Cardano

Halal Rating :
Comfortable
Last Price $1.14 Last updated:
Rank 9
1D Change 6.14 %
Market Cap $40.19b
Circulating supply 35,112,728,715
Maximum supply 45,000,000,000
Crypto Overview Crypto Impact Justification for our Halal Rating

Crypto Overview

Categories
  • DPoS
  • PoS
  • Platform
  • Research
  • Smart Contracts
  • Staking
  • Cardano Ecosystem
  • Cardano
  • Layer 1
  • SEC Security Token

Overview

Cardano is a third-generation blockchain platform that uses a proof-of-stake consensus mechanism called Ouroboros. It was founded by Charles Hoskinson, a co-founder of Ethereum, and developed by IOHK (Input Output Hong Kong).

Intended Utility

Cardano's primary purpose is to serve as a platform for decentralized applications (dApps) and smart contracts, with a particular focus on academic rigor and peer-reviewed research in its development. The platform aims to provide financial services to unbanked populations and create solutions for supply chain tracing, identity management, and other real-world applications.

Actual Utility

As of 2024, Cardano has implemented smart contract functionality through the Alonzo hard fork and continues to see growing adoption. The ecosystem currently hosts numerous decentralized applications, including DEXes like Minswap and SundaeSwap, and NFT marketplaces. The platform processes over 100,000 transactions daily and has over 8 million native tokens created on its blockchain.

Token Distribution and Governance

The initial distribution of ADA tokens was through an ICO that raised approximately $62 million. The current distribution shows that about 16% was allocated to project founders, 13% to IOHK, 11% to the Cardano Foundation, and 60% to public token sale participants. Vesting periods were implemented for team allocations.

Development Activity

Cardano maintains one of the most active development communities in the cryptocurrency space, with regular updates and improvements. The project follows a methodical, research-first approach, with all changes peer-reviewed and thoroughly tested before implementation. The Vasil and Alonzo hard forks have significantly enhanced the network's capabilities.

Crypto Impact

To assign a comfort level investing in Cardano from a halal perspective we need to determine whether it has a net positive or negative impact.

Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Cardano.

If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.

We will review your contribution for accuracy before publication.

Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.

You only have one vote per asset so use it wisely.

You can change your vote if you change your mind.

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Justification for our Halal Rating

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