Cardano is a proof-of-stake blockchain platform for smart contract development. It is an open-source network that focuses on its background of academic research and positions itself as the first "third-generation" cryptocurrency, following after Bitcoin and Ethereum. The network initially launched in 2015 but it is still in the middle phases of its development plan as it goes through five planned "eras" which consecutively add features such as decentralization, smart contracts, scaling, and governance.