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Do You Know Cardano? A review of its History and the Current Situation

The Beginning

The Essence

  • Scalability: it seeks to increase the number of transactions per second with low network cost (3)
  • Decentralization: the forging of blocks and the developments in the network are produced by a variety of actors
  • Interoperability: it promotes its interaction with other blockchains (4)
  • Sustainability: has a Treasury system to pay for future developments and growth

The Metric
  • a0, which is a value that determines the amount of rewards that are granted per signed block according to the pledge that guarantees each stake pool, and since it is currently very low, it does not generate much difference to be chosen as slot leader
  • k (described as nOpt) that indicates the desirable number of pools that can sign blocks at the same time, currently k=500. Thus, the parameter k establishes the so-called saturation point, that is, from how much staking in a pool the rewards begin to decrease, and the more the saturation point is exceeded, the more they decrease. To obtain the amount of saturation, Maximum pool size = (45bn — reserves) / k
  • a: is a constant
  • b: is a constant
  • size: is the size of the transaction in bytes.

The Accounting Model: eUTxO

  • Implementing a smart contract language more powerful than Bitcoin Script
  • Providing smart contract developers with an area within UTXOs to store the state of their smart contract protocols
  • Allow native first-class assets to be stored within UTXOs, in addition to the base network asset


The Monetary Policy

Decentralized Governance

  • 20% of the rewards of each epoch,
  • 20% of the monetary expansion of each epoch, and
  • donations

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