$ADA Development of Cardano began in 2015. When it launched in 2017, it was the largest cryptocurrency to use a proof-of-stake blockchain.[mSeveral independent entities collaborated on the project, including the Cardano Foundation, based in Zug, Switzerland and headed by CEO Frederik Gregaard. Technical Design Unlike the norm, Cardano does not have a white paper. Instead, it uses design principles that aim to overcome problems – such as scalability, interoperability, and lack of regulatory compliance – that previous cryptocurrencies have faced.Cardano claims that it overcomes the problems found in other cryptocurrencies, primarily that Bitcoin is too slow and inflexible and Ethereum is either insecure or unscalable. Like Bitcoin, Cardano uses the UTXO ledger model, although this is an extended version (EUTXO). Cardano launched decentralized finance (DeFi) services on September 12, 2021, including an upgrade to enable smart contracts and the ability to build decentralized applications (DApps). There is also Plutus, a smart contract language written in Haskell, and Marlowe, a domain-specific language designed by Simon Thompson for non-programmers in the financial sector.