As a seasoned researcher who has witnessed the rise and fall of numerous cryptocurrencies, I must say that Cardano’s journey over the past seven years has been nothing short of remarkable. Having closely followed its development since its inception in 2017, it’s fascinating to see how far it has come – from a mere idea to processing millions of transactions and boasting an impressive ecosystem of over a thousand projects.
Cardano has just turned seven years old, and its developer, Input Output Global (IOG), took to X (formerly Twitter) to celebrate the milestone. In a celebratory tweet, IOG wrote: “Happy birthday, Cardano. 7 years. Millions of transactions. Over a thousand projects. One unstoppable community.”
The tweet was accompanied by a short clip highlighting the remarkable achievements and milestones that have marked Cardano’s evolution.
Happy birthday, Cardano.🎉
7 years. Millions of transactions. Over a thousand projects. One unstoppable community.🌍🫶
— Input Output (@InputOutputHK) September 27, 2024
In 2017, Cardano – a blockchain platform utilizing proof-of-stake technology and initially established upon rigorous academic research and practical development techniques – was introduced to the public.
Since it began, the Cardano platform has handled over 95.6 million transactions, showcasing increasing popularity among users. Furthermore, this network has experienced substantial growth in terms of development, with approximately 74,700 Plutus scripts, which form the foundation for Cardano’s smart contracts, and around 1.33 million delegated wallets, signaling a strong staking ecosystem.
Additionally noteworthy aspects of this network are:
As a dedicated crypto investor, I’ve witnessed Cardano’s incredible evolution, punctuated by major updates and transformations across distinct phases. From conquering the heights of Everest symbolically to organizing events globally, Cardano’s growing influence on the world stage is undeniable.
Cardano hard forks
Over the past seven years, Cardano has experienced multiple instances where it underwent significant updates (these are called hard forks), each occurring at a predetermined and agreed-upon time when all nodes transition from the current phase to a new one, incorporating new functions, validation rules, or adjusting parameter values. Some of these hard forks were discussed in IOG’s recent post.
On July 29, 2020, the Shelley upgrade was activated, which incorporated staking functionality and decentralization elements, thereby transforming the network from a federated model into one that operates in a truly decentralized manner.
On March 1, 2021, the Mary Hardfork was initiated, introducing native token capabilities to the Cardano platform. This upgrade enables users to develop and exchange custom tokens within the system.
On September 12, 2021, the Alonzo upgrade began, which incorporated smart contract functionality using Plutus, allowing for the creation and deployment of decentralized applications (dApps). The Vasil upgrade, initiated on September 22, 2022, enhanced the efficiency and speed of the Cardano network.
On September 1st, 2024, Chang commenced the rollout of the initial set of decentralized governance elements based on CIP-1694. These features are limited to parameter adjustments and hard fork commencements, thus signifying the first hard fork during the Conway era.
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2024-09-27 16:37