method for the proof-of-stake protocol.”