Cardano (ADA)

Cardano is a security focused blockchain platform that provides a programmable blockchain and smart contracts for dApp development, similar to NEO and Ethereum.

About Cardano (ADA)

Cardano is a security focused blockchain platform that provides a programmable blockchain and smart contracts for dApp development, similar to NEO and Ethereum. What differentiates between Cardano and the rest of the blockchain ecosystem is the team’s scientific, peer-reviewed approach, coupled with extreme transparency. This means that the Cardano project boasts a network of global researchers and scientists that have contributed to/developed an advanced blockchain protocol. All of Cardano’s protocol technology goes through an extensive peer review process, just like a scientific research essay would go through.
The project emerged in 2014, as a collection of revolutionary ideas and concepts derived from collective research and collaboration, focused on identifying the underlying limitations of existing blockchains. Eventually the team released a whitepaper, and their coding procedure follows the same principals – every ‘building block’ of code is carefully examined and peer-reviewed by the network of experts, before being added to the rest of the ‘blocks’.
The project is supported by 3 entities: The Cardno Foundation, a nonprofit organisation dedicated to promote and educate Cardano and blockchain technology as a whole whilst also working with governments around regulation; Input Output Hong Kong (IOHK),  an engineering company that develops blockchain solutions for academic institutions, corporations, and governments. The company is led by Charles Hoskinson and Jeremy Wood, former CEO and Executive Assistant of, respectively. IOHK supports Cardano with more than just its extensive research team of highly accreditted individuals, with IOHK being responsible for the development of Cardano’s technology and digital wallet. It is important to note that IOHK also supports several other blockchain projects; Emurgo, a Japanese based company that aims to assist business and companies integration with Cardano’s blockchain.
Use of Blockchain
3.0
Product
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

1.0
N/A
1 - Nothing yet, just an idea.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

4.0
N/A
4 - Captivating.
Target User Base

Is it mass market or niche?

4.0
N/A
4 - Large audience / wide market.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

2.0
N/A
2 - Quite a few / somewhat better competitors.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

4.0
N/A
4 - Original, specialized.

Product

Ultimately, Cardano SL is envisioned to be a cryptocurrency used by all, the subtitute to the mammoth that is Bitcoin. The team, comprised out of 3 seperate, large entities, focuses on peer-review analysis and empirical data, a vastly different approach to most cryptography related projects out there. Cardano SL is developed in house, to be the end all-be all of cryptocurrency, with fast, psuedo-anonymous and secure transactions, utilizing their own PoS method. There is certainly a lot of appeal shown towards Cardano, with ADA’s value skyrocketing in December 2017, and the target user base is massive, holding the premise that cryptocurrencies are here to stay. Innovation-wise, the effort could be considered benevolent. Applying scientific principals such as empirical data and peer-review process is crucial to mass adoption, transparency and human-error mitigation. The nature of having 3 different entities in charge could prove to be a double edged sword; there could be battles for inner control or of different opinions about Cardano’s future, and there is also the flipside of power-checking the other two entities, and keep everything in a healthy balance.

The only major downside to Cardano SL at the current moment is, well, lack of a working product. According to the team, we are now currently in the ‘Testnet era’, which is the era in which The Cardano SL test network is required to get the community acquainted with the cryptocurrency and to polish the implementation, eliminating possible flaws or instabilities. During the Testnet era all functionality, including the reward mechanism, are activated, and anyone is able to redeem a private key from Cardano SL Testnet Faucet to get their coin supply.

After the Cardano SL Testnet era and release of Cardano SL, the network will operate in “bootstrap mode” for a period of time called Bootstrap era. As people who purchased ADA redeem their coins, the stake will automatically get delegated to a pool of trusted nodes that will maintain the network. During this time no block rewards will be issued — the team will maintain the network pro bono. This is required according to them, because in order for the protocol to function properly, some of the stakeholders who jointly posses majority of stake have to be online, which in reality won’t be the case during the first months of network operation.

The Bootstrap era will lead to the Reward era, during which updates to the protocol will be issued, and the major stakeholders will be provided with convenient options to run their nodes on personal servers in the cloud.

The roadmap is very clear and transparent on when these goals are meant to be achieved.

Product Roadmap
3.6
Use of Blockchain
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

4.0
N/A
4 - Innovative use of blockchain technology.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

3.0
N/A
3 - Potentially disruptive.
Need for a Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

4.0
N/A
4 - Token is essential to platform.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

4.0
N/A
4 - Mostly decentralized.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

3.0
N/A
3 - Interesting.

Use of Blockchain

Cardano Settlement Layer is planned out to a cryptocurrency that focuses on several key merits: speed, security, psuedonymiy, versatility and exstensibility. Cardano SL’s in house blockchain will incorporate a new PoS (Proof-of-Stake, as opposed to Bitcoin’s PoW which is heavily scrutinized over its increasing energy consumption issues) called Ouroboros designed by IOHK, and its mechanics were published in this paper. There are however, underlining differences between the final Cardano network and Ouroboros’ initial design the Cardano SL team are planning to implement, that will be specified below.

Taken from Cardano’s documentation, “Nodes with a positive stake are called stakeholders, and only stakeholders may participate in running the protocol. Moreover, to be able to generate new blocks for the blockchain, a stakeholder must be elected as a slot leader. The slot leader can listen to transactions announced by other nodes, make a block of those transactions, sign this block with its secret key and publish it to the network. The Ouroboros protocol divides the physical time into epochs, and each epoch is divided into slots (a slot is a relatively short period of time (for example, 20 seconds). Each slot has one and only one leader, and that slot leader has a (sole) right to produce one and only one block during his slot. It means that the number of slot leaders is strictly equal to the number of slots in epoch (let’s call this number N), so it is impossible to produce more than N blocks during an epoch. If slot leader missed their slot (for example, when offline), the right to produce a block is lost until they are elected again.”

Continuing with the explanation, “Slot leaders are elected from the group of all stakeholders. Please note that not all stakeholders participate in this election, but only ones who have enough stake (for example, 2% of the total stake). This group of stakeholders are known as “electors”.  Electors elect slot leaders for the next epoch during the current epoch. Thus, at the end of epoch N it is already known who are slot leaders for the epoch N+1, and it cannot be changed.”

A certain degree of randomness is applied, which is needed as a base for election to help enforce unbiasedness, and the results of this election are more random and fair.  A multiparty computation (MPC) approach is used to achieve this randomness where each elector independently performs an action which is called “coin tossing” and after that shares results with other electors. The idea is that results are randomly generated by each elector, but eventually they agree on the same final value.

There is additional information about the process of electing slot leaders and overall Ouroboros information, which can be found here, and will be partially detailed below:

In a basic model of the protocol time is divided into discrete units called slots. However, there are no details on how to obtain the current time value securely and with enough precision.

In Cardano SL, the current time value is obtained from a user’s computer system time value.  The paper also suggests PVSS (Publicly Verifiable Secret Sharing) scheme by Schoenmakers for Cardano SL. However, currently Cardano SL uses “SCRAPE: Scalable Randomness Attested by Public Entities”.

One of the challenges while using a VSS (Verifiable Secret Sharing) scheme is associating the public key used for signing with the public key (VssPublicKey) used for the VSS scheme. This is solved by introducing “VssCertificate”s. This certificate is a signature given by a signing key for a pair consisting of *VssPublicKey* and the epoch until which this certificate is valid. Initially, all stakeholders with stake enough for participation in randomness generation hold certificates. When a new stakeholder with enough stake appears, or when an existing certificate expires, a new certificate should be generated and submitted to the network. “VssCertificate”s are stored in blocks. PVSS scheme uses share verification information which also includes a commitment to the secret. It is also used as a commitment in the protocol. The PVSS scheme has been implemented over the elliptic curve secp256r1. For more details, click here.

There’s a very big library of relevant documentation regarding the entire differences in the designs of the two systems, that can also be found in Cardano’s official website.

Cardano’s multi-layer protocol performs advanced functions, and has at its foundation a settlement layer that is elegantly linked to a control layer. The settlement layer will have a unit of account, while the control layer will run smart contracts and will be programmed to recognize identity, assisting compliance (and allowing blacklisting, for instance).

The system is designed so that it can be upgraded by way of soft forks, enabling it to adapt to changing needs and evolve quickly, when required. A treasury system is also being installed that will ensure the sustainability of the protocol.

The source code is open and patent free, built on the spirit of collaboration and empiric approach. Cardano SL will also incorporate Plutusת a strictly typed pure functional programming language used for defining smart contracts in Cardano’s platform. The syntax is fairly Haskell-like.

This is the time to clearly state – Cardano SL is very far from being complete, and it is still in early stages of development. You can check their Github for the latest updates.

Use of Blockchain Compliance
3.4
Roadmap
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

4.0
N/A
4 - Down to earth.
Feasibility

Is the development plan realistic? Is it based on reasonable goals and timelines?

3.0
N/A
3 - Optimistic.
Vision

Is there a larger, long-term vision?

5.0
N/A
5 - Paving the way for the future.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

3.0
N/A
3 - Imperfect but available, or using substitutes.
Current Position

Where is the project now, relative to its vision and plans?

2.0
N/A
2 - Critical obstacles ahead.

Roadmap

Cardano’s roadmap, which can be found here, is very thorough, transparent and extensive. They enlist their entire vision, with progress bars and descriptions, all in a very fluid and appealing manner. Alongside each project/phase, you can see exactly who is working on what, how much progress they have achieved thus far, their respective social media information and more. The roadmap lists all types of progresses to be made, short and long term alike. There is also a neat ticker that ticks down how much time is left until the next roadmap update.

Roadmap Company and Team
3.4
Compliance
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

4.0
N/A
4 - Distinctive use cases.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

3.0
N/A
3 - Partly; compliance not fully assured.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

2.0
N/A
2 - Proof of concept or test platform.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

4.0
N/A
4 - Specific, detailed.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

4.0
N/A
4 - Professional.

Compliance

  • Total Max Supply: 45,000,000,000 ADA
  • Total Ada distributed in presale: 25,927,070,538 ADA

An amount equal to 20% of ADA ‘vouchers’ (or 5,185,414,107 ADA) that were sold were generated and distributed to three entities of the Cardano ecosystem that are part of the Technical and Business Development pool: IOHK, Emurgo and Cardano Foundation. Together with the ADA sold, this brings the supply of allocated tokens to 31,112,483,745 ADA. ADA is capped at an arbitrary 45,000,000,000 ADA.

The remaining 13,887,515,354 ADA will be issued after the launch through minting and there will never be more than 45,000,000,000 Ada in circulation.

With ADA, holders will be able to send value between users, pay for goods or services, deposit funds on an exchange, or enter an application. To perform a transfer on the settlement layer you have to own ADA, it will also be the native token to be used in applications built on the computation layer.

The smart-contract/dApps infrasturcture is not yet ready. Evidently, it is not very close to being finished. But the team is very transparent in regards to its progress, and Cardano’s GitHub is fairly active, with lots of contributors and constant updates. There is a great deal of attention towards compliance and regulation issues, with The Cardano Foundation set to handle these very subjects with minimum difficulties. As with everything regarding Cardano, there is a good amount of documentation about compliance and regulation.

Compliance
4.2
Company and Team
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

4.0
N/A
4 - Established with some fundraising history.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

4.0
N/A
4 - Verifiable relevant experience.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

5.0
N/A
5 - Skilled and balanced, fully committed.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

4.0
N/A
4 - Well suited to project requirements.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

4.0
N/A
4 - Good, sufficient for each aspect.

Company and Team

The project is supported by 3 entities:

  1. The Cardno Foundation, headed by Michael Parsons, is an independent standards non-profit body based in Switzerland with core responsibilities to support the community of Cardano users and to work with authorities on regulatory and commercial matters.
  2. Input Output Hong Kong (IOHK), an engineering company that develops blockchain solutions for academic institutions, corporations, and governments, and also does extensive research on blockchain concepts, ideas and solutions. The company is led by Charles Hoskinson and Jeremy Wood, former CEO and Executive Assistant of, respectively. IOHK supports Cardano with more than just its extensive research team of highly accreditted individuals, with IOHK being responsible for the development of Cardano’s technology and digital wallet. It is important to note that IOHK also supports several other blockchain projects;
  3. Emurgo, a Japanese based company that aims to assist business and companies integration with Cardano’s blockchain.

The 3 heads share Cardano’s workload and essentially, Cardano is a 3 headed beast, with each head responsible for specific categories and tasks.

Product

Ultimately, Cardano SL is envisioned to be a cryptocurrency used by all, the subtitute to the mammoth that is Bitcoin. The team, comprised out of 3 seperate, large entities, focuses on peer-review analysis and empirical data, a vastly different approach to most cryptography related projects out there. Cardano SL is developed in house, to be the end all-be all of cryptocurrency, with fast, psuedo-anonymous and secure transactions, utilizing their own PoS method. There is certainly a lot of appeal shown towards Cardano, with ADA’s value skyrocketing in December 2017, and the target user base is massive, holding the premise that cryptocurrencies are here to stay. Innovation-wise, the effort could be considered benevolent. Applying scientific principals such as empirical data and peer-review process is crucial to mass adoption, transparency and human-error mitigation. The nature of having 3 different entities in charge could prove to be a double edged sword; there could be battles for inner control or of different opinions about Cardano’s future, and there is also the flipside of power-checking the other two entities, and keep everything in a healthy balance.

The only major downside to Cardano SL at the current moment is, well, lack of a working product. According to the team, we are now currently in the ‘Testnet era’, which is the era in which The Cardano SL test network is required to get the community acquainted with the cryptocurrency and to polish the implementation, eliminating possible flaws or instabilities. During the Testnet era all functionality, including the reward mechanism, are activated, and anyone is able to redeem a private key from Cardano SL Testnet Faucet to get their coin supply.

After the Cardano SL Testnet era and release of Cardano SL, the network will operate in “bootstrap mode” for a period of time called Bootstrap era. As people who purchased ADA redeem their coins, the stake will automatically get delegated to a pool of trusted nodes that will maintain the network. During this time no block rewards will be issued — the team will maintain the network pro bono. This is required according to them, because in order for the protocol to function properly, some of the stakeholders who jointly posses majority of stake have to be online, which in reality won’t be the case during the first months of network operation.

The Bootstrap era will lead to the Reward era, during which updates to the protocol will be issued, and the major stakeholders will be provided with convenient options to run their nodes on personal servers in the cloud.

The roadmap is very clear and transparent on when these goals are meant to be achieved.

Category Breakdown
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

1.0
N/A
1 - Nothing yet, just an idea.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

4.0
N/A
4 - Captivating.
Target User Base

Is it mass market or niche?

4.0
N/A
4 - Large audience / wide market.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

2.0
N/A
2 - Quite a few / somewhat better competitors.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

4.0
N/A
4 - Original, specialized.
Product Score:
3.0

Use of Blockchain

Cardano Settlement Layer is planned out to a cryptocurrency that focuses on several key merits: speed, security, psuedonymiy, versatility and exstensibility. Cardano SL’s in house blockchain will incorporate a new PoS (Proof-of-Stake, as opposed to Bitcoin’s PoW which is heavily scrutinized over its increasing energy consumption issues) called Ouroboros designed by IOHK, and its mechanics were published in this paper. There are however, underlining differences between the final Cardano network and Ouroboros’ initial design the Cardano SL team are planning to implement, that will be specified below.

Taken from Cardano’s documentation, “Nodes with a positive stake are called stakeholders, and only stakeholders may participate in running the protocol. Moreover, to be able to generate new blocks for the blockchain, a stakeholder must be elected as a slot leader. The slot leader can listen to transactions announced by other nodes, make a block of those transactions, sign this block with its secret key and publish it to the network. The Ouroboros protocol divides the physical time into epochs, and each epoch is divided into slots (a slot is a relatively short period of time (for example, 20 seconds). Each slot has one and only one leader, and that slot leader has a (sole) right to produce one and only one block during his slot. It means that the number of slot leaders is strictly equal to the number of slots in epoch (let’s call this number N), so it is impossible to produce more than N blocks during an epoch. If slot leader missed their slot (for example, when offline), the right to produce a block is lost until they are elected again.”

Continuing with the explanation, “Slot leaders are elected from the group of all stakeholders. Please note that not all stakeholders participate in this election, but only ones who have enough stake (for example, 2% of the total stake). This group of stakeholders are known as “electors”.  Electors elect slot leaders for the next epoch during the current epoch. Thus, at the end of epoch N it is already known who are slot leaders for the epoch N+1, and it cannot be changed.”

A certain degree of randomness is applied, which is needed as a base for election to help enforce unbiasedness, and the results of this election are more random and fair.  A multiparty computation (MPC) approach is used to achieve this randomness where each elector independently performs an action which is called “coin tossing” and after that shares results with other electors. The idea is that results are randomly generated by each elector, but eventually they agree on the same final value.

There is additional information about the process of electing slot leaders and overall Ouroboros information, which can be found here, and will be partially detailed below:

In a basic model of the protocol time is divided into discrete units called slots. However, there are no details on how to obtain the current time value securely and with enough precision.

In Cardano SL, the current time value is obtained from a user’s computer system time value.  The paper also suggests PVSS (Publicly Verifiable Secret Sharing) scheme by Schoenmakers for Cardano SL. However, currently Cardano SL uses “SCRAPE: Scalable Randomness Attested by Public Entities”.

One of the challenges while using a VSS (Verifiable Secret Sharing) scheme is associating the public key used for signing with the public key (VssPublicKey) used for the VSS scheme. This is solved by introducing “VssCertificate”s. This certificate is a signature given by a signing key for a pair consisting of *VssPublicKey* and the epoch until which this certificate is valid. Initially, all stakeholders with stake enough for participation in randomness generation hold certificates. When a new stakeholder with enough stake appears, or when an existing certificate expires, a new certificate should be generated and submitted to the network. “VssCertificate”s are stored in blocks. PVSS scheme uses share verification information which also includes a commitment to the secret. It is also used as a commitment in the protocol. The PVSS scheme has been implemented over the elliptic curve secp256r1. For more details, click here.

There’s a very big library of relevant documentation regarding the entire differences in the designs of the two systems, that can also be found in Cardano’s official website.

Cardano’s multi-layer protocol performs advanced functions, and has at its foundation a settlement layer that is elegantly linked to a control layer. The settlement layer will have a unit of account, while the control layer will run smart contracts and will be programmed to recognize identity, assisting compliance (and allowing blacklisting, for instance).

The system is designed so that it can be upgraded by way of soft forks, enabling it to adapt to changing needs and evolve quickly, when required. A treasury system is also being installed that will ensure the sustainability of the protocol.

The source code is open and patent free, built on the spirit of collaboration and empiric approach. Cardano SL will also incorporate Plutusת a strictly typed pure functional programming language used for defining smart contracts in Cardano’s platform. The syntax is fairly Haskell-like.

This is the time to clearly state – Cardano SL is very far from being complete, and it is still in early stages of development. You can check their Github for the latest updates.

Category Breakdown
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

4.0
N/A
4 - Innovative use of blockchain technology.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

3.0
N/A
3 - Potentially disruptive.
Need for a Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

4.0
N/A
4 - Token is essential to platform.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

4.0
N/A
4 - Mostly decentralized.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

3.0
N/A
3 - Interesting.
Use of Blockchain Score:
3.6

Whitepaper

Category Breakdown
Comprehensiveness

Does it cover the full scope of the problem and solution?

N.0
N/A
N/A
Readability

Is it easy enough to understand?

N.0
N/A
N/A
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

N.0
N/A
N/A
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

N.0
N/A
N/A
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

N.0
N/A
N/A
Whitepaper Score:
0.0

Roadmap

Cardano’s roadmap, which can be found here, is very thorough, transparent and extensive. They enlist their entire vision, with progress bars and descriptions, all in a very fluid and appealing manner. Alongside each project/phase, you can see exactly who is working on what, how much progress they have achieved thus far, their respective social media information and more. The roadmap lists all types of progresses to be made, short and long term alike. There is also a neat ticker that ticks down how much time is left until the next roadmap update.

Category Breakdown
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

4.0
N/A
4 - Down to earth.
Feasibility

Is the development plan realistic? Is it based on reasonable goals and timelines?

3.0
N/A
3 - Optimistic.
Vision

Is there a larger, long-term vision?

5.0
N/A
5 - Paving the way for the future.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

3.0
N/A
3 - Imperfect but available, or using substitutes.
Current Position

Where is the project now, relative to its vision and plans?

2.0
N/A
2 - Critical obstacles ahead.
Roadmap Score:
3.4

Compliance

  • Total Max Supply: 45,000,000,000 ADA
  • Total Ada distributed in presale: 25,927,070,538 ADA

An amount equal to 20% of ADA ‘vouchers’ (or 5,185,414,107 ADA) that were sold were generated and distributed to three entities of the Cardano ecosystem that are part of the Technical and Business Development pool: IOHK, Emurgo and Cardano Foundation. Together with the ADA sold, this brings the supply of allocated tokens to 31,112,483,745 ADA. ADA is capped at an arbitrary 45,000,000,000 ADA.

The remaining 13,887,515,354 ADA will be issued after the launch through minting and there will never be more than 45,000,000,000 Ada in circulation.

With ADA, holders will be able to send value between users, pay for goods or services, deposit funds on an exchange, or enter an application. To perform a transfer on the settlement layer you have to own ADA, it will also be the native token to be used in applications built on the computation layer.

The smart-contract/dApps infrasturcture is not yet ready. Evidently, it is not very close to being finished. But the team is very transparent in regards to its progress, and Cardano’s GitHub is fairly active, with lots of contributors and constant updates. There is a great deal of attention towards compliance and regulation issues, with The Cardano Foundation set to handle these very subjects with minimum difficulties. As with everything regarding Cardano, there is a good amount of documentation about compliance and regulation.

Category Breakdown
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

4.0
N/A
4 - Distinctive use cases.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

3.0
N/A
3 - Partly; compliance not fully assured.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

2.0
N/A
2 - Proof of concept or test platform.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

4.0
N/A
4 - Specific, detailed.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

4.0
N/A
4 - Professional.
Compliance Score:
3.4

Company and Team

The project is supported by 3 entities:

  1. The Cardno Foundation, headed by Michael Parsons, is an independent standards non-profit body based in Switzerland with core responsibilities to support the community of Cardano users and to work with authorities on regulatory and commercial matters.
  2. Input Output Hong Kong (IOHK), an engineering company that develops blockchain solutions for academic institutions, corporations, and governments, and also does extensive research on blockchain concepts, ideas and solutions. The company is led by Charles Hoskinson and Jeremy Wood, former CEO and Executive Assistant of, respectively. IOHK supports Cardano with more than just its extensive research team of highly accreditted individuals, with IOHK being responsible for the development of Cardano’s technology and digital wallet. It is important to note that IOHK also supports several other blockchain projects;
  3. Emurgo, a Japanese based company that aims to assist business and companies integration with Cardano’s blockchain.

The 3 heads share Cardano’s workload and essentially, Cardano is a 3 headed beast, with each head responsible for specific categories and tasks.

Category Breakdown
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

4.0
N/A
4 - Established with some fundraising history.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

4.0
N/A
4 - Verifiable relevant experience.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

5.0
N/A
5 - Skilled and balanced, fully committed.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

4.0
N/A
4 - Well suited to project requirements.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

4.0
N/A
4 - Good, sufficient for each aspect.
Company and Team Score:
4.2

Token Sale

Category Breakdown
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

N.0
N/A
N/A
Raise Amount Min

Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?

N.0
N/A
N/A
Fund Allocation

Is fund distribution and allocation reasonable and justified?

N.0
N/A
N/A
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

N.0
N/A
N/A
Media Presence and Following

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

N.0
N/A
N/A
Token Sale Score:
0.0
Loading data from server...
No chart data found