What is Cardano? Analyzes on four side.
History + Future + Team
Centered on the IOHK / Emurgo / Cardano Foundation, it presents “to date” and “from now on” in a concise but detailed manner and flatly (including Cardano’s past faults).
Holder + Use of funds
・the percentage of ADA holders
・the use of ADA by the IOHK, Emurgo, and Cardano foundations that are held in large quantities.
I will challenge easy-to-understand explanation of how the Cardano project works.(but explain as close to the essence as possible.)
Term + Background
Terms such as Ouroboros, Shelley, and ADA all have meaning. Learn term while introducing actual poems!

・ IOHK led by Charles Hoskinson (Development Research)
・ Emurgo led by Ken Kodama (Commercialization)
・ CardanoFoundation led by Nathan Kaiser (expanding brand community)
The history and schedule(Roadmap), with a focus on (especially CharlesHoskinson).

・11/5CharlesHoskinson (IOHK founder of Cardano development organization) (hereinafter CH)-raised in Hawaii, Maui
・CH、go to Colorado. (Central America) Just outside Boulder.
・CH、finished secondary education at the age of 15 CH, studied at home until the end of high school CH, thought to become a surgeon but lost passion (father, brother, grandfather is doctor)
・CH、participates in political activities, but his interest shifts to economy
・2004:Ripple protocol devised and announced
2008— 2010
・CH, Colorado University Boulder (12 Nobel Prizes, 20 astronauts, Mongolian and Liberia Presidents, Federal Supreme Court Justice, Congressman Emissions.Sister school is Chiba Institute of Technology.) Analytical Number Theory, Mathematics, encryption.EreJeremyWood (IOHK founder) came to Japan.
・2008:Satoshi Nakamoto published a paper on Bitcoin
・2009:BTC’s first block is born
・2010:5/22Pizza purchased by BTC ・ Mt.Gox started
・CH、a software developer / consultant after graduating from university.At the same time, read monetary policy / currency books.Investigate crypto mining using CPU and GPU and learn cryptocurrencies。
・BTC bubble increases BTC by about 30 times. Mt.Gox hacked
・Invented XRP, consensus algorithm
・CH notice Bitcoin’s power in the Cyprus crisis.
・First half-life of BTC
・XRP predecessor, XNS issued
・XRP, Ripple project transferred RyanFugge to ChrisLarse
・CH, in May  ,spreads cryptocurrencies at The Bitcoin Education Project and Cryptocurrency Research Group. In charge of the blockchain Udemy class, which includes about 84,000 students. Chinese entrepreneur Lisa Olai (EOS, Bitfinex, Tether) propose to make stable coins with $ 500,000.
CH, July-October Invictus Innovations innovation co-founder and agent.Work with Dan Larimer, creator of BitShares.
・CH, December-May 2014; After reading Vitalik Buterin’s white paper (Vitalik, 19 years old), met Anthony di Ilio and became CEO of Ethereum Network.
・Conflict a commercial organization-Crypto Google (Anthony ; because he was working on personal property. CH wanted to use venture capital)  VS non-profit foundation-Crypto Mozilla (Vitalik).→adapt non-profit foundation and CH leave ETH.
・JeremyWood, Bitcoin meetup in Japan, and participated in Ethereum at the end of the year.
・BTC –
Silk Road arrest, BTC further bubble (to about 120,000 yen), Chinese BTC ban, ATM birth
・ CH, TED speech
・CH, end of year-beginning of 2015; discuss business ideas with JeremyWood who worked at Eth in Osaka.
・ BTC-Gox is closed, exchanges are established one after another, and BTC settlement spreads.The hash rate of Ghasi.io exceeds 51%.
・ ETH-ICO in July

・2/10; Established CH and JeremyWood, Cardano Foundation (responsible for “brand protection, community development, etc.”)
・ 6/1; IOHK (Input Output Hong Kong), established (in charge of “Development Research”)
・ September-December ADA, sale (target: Japan)
・ BTC hacking, arrest, etc. continue.Forks often occur.
・ ETH-Test net in May, Main net in July-August.
・ January to April ADA, Sale (Target: Japan)
・ August-September ADA, Sale (Target: Asia)
・ September 13; Cardano Foundation, incorporated (consisting of 4 members, chaired by Michael Parsons)
・ September 13; Cardano begins development
・ November, “ Ouroboros: A Provably Secure Proof-of-Stake Blockchain Protocol ” paper published
・ November-January 2017 ADA, sale (target: worldwide)
・BTC-hacking and payment introduction… Second half-life.
・ETH-Stable version released in March, price is about 10 times. April-May DAO ICO. DAO hacking incident in June. ETC forked.
・ Professor AggelosKiayias, joined IOHK as Chief Research Officer through a long-term consulting agreement with IOHK and Edinburgh University (one of three officers) Professor Prof. Philip Sadler (Edinburgh University-fast and robust language Plutus researcher) Elias Koutsoupias Professor (Oxford University-Research on safe and naturally distributed reward scheme based on game theory)
・ Professor Emilios Avgouleas (University of Edinburgh-Finance and International Banking Law) (3 of 4 senior researchers)
・ Participation of Vincent Hanquez Bourbaki (Rust team, CAMBRIDGE University, jormungandr)
・ March 1; Cardano, test net 0.3
・ June; Paper published “Ouroboros Praos: An adaptively-secure, semi-synchronous proof-of-stake protocol”
・ June; Established Emurgo (CEO Kodama, responsible for commercialization)
・ July-7th; Cardano, Testnet 0.5

・ September 29; Byron, release (= main net)
・ October 2; ADA, Bittrex listed
・ November 1; Roadmap released
・ November 7; Spain Hotel “Ginebra Barcelona” introduces ADA payment (first in the world)
・ November 20; South Korea UPbit, won trading started (first fiat market)
・ December 20; Greece National Research Network GRNET announces adoption of Cardano Enterprise for university degree certificate. (Cardano Enterprise’s first use case)
・ December 23; Osaka “Owl no Subako” Cardano Foundation witnessed ADA settlement (first)
・December; “A Treasury System for Cryptocurrencies: Enabling Better Collaborative Intelligence” paper published
・ BTC-Bubble again. Clarification of regulations in Japan, BCH birth in August. Enable Segwit. The maximum price is over 20k dollar in December. Started CME futures trading.
・ ETH-SmartContract can be used by ordinary people in October. Enhanced privacy protection.
・ChrisLarse becomes chairman and BradGarlinghouse becomes CEO for XRP and Ripple projects.
・EOS, white paper released, ICO in June, collecting 1.6 billion yen in 18 hours
・EOS Dan Larimer claim that Ouroboros is a degraded copy, and that POW benchmarking is not appropriate
・ CH claim that EOS Dan Larimer is wrong

・ Professor Alexander Russell (University of Connecticut-Distributed PC research, Ouroboros and shading papers) Bourbaki (Rust team ・ CAMBRIDGE University ・ jormungandr) Nicolas Di Prima participation
・ Development partnerships with companies such as Quviq, Tweag, Runtime Verification
・ Company-wide meeting in Lisbon
・ BTC-CoinCheck hacked. The downtrend started.
・ Publication of “ Stake-Bleeding Attacks on Proof-of-Stake Blockchains ”
・ Ethiopian government signed MoU
・Started KEVM software test net
・ Emurgo was founded in Singapore (Kentama Ken).
・ JeffPollack joins IOHK as Chief Financial Officer (one of three officers) IOHK visits Google London office
・ EOS, main net
・ Start IELE testnet
-“Reward Sharing Schemes for Stake Pools”, “Marlowe: financial contracts on blockchain”, “Account Management and Stake Pools in Proof of Stake Ledgers” papers published Icarus released (to create a light wallet)
・ IOHK did a 4-day Haskell course in Regensburg, Germany
・ “ Ouroboros Genesis: Composable Proof-of-Stake Blockchains with Dynamic Availability ”, “ Ouroboros-BFT: A Simple Byzantine Fault Tolerant Consensus Protocol ”, “ The Combinatorics of the Longest-Chain Rule: Linear Consistency for Proof-of-Stake Blockchains ” Release
・ IOHK and Emurgo issued an open document regarding the deficiencies of Cardano Fandation Chair Michael Parsons. This deficiency has been actively addressed by the community for a long time (wasteful funds for FP audits, obstruction of IOHK activities, Michael Parsons almost dictatorial council situation, activities uncertain and almost unsuccessful)
・ Emurgo, Yoroi release (light wallet)
・ Emurgo announces SOSV and accelerator dLAB ;; emurgo
・ Publication of “ Parallel Chains: Improving Throughput and Latency of Blockchain Protocols via Parallel Composition ” and “ Ouroboros Crypsinous: Privacy-Preserving Proof-of-Stake ”
・ Nathan Kaiser joins IOHK as legal counsel (one of three officers)
・ BCH split into BSV. The price drops to 600,000 yen.
・ PlutusFest held
・ About Cardano Foundation (1) Nathan Kaiser (IOHK General Counsel) is chaired (2) Manmeet Singh (CTO of Emurgo) ・ Domino Burki (operation partner of Du Lac Capital Ltd) is appointed as a councilor.
・ Emurgo and METAPPLUS plus issue ADA crypto card
・ Publication of “Proof-of-Stake Sidechains” paper
・ Emurgo, strategic investment and long-term partnership with major digital investment bank Y2X
・ Emurgo Academy India CEOVenkatesan Ellappan assumed office.
・ Sonic: Zero-Knowledge SNARKs from Linear-Size Universal and Updateable Structured Reference Strings published
・ Emurgo starts blockchain education business in India
・ Publication of “ Decreasing Security Threshold Against Double Spend Attack in Networks with Slow Synchronization ”
・ Shelley-Formal specifications (official specification) completed IOHK Summit held in Miami
・ Atala announced
・ Emurgo and Explorer Seiza released
・ Emurgo joins Public Chain Technology Alliance
・ Mongolia government and MOU
・ Emurgo introduces ADA payment for Yakiniku Tamura
・ Shelley Self-Node Test Net Georgia Government / University Partnership
・ Emurgo joins the Chamber of Digital Commerce for digital asset utilization
・ EmurgoJapan Yosuke Yoshida as CEO.
・ Smart contract hackathon and meetup in Tel Aviv Israel meetup
・ Emurgo, support Binance project (solve modern poverty problems by stable coins)
・ “Ouroboros Chronos: Permissionless Clock Synchronization via Proof-of-Stake” and “Cryptocurrency Egalitarianism: A Quantitative Approach” published
・ Emurgo, Korea government official game industry group MOU
・ Plutus and Marlowe in the spotlight at WyoHackathon 2019
・ 2nd anniversary event of ADA listing
・ NewBalance and IOHK developed shoes counterfeit identification cards.
・ Alliance with Cardano Foundation and COT Inetwork related to payment
・ Emurgo and docomo 5G partner program participation
October (planned)
・ Shelley Rust stress test, Cardano 1.7 at the end of the month, Ouroboros Hydra paper
・ CH-32 years old
・ Update of Haskell Node
・ New white paper
・ Introduced RINA network technology
・ ETH-POS transition
・ Shelley-Haskell test net self-node
・ Shelley ・ Goguen main net
・ Basho main net
・ Vortaire main net

Due to the nature of POS, it is important to look at the distribution of ADA.

Issue limit: 45 billion ADA
└70%, 31 billion: Distribution
└10% 5 billion: IOHK (2.4 billion) Emurgo (2 billion) Foundation (600 million)
└60%, 26 billion: Other
└ 30% 14 billion ADA: For staking reward

There are statements about the use of funds from IOHK and Foundation, which are held in large quantities. Emurgo is unconfirmed.
IOHK financial statement (currently unused, issue a separate statement when using funds)
Foundation statement (currently unused, use of funds is limited to the purpose stated in the Foundation certificate)

Also, the pyramid diagram on the right is the best way to see what level of ADA owner you are!
As a guide, I added the pre-sale data. Minimum is the minimum purchase amount, Midian is the amount of people in the middle of the pre-sale purchase ADA number ranking, and Average is the average number of ADA purchases. The maximum purchase amount is 780 million ADA
For example, if you have 1.5 million ADAs… the top 1% is among the top 3000, but not reach the average pre-sale purchase.

The table above is a bit complicated, so I made it simpler.
Suppose that there are 10 people with ADA transaction record computers with 10% power.
This transaction recording PC has three functions.
・ Real transaction book (Ledger)
・ Wifi communicating with other 9 people(Network)
・ A brain part that can calculate who has power and who can write in the record book (Consensus)

Cryptocurrency generally moves in the following 3 STEP.

Person in left ask to write the ADA transaction on “Ledger”. These 10 people will share it soon by “Network”.

The person who can record the probability of 10% each randomly is selected by the “Consensus” function. This time Tanaka was chosen as the writer!

Mr. Tanaka confirmed that there was no problem in transaction, so he recorded the transaction in “Ledger”. If the other nine people have no problem, write it to their “Ledger”.

Now, what is the worst thing about this common cryptocurrency mechanism? If 5 members of them(50%), negotiate and do something bad, the system is over. The reason is that if a person with more than 50% of the decision-making power makes the system wrong, the system cannot be rejected. So “what is this %” Is really important.

ADA decided to respond to “% = ADA holdings”. In other words, the more ADA you have, the more you have the power to record ADA transactions. it seems a very secure system, as follows:

・ If you hold 50% or more of ADA, you will be able to do bad things, but if you do bad things with 50% power, the value of ADA will crash, and you will suffer serious damage.
・ It is designed to end up with 1,000 people with 0.1% power (see WhyCardano’s “Decentralized” pull-down).So you need to convince 500 people to attack.

Now that you understand the mechanism, I will introduce some backgrounds of terms to make Cardano more enjoyable.
Cardano is the name of the project, but its origin is Geroramo Cardano, a 16th-century Italian mathematician (finding imaginary numbers, make mathematics academic thing ).
In addition to mathematicians, he was also a doctor, gambler, philosopher, and astrologer.
My father is a friend of Leonardo Dawinch.
He said “How to gain gambler’s greatest mathematical profit is that never do gamble”

ADA Lovelace

ADA is the main currency of the Cardano platform and Lovelace is its smallest unit, but its origin is Augusta Ada King, Countess of Lovelace, a 19th-century English mathematician and the world’s first programmer (however, there is also the theory that it is the ADA Master Babeg) and gambler,the only daughter of Byron, Shelley’s poet companion.
Although it is said to be the world’s first programmer, in fact, it seems that it is very difficult to judge because there are parts that Babege instructed. but there are also parts that ADA has devised independently and she said,
“I have a special ability that is different from everyone, I can feel more than 5 senses, and I also have excellent logical thinking and concentration. For example, if I convert music data mathematically, Can also play music from the analysis engine. “
In the days no computers or no programs, she predicted appearance of something like an iPod, it is excellent sense !!
Unfortunately, she had in that a large amount of debt by gambling, emotional instability due to depression, drugs, and death at the age of 36 due to uterine cancer.
Next, Byron, is the phase that created the cryptocurrency ADA, but it is very interesting that the only daughter of Count Byron is ADA.

Byron refers to the phase of the creation of the cryptocurrency ADA, and is derived from George Gordon Byron, a 19th-century British poet, ADA father, Shelley’s friend and political activist.
He wrote intelligencial and ironical style poems but disturbed in female relations. And its style maybe influence ADA take the path as a mathematician PC scholar who is few as women at that time.
In point of Cardano Project view, It ’s interesting that he isADA’s father, and traveling with Shelley on the way.
Let’s look at some of the remarks (poems). Some of them are famous or bit prejudiced.
・ Truth is always strange, stranger than fiction.
・ And, after all, what is a lie? ‘Tis but the truth in masquerade.
・ I love not man the less, but Nature more.
・ In her first passion, a woman loves her lover, in all the others all she loves is love.
・ Man ’s love is of man ’s life a thing apart, ‘Tis woman ’s whole existence.
・ The best prophet of the future is the past.
・ Though women are angels, yet wedlock ’s the devil.
・ Friendship may, and often does, grow into love, but love never subsides into friendship.
・ Society is now one polished horde, formed of two mighty tribes, the Bores and Bored.
・ It is easier to die for the woman one loves than to live with her.
・ All comedies are ended by a marriage.


Shelley is the decentralized phase of Cardano, but its origin is Percy Bysshe Shelley, a 19th-century British poet, Byron’s friend,influenced by Voltaire
He had a very rebellious way of life.
・Issue “necessity of atheism”(Pamphlet of complete danger thought at that time)
・supported political activities for Irish independence.
Here are some comments (poems).
・ The sunlight claps the earth, and the moonbeams kiss the sea: what are all these kissings worth, if thou kiss not me?
・ I have drunken deep of joy,And I will taste no other wine tonight.
・Our sweetest songs are those of saddest thought.
・Soul meets soul on lovers lips.
・If winter comes, can spring be far behind?
・A poet is a nightingale who sits in darkness and sings to cheer its own solitude with sweet sounds.



Goguen is a phase Smart Contract is introduced to Cardano, its origin is Joseph Amadee Goguen, a 20th century American computer mechanic, a Tibetan Buddhist.
Up to now, Cardano, ADA, Byron, Shelley and so many strange people have lined up, but Goguen contributed to academic development, including the fusion of mathematics and programming.
Formal methods and functional programming are also important axes in Cardano, and the term mathematics frequently appears in the Cardano project. (Ouroboros has mathematically proven security … etc.)
In terms of method and philosophy, it can be said that he has a lot in common with Cardano.


Basho is a phase that scalable the Cardano chain, but it originates in a 17th-century Japanese poet named Matsuo Basho.
He had traveling around Japan at a tremendous speed, it is maybe related to Cardano Chain’s scalability.
In pursuit of the ideal way of poetry, Basho continued to evolve his lifestyle and poetry. It is characterized by almost no detailed information but a deep message without using any difficult words. introduce them a little.
・古池や蛙飛びこむ水の音 (ふるいけや かはづとびこむ みずのおとfuru ike ya / kawazu tobikomu / mizu no oto) an ancient pond / a frog jumps in / the splash of water
・夏草や兵どもが夢の跡 (なつくさや つわものどもが ゆめのあとnatukusaya tuwamonodomoga yumenoato)The summer grass- It is all that’s left of ancient warriors dreams
・閑さや岩にしみ入る蝉の声 (しずかさや いわにしみいる せみのこえsizukasaya iwanisimiiru seminokoe)What stillness! / The voices of the cicadas / Penetrate the rocks.
・五月雨をあつめて早し最上川 (さみだれを あつめてはやし もがみがわsamidareya atumetehayasi mogamigawa)The summer rains, how swiftly flows Mogami River
・荒海や佐渡によこたふ天河 (あらうみや さどによこたう あまのがわ araumi ya / Sado ni yokotau / amanogawa)the rough sea / stretching out towards Sado / the Milky Way
・旅に病んで夢は枯野をかけ廻る(たびにやんでゆめはかれのをかけめぐるtabi ni yande / yume wa kareno wo / kake meguru)falling sick on a journey / my dream goes wandering / over a field of dried grass


Voltaire was the phase that make Cardano a permanent and evolving system, and its origin the 15th French philosopher, François-Marie Arouet. He influenced Shelley.
He is a very fierce person .
・ Written in poetry criticizing the French government ,and imprisoned.
・ After that, he became a big writer, but he suffered trouble with the nobility ,and was imprisoned.
・ Move to England and write a “philosophy letter” influenced by British freedom philosophy of Rock and Newton’s scientific philosophy ,but received critically by France and was issued a warrant for arrest.
・Bad relationship with Louis XV and the Great King of Prussia and prohibited from entering the castle.
His thought is a typical enlightenment thought that believes in human freedom and reason and fights religion and politics.
Although there are still some questions such as anti-Semitism, we have fought against vested interests until the end.
The Cardano project evolved from a cryptocurrency that had been dominated by central powers such as miners and developers in the era of Vortaire, and will be centered on ADA holders. That ’s exactly Vortaire!
He used the gambling mechanism mathematically to make $ 5 million.
・I disapprove of what you say, but I will defend to the death your right to say it.
・It is dangerous to be right when the government is wrong.
・If God did not exist, it would be necessary to invent him.
・When it is a question of money, everybody is of the same religion.


Plutus is one of the languages ​​for SmartContract developed by Cardano, but its origin is the god of wealth in ancient Greece that appears in the comedy written by Aristopanes in 388 BC.
Because he made blinded by Zeus, we can distribute wealth without prejudice.


Marlowe is one of the languages ​​for SmartContract developed by Cardano, but its origin is Christopher Marlowe, a 16th-century English poet, playwright, and spy.
He is a playwright, but because he was a spy, he has a lot of mysteries in the blank periods and at the end of his life.
・Who ever loved, that loved not at first sight?
・Fools that will laugh on earth, most weep in hell.


Daedalus (left) is a wallet in the Cardano chain, but its origin is a Greek mythical carpenter / inventor, the father of Icarus. Icarus (right) is Daedalus’s lightweight wallet.
He worked as an inventor and carpenter at Athens, but when a disciple invents a saw, he envies his talent and kills the disciple and is expelled.
He escapes to the island of King Minos and develops warships, theaters and labyrinths, but he and Icarus is locked in with to keep the labyrinth secret by king.
Although he try to escape by making wings, Icarus overtrusts the wings and crashes. Daedalus escapes to King Cocarus.
King Minos locates and asks King Cocarus to hand over, but King Cocarus and Daedalus will kill King Minos.


Ouroboros is the name of Cardano’s POS system, and its origin is an ancient symbol that represents a snake that bites its tail and turns into a ring. Jormguandr is the Rust node version, but its origin is the Scandinavian myth version of Ouroboros.
Snake is symbol of death and rebirth because it grows off its skin and withstands long-term hunger.in addition, by eating its own tail, symbolizing infiniteness and completeness. This is widely seen in Aztec, ancient China, ancient America, the Nordic (Jormguandr), ancient Egyptian civilization of 1600 BC, Hinduism and Christianity.
One of the most important and difficult things about POS is the guarantee of “randomness”.
you may think as “Is it so hard to be random? Can’t you do it with Excel?”
but there is no program that can give completely random. The question is how to raise this randomness to an astronomical level that no one can predict. In that sense, Ouroboros is a program in which the previous number drawn at random is incorporated into the generation of the next random number, and randomness creates randomness, (like eats its own tail !)
So It was named Ouroboros. The same is true for Jormguandr


Praos is an accelerated version of Ouroboros, but its origin is the ancient Greek word for Freedom, meaning mild and gentle. The implication is that you can feel free to trade.


Genesis is a safe and fast bootstrap version of Ouroboros, but its origin is the first scripture of Christianity and Judaism, “Genesis”.


Hydra is a speed-up version of Ourboros by parallel processing, and its origin is a Greek mythical monster that has a 9-100 neck. It has the meaning of having several heads and enabling parallel processing.

Eventually, it was overthrown by Hercules and became Aquarius.


Chronos is a decentralized version of Ouroboros clock access, whose origin is the god of time.


Crypsinous is a privacy-enhanced version of Ouroboros, whose origin is Greek and refers to people who are conscious of privacy.